AskMuncher
2 years ago
$IVST Innovest Global Recaps Recent Milestones and Sets Plan for 2022
Press Release | 01/18/2022
CLEVELAND, OH / ACCESSWIRE / January 18, 2022 / Innovest Global, Inc. (OTC PINK:IVST), a diversified industrials company, continues corporate and operational milestones and goals for 2022. Sales have increased after the decline in 2020, overhead that scaled to accommodate previous rapid growth has been reduced by over 70 percent since the contraction period in advance of new planned growth, and existing operations are strong and profitable. A brief Company history, current status, and 2022 plan follow:
Innovest was founded in 2017 with plans to acquire operating companies, integrate them, and create value for shareholders by streamlining and growing those companies. By doing so, a platform company which would have a solid business foundation and could scale meaningfully would result. Despite limited capitalization, the Company grew quickly, executing multiple acquisitions and beginning with just $50 thousand in sales for 2017, reaching $40 million in sales for 2019 with growing gross profits, significant prospects for organic growth, and was on-track with its business plans and goals.
During 2020, Covid-19 disrupted ordinary operations, prompting cuts and the effects of the disruptions were amplified in the curtainwall commercial construction segment. That business had inherited an eight-figure contract on acquisition which had unknown risks due to the fact that the prior owner had passed away prior to acquisition. While the structure insulated the parent company (Innovest's) direct exposure to those risks, the success of that business required either the success of the inherited project or success in securing additional such projects. Prior to Covid-19, several such large projects were in the pipeline for the subsidiary, but were ultimately put on hold by potential clients due to the pandemic. As a result of this and other factors, as well as other impacted subsidiaries; the decision was made to cut costs, focus on unaffected subsidiaries, and limit the pursuit of other new acquisitions until the business climate stabilized. Also during 2020, Innovest exited biotechnology to focus solely on industrial businesses by spinning off its StemVax Therapeutics subsidiary to NovAccess Global. This exit resulted in an improvement to Innovest's balance sheet from a zero dollar illiquid asset of StemVax, to 7.5 million shares of XSNX worth over $3 million on Innovest's most recently reported quarter.
During 2021, this plan to focus on the present climate parameters was executed to ensure the sustainability of the company, in contrast to previous years which focused on growth and overhead structures to accommodate that growth. The 2022 plan was begun, including items which will continue to improve the balance sheet significantly, grow the company, and provide direct value to shareholders by actions more fully described below. 2021 also marked the addition of GPC Capital as a principal.
Entering 2022, the company has a lean overhead structure and two profitable subsidiaries. One is a commercial energy brokerage business operating throughout the USA, the other is a domestic call center service business clients as customer service and business to business sales which is PCI compliant and adheres to HIPAA for its healthcare clients. All of the agents are USA based. Overhead cuts were primarily achieved from elimination of executive level compensation positions which were previously in place to pursue new acquisitions, integrate acquisitions, and operate as a centralized management structure. The present decentralized adjustment allowed the company to make reductions to overhead of over 70 percent while only seeing headcount decline from approximately 100 to approximately 70. Over 90 percent of employees presently on payroll are either billed to clients or directly sell. This has stabilized the Company from experiencing losses during the growth years, to approximately breaking even from subsidiary profits despite a significant decline in revenue due to the previously described events.
Current Status, Developments, and 2022 Milestones:
Board of Directors: per the aforementioned strategic changes the 2022 board will be appointed during the first quarter. Presently, pursuant to requirements of Nevada law and the Company's bylaws the Company has a single director, Shaheed Bailey, a principal of GPC Capital.
Officers: Mr. Bailey is interim CEO and interim CFO. Ali Manov is the Chief Operating Officer.
Reporting status: "Current" reporting status (ie removal of "Yield" sign) with OTC Markets is expected by the first week in February.
Liabilities: Innovest will definitively close non-operating subsidiaries, which is expected to be reflected on the second or third quarter 2022 reports, resulting in a reduction of approximately $20 million in liabilities on Innovest's books contributed from these subsidiaries, and the Innovest balance sheet having more assets than liabilities. Other liabilities will be more fully described and detailed in the Company's annual report.
Dividend: as originally disclosed, Innovest has approved the distribution of the 7.5 million XSNX shares to Innovest's shareholders as a free trading stock dividend. This distribution requires NovAccess to first register those shares. NovAccess has represented that it has prioritized the registration.
Capitalization: The Company will continue to capitalize efforts by operations and will pay down existing debt and fund growth by efficiently and incrementally raising capital until such time that a significant equity capital raise would not detrimentally dilute common shareholders.
Growth: Innovest plans to execute one meaningful acquisition in the second half of 2022, once other initiatives are accomplished. When combined with the above activities, this is expected to achieve the requirements for the Company to apply for listing on Nasdaq and scale its growth during 2023.
Forward-Looking Statements
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.
Investor Relations Contact:
GPC Holdings, Inc.
Shaheed Bailey, Partner
sbailey@greenpointcapitalpartners.com
201.831.8555
AskMuncher
2 years ago
$IVST Innovest Global, Inc. to Accelerate Objectives; GPC Capital and New Leadership
Press Release | 11/19/2021
CLEVELAND, OH / ACCESSWIRE / November 19, 2021 / Innovest Global, Inc. (OTC PINK:IVST), a diversified industrials company, announced today that GPC Holdings has obtained a voting majority in the Company with plans to catalyze growth and achieve the goals stated by Company founder and Chairman of the Board since 2016, Dan Martin. These goals are to build an exchange traded platform company with efficient operations of acquired entities which capitalizes on integration efficiencies, and sales growth. The transaction was non-dilutive to shareholders and did not involve the issuance of any new stock or debt.
Shaheed Bailey, GPC Holdings' Managing Partner and Innovest's new Chairman of the Board and interim CEO, stated, "GPC has been following Innovest for three years, and we were incredibly impressed with Dan and the milestones reached despite limited outside capitalization and the interruptions presented by Covid-19. Noting that he had stabilized the business since the initial pandemic disruptions, by cutting significant overhead and having a smart go-forward plan, we made contact and proposed entering in this capacity to compliment what has already been achieved; with the focused capitalization, acquisition, uplist, and operating philosophies that are our expertise. We are confident that the business is at the perfect stage for us to enter and that the business model will result in exceptional success." In its first three years, Innovest acquired eight companies and grew from zero to $50 million in sales before the pandemic. In 2020, Innovest completed its first cycled investment with the spin out of StemVax Therapeutics to NovAccess Global Inc. (OTC:XSNX) which resulted in an approximately $4 million gain since its acquisition of StemVax, from the 7.5 million shares of NovAccess acquired by Innovest in the sale transaction. NovAccess, also controlled by Martin and also transitioning to GPC, saw its value increase approximately 300 percent in the year since that transaction. "Dan understands how to create value for shareholders, and he's done the heavy lifting to make these businesses valuable concerns, which we now hope to work together to scale significantly."
The board of directors will be rebuilt, inviting some members back, and adding others who can benefit the next stage of growth, in the coming months.
Dan Martin, the Company's founder, will continue to be an invaluable advocate for the Company and a significant shareholder. He stated, "the proven track record of GPC and its existing and forthcoming partners, in the areas most needed for the Company to accelerate growth, are impressive and under Shaheed's leadership made the decision a simple one - relevantly experienced people with immediate acquisition and capital opportunities working on behalf of Innovest is a win for shareholders and natural transition point for a growing entrepreneurial venture to add seasoned management and fresh resources."
Immediate plans are to continue the activities resulting in the growth of assets and elimination of liabilities, continue the sales growth that has been significant in 2021, acquire companies, and resume the uplist and registration processes to become an SEC reporting comany. News is expected to be forthcoming on the above items in the coming months.
More on Shaheed Bailey:
Shaheed Bailey, 34, serves as the managing partner of Greenpoint Capital Partners, a private equity firm that helps middle market companies raise equity/debt capital and locate and evaluate strategic acquisitions, and provides consulting for cost cutting, tax savings and growth strategies. On October 26, 2021, he was appointed chairman of the board and interim chief executive officer of Innovest Global, Inc. Prior to his Innovest role, in October 2018, Mr. Bailey became the interim chief investment officer and director of GEX Management, Inc. (OTC Pink:GXXM), a progressive and growing provider of business services, consulting and staffing solutions to corporations across the nation, and remains on its board of directors. In his tenure, GXXM progressed from thinly traded to approximately three million shares per day traded. Other relevant experience includes from June 2010 through September 2012, he served as a Partner in Sales Consultants of Morris County, a company that provided strategic consulting services; and at Wells Fargo Bank from July 2008 through April 2010.
Forward-Looking Statements
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.
Investor Relations Contact:
GPC Holdings
Richard Galarza, Partner
richard@greenpointcapital.com
201.831.8555
SOURCE: Innovest Global, Inc.
View source version on accesswire.com:
https://www.accesswire.com/673653/Innovest-Global-Inc-to-Accelerate-Objectives-GPC-Capital-and-New-Leadership
AskMuncher
4 years ago
$IVST Innovest Global Secures Letter of Intent With Major Hotel Group for $54 Million in Revenue from New Product Line Launch
Press Release | 10/06/2020
LOI Represents Only 10% of Total Project and Provides Hotel Group With Pricing and Engineering Parameters
LOI Opens Negotiation with Vendors and Suppliers to Secure Best and Final Pricing and Set Production Schedule
CLEVELAND, OH / ACCESSWIRE / October 6, 2020 / Innovest Global Inc. (OTC PINK:IVST), through its Building Solutions group which recently completed the $12 million manufacture and installation of a high-rise building envelope system in Los Angeles, has secured it's next major contract utilizing a new engineered system which will be released and launched next week.
