Innovest Global has announced a pending acquisition of a $30 million revenue company, which would mark its fifth acquisition of 2018
Cleveland, OH -- (ReleaseWire) -- 09/11/2018 --Innovest Global Inc. (OTCMarkets:IVST) (the "Company" or "Innovest"), sales from its existing business units continue to grow, the Company now owns a 20% stake in StemVax Therapeutics, which has the worldwide exclusive rights to a brain cancer vaccine, which is patent protected. Innovest has announced a pending acquisition of a $30 million revenue company, which would mark its fifth acquisition of 2018, and increase the Company's annual revenue to over five-times its current rate.
Innovest detailed the pending acquisition in an August 31 news release, which would enter it solidly into the Building Materials industry with $30 million in annual revenue, and a growth plan. Details included a months-long process that resulted in a signed Letter of Intent, agreed final structure, and a closing expected in mid-September.
Earlier in August, the fall Biotech conference schedule was released. "With the recently announced patent approval, and obtaining exclusive worldwide rights to the technology, we believe that now is the time to collaborate with other scientists that have technologies which serve Innovest's mission and could benefit from the relationship," said Dr. Dwain Morris-Irvin, Biotech Division President and the StemVax founder. Dr. Morris Irvin and his team will be attending two conferences this fall: the Society for Neuroscience (SFN) 48th annual meeting, "Neuroscience 2018", November 3-7 in San Diego, CA, and the BIO Investor Forum October 17-18 in San Francisco, CA.
In August, efforts resulted in a feature article in the Los Angeles Business Journal, related to StemVax. Additionally, there is a feature scheduled in the Biotech edition of Delta Sky Magazine's October special Biotech edition, which has over six million highly engaged readers in prime demographic, and the company was thrilled that this Innovest update was unexpectedly selected by Release Wire, as the top front page article they ran with this weekend.
"We are transitioning from sharing what we 'plan to do' by paying for marketing exposure, to letting media know what we 'have done' and being a truly interesting company worthy of coverage. That's very exciting," said CEO Dan Martin. "As we tie up our first audit, uplist and new acquisition items in the coming days, and our security registration with the Securities and Exchange Commission thereafter, we will have planted as many seeds as possible for a large audience to see us for what we will have become – a legitimate, high growth publicly traded company doing meaningful things in a select few attractive industries."
To evolve the awareness strategy, Innovest recently engaged HaydenIR, an established investor relations firm, and earlier this month hired a VP of Marketing and Communications, Derek McCarthy, who has helped public companies navigate these items for the past ten years. The initial results speak for themselves.
Dan Martin summarized the process and his reasoning, "We had a nice start this year. Now we've got significant interest from institutional investors who help companies like Innovest grow, by providing large investments for acquisitions. It's our job to get those deals in place on the best possible terms for the company. Things like audits, and being SEC registered and uplisted, all reduce risk for investors, give us better terms, and expand the audience willing to hold Innovest stock. As does media coverage and public interest in general. There is nothing more important than our long-term execution, and nothing more important to shareholder value than the initial terms of big deals being attractive. I'm interested in our current stock price and happy with our gains this year, but I've got the team focused on taking time to do things right, and executing on the foundation of our long term strategy, so that those first big deals are great for shareholders and we head into 2019 with a strong foundation. It's an uncommon strategy for a pink sheet company, but I feel like our results in the market have shown that OTC investors are patient and appreciate our willingness to stand firm on long term focus and not cut corners to accommodate short term thinking. The media coverage efforts will be an invaluable part of this equation as we grow."
The Innovest C&I Division is diligently refining organic growth strategies. "Innovest is in discussions with meaningful acquisition targets, but those transactions only work long-term if we can grow them and help them succeed – and so far I couldn't be more impressed with Division President Damon Mintz, Sally Emch, Bill Oler, Dennis Giancola and the rest of our 40 people who are doing an incredible job right now," said Mr. Martin. His comments are echoed by the Innovest mission statement, which is, "To operate our business responsibly on a daily basis to maximize shareholder value and be a source of strength to our companies, helping them reach their fullest potential."
The Company's stock price grew 33.1% in August, from $.20 starting the month to closing August 31 at $.2663. Innovest maintains an unchanged free-trading float of 11,796,710 common shares with no convertible debts, no warrants or options outstanding, and employs 45.
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.
Innovest owns 20% of StemVax Therapeutics which is the first company in it's Biotech Division.
StemVax Therapeutics is a Translational Biotechnology Company that develops novel therapies for brain tumor patients. We focus our efforts on developing immunotherapeutic approaches to treating patients with Glioblastoma Multiforme (GBM), a devastating brain cancer. We also focus our research efforts on novel drug development to target Cancer Stem cells and other multi-resistant cancer cells. We seek to make a difference in patient's lives. Bringing new beginnings to the market by developing novel therapeutics.
For more information, please visit: http://www.innovestglobal.com, and follow us on Twitter and Facebook @innovestglobal.
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.