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CLEVELAND, Sept. 21, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), is executing multiple initiatives at the corporate level which will result in the platform it needs for the next season of growth.
Innovest is preparing to transform from its fledgling startup roots earlier this year when it was a four-employee company with a few thousands of dollars of revenue and a 2 cent stock, which was trading under a “Limited Information” designation. The addition of 41 more employees and $4 million in run rate revenue, and a “Pink Current” trading designation led to a host of developments and a recent stock price in the twenty-cent range.
Now, the company has established revenue from commercial and industrial clients, several months of record sales, contracts with Fortune 500 clients, a Biotech division, and a pending acquisition which is generating $30 million in sales.
To accommodate the growth and give the company the ability to continue to grow and be effective, Chief Executive Officer Dan Martin has been busy staying ahead of the wave. “The business model works, its scalable, we don't have to compromise and we are focused on doing what we need to do to be a NYSE or NASDAQ company.” Mr. Martin said, “We’ve got great people working very hard, on projects that are all related and finishing up at the same time. All geared toward staying high performance and being ready to be a much larger company.”
Innovest is preparing to move into a 13,000 square foot headquarters in the heart of Geauga County. The property is the former headquarters of a $2.5 billion NYSE company, Geauga’s only other public company, and was referred by the Geauga Growth Partnership. The terms were very attractive and costs mostly offset by the savings of bringing some of the acquired entities under one roof. “We are working really well together,” said Division President, Damon Mintz, “This is a brilliant move to supercharge our sales efforts and is already creating a lot of buzz, and a lot of opportunity. Particularly with our new business development team.”
Additionally, the team is preparing to close a large acquisition, working on the Form 10 to register IVST stock with the Securities and Exchange Commission, finalizing an audit with independent auditor NMS Inc. (Ohio registered PCAOB firm), working with HaydenIR on institutional investor strategies, and preparing disclosures for the application process required of the OTCQB exchange uplist process. Mr. Martin stated, “A lot of these items tie together, and were initiated several months ago, so there are a lot of moving parts and everyone is doing a wonderful job. We’re getting things done right and making sure we know how much we appreciate everyone’s hard work and patience while moving at this rapid pace.”
Innovest is working toward an ultimate uplist “graduation” to NYSE or NASDAQ, but that requires more revenue, a share price in the several dollar range, more shareholders, and other items. All of which, Mr. Martin has intently focused the team on achieving. Look for much more to come soon on these and other initiatives.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) is in the Conglomerates industry, a diversified holding company with operations in commercial and industrial products and services, energy, biotechnology, and health services. Our primary growth strategy is to acquire existing companies in a select few industries, and attract new customers in cost effective ways. Currently, we have a Commercial & Industrial Division, and a Biotechnology & Health Services Division.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the OTC Markets. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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