"The customer has worked with us since May 2020 to engineer and plan a domestically produced, efficient solution which we believe will revolutionize how small-footprint commercial buildings are built," said John Yenges, Vice President of Innovest Building Solutions.
Damon Mintz, Innovest's Chief Executive Officer, added, "The work of John and his team during this pandemic to look for opportunities created in this constraint has been an incredible testament to the strength and tenacity of our team. The systems Innovest Building Solutions has designed, and the forthcoming launch of these systems on the heels of this agreement is one of the most exciting moments of the year for the Innovest team."
This Letter of Intent is expected to be contracted in the fourth quarter of 2020. Revenue from this scope of work is expected to begin in the first quarter of 2021 and concluded in the fourth quarter of 2021.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC PINK:IVST) is a diversified industrial company applying technology and innovation to provide value-added solutions across multiple business markets. Innovest Global builds long-term shareholder value by acquiring established industrial businesses on favorable terms, realizing synergies and achieving organic growth through investments in innovative technology and business systems. For more information, please click here.
Forward-Looking Statements
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.
Investor Contact:
Indrani Egleston
Executive Vice President, Chief Financial Officer
Innovest Global, Inc.
440-644-1027
info@innovestglobal.com
ir.innovestglobal.com
Chris Tyson
Managing Director
MZ Group - MZ North America
949-491-8235
IVST@mzgroup.us
www.mzgroup.us
AskMuncher
4 years ago
$IVST Innovest Global Appoints Damon Mintz as Chief Executive Officer
Press Release | 08/20/2020
Embracing Industrials Foundation, Company Makes Significant Progress and Executes a Clear Plan Exiting Initial COVID-19 Season
CLEVELAND, OH / ACCESSWIRE / August 20, 2020 / Innovest Global Inc. (OTC PINK:IVST), a diversified industrials company, today announced the Board of Directors has appointed Damon Mintz as Chief Executive Officer. Mr. Mintz joined Innovest in January 2018 when the company he owned was acquired by Innovest. He was subsequently nominated president of Innovest's Industrials Division where he grew that business unit from upstart to eight figures in sales; then in January 2019 was nominated president of Innovest Global Inc., leading the integration and growth of all acquired entities into the focused, efficient operating unit that exists today.
"Damon has an extensive track record of creating people-first cultures that result in scalable best practices, engaged teams, and significant sales growth, which will catalyze Innovest's progression through our growth phase," said Dan Martin, Innovest's founder and Chairman of the Board of Directors. "Just over three years ago, Innovest was pre-revenue, with no employees and a vision to be a major public company. During his tenure with Innovest, Damon has successfully made that vision a reality behind the scenes, executing on the mission and growing the company substantially. With corporate initiatives being finalized, our new penny stock exemption, and a focused plan to be a pure-play industrials company, Damon is the perfect leader to capitalize on the opportunities Innovest has to grow and communicate these achievements to the market.
Concurrent with the announcement and the spinout of the Company's biotech initiative to XsunX, Inc., the Board of Directors appointed former Innovest Chief Financial Officer Mike Yukich as interim Chief Financial Officer, succeeding Indrani Egleston.
"On behalf of our board and management team, I would like to thank Indrani for her valued service and contributions over the past year - we wish her the best in future endeavors," said Damon Mintz, Chief Executive Officer. "We welcome Mike Yukich back to the position and are very pleased to have someone of his caliber and financial skill set serve as our interim CFO. We believe his deep experience working with emerging growth companies, especially his prior experience with Innovest, will be instrumental to efficiently achieving our goals and remaining true to our established culture as we grow.
"With my expanded leadership role, Innovest remains committed to the adaptability and risk mitigation that diversification provides. We will expand the positioning of our higher-margin businesses in Energy and Health & Safety Solutions as key revenue growth drivers in the near-term. We believe these vertical will be increasingly important over the next year due to increasingly robust demand for PPE products and healthcare-related call-center services and the continued emphasis of energy efficiency for businesses.
"I am truly privileged to be taking the position of Chief Executive Officer at such an important inflection point for our Company. I look forward to leading us through new growth initiatives, and creating sustainable value for our shareholders over the long-term," concluded Mintz.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC: IVST) is a diversified industrial company applying technology and innovation to provide value-added solutions across multiple business markets. Innovest Global builds long-term shareholder value by acquiring established industrial businesses on favorable terms, realizing synergies, and achieving organic growth through investments in innovative technology and business systems. For more information, please click here.
Forward-Looking Statements
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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