CLEVELAND--(BUSINESS WIRE)--Innovest Global Inc. (OTC Markets: IVST), a diversified industrials and biotechnology company, plans to spin off its novel biotechnology effort and focus on growth of current operations, and acquisitions of non-scientific companies. This move gives both initiatives what they need to take advantage of intrinsic value for current shareholders.
“In a very short period of time, we’ve created an exploding industrial effort that grew revenue at 1,500% growth over Q1 2018 to $11.7 million net sales in Q1 2019, and also find ourselves with a world class biotechnology initiative and team that we believe is second to none,” said Innovest founder, Chairman, and CEO Dan Martin. “The needs and opportunities of these efforts are now very different, and we believe separating them will result in the best business results for each, and most value for shareholders.”
The action would include Innovest owning stock in a separate public company. Stock in the spinout company, would initially be held by Innovest but then paid out as dividends proportionately to all Innovest stockholders on a quarterly schedule. This Biotech company would feature Dan Martin as the Chairman of its Board (in addition to his Innovest roles), and take on a new, ‘biotech heavy’ identity, operation, and team led by current biotech division president Dr. Dwain Irvin, as that company’s new CEO. The action is expected no later than fourth quarter this year, and further details will be provided when appropriate.
In addition to achieving value from the stock of its Biotech effort, this action is expected to provide a focused and dedicated environment for Innovest to take advantage of rapidly growing traditional sales, that are non-scientific.
These strategic decisions follow the Innovest Board of Directors meeting on May 22, 2019, after which the Company said it would “pursue immediate strategic initiatives to maximize the value being achieved by shareholders of both its Biotech initiatives, and its Industrial initiatives.” The company also had a special meeting of the Board of Directors last week on July 15th which addressed this action as well as discussions pertaining to governance, audits, uplist, and preliminary second quarter results. Look for more information, including second quarter results, very soon.
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About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) has operations in industrials (commercial and industrial products and services, energy, construction, and building materials ) and investments in biotechnology. Our primary growth strategy is to acquire existing companies in a select few industries and attract new customers in cost effective ways.
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