The Commercial & Industrial Division continues to grow with September being the second highest monthly sales achievement this year, at $369K, marking $1,064,000 in third quarter revenue for the division, with $857K in current assets
Cleveland, OH -- (ReleaseWire) -- 10/25/2018 -- Innovