CLEVELAND, Ohio, Oct. 29, 2018 (GLOBE NEWSWIRE) — Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), a conglomerate with operations in commercial and industrial products and services, energy, biotechnology, and health services, details today that it signed a Letter of Intent to acquire Midwest Curtainwalls (“Midwest”).
Midwest is a company that will add to our Construction and Building Materials efforts. They generate $10-$12 million in annual revenue from specialty commercial construction contracts, with projections of $2.4 million in profit from current contracts. This acquisition will mark the most profitable IVST acquisition to date, and is contingent upon due diligence and final documentation.
John Yenges is a Six Sigma trained construction executive who recently became their Chief Operating Officer. With this transaction, Innovest will promote Mr. Yenges to president of Midwest, which he will continue to run. Mr. Yenges has demonstrated that he has a history of providing rapid growth to companies he joins, and a pipeline of relational opportunities, which Innovest believes will provide Midwest significant potential for similar growth.
Midwest (click here for their website) has been in business since 1959 and is an industry leader. Their work has international appeal having done major projects in the United States, Barcelona Spain, London England, and Hong Kong.
The LOI outlines a transaction, which is primarily a stock exchange, and is commensurate with recent Innovest acquisition structures. We expect to issue approximately 2 million restricted common IVST shares to the seller. Closing is contingent upon a variety of items including due diligence and acceptable final documentation.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) is conglomerate 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, a Biotechnology & Health Services Division, and our new Construction & Building Materials 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.