Spin-Off of Biotechnology Effort will Result in Another Public Company, Which Will Feature Shares Owned by Innovest, and Paid Out as Dividends to IVST Stockholders
CLEVELAND–(BUSINESS WIRE)–July 22, 2019–
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.
Please follow us across social media, a frequent medium for important updates and news @innovestglobal. Look for much more information to come soon.
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.
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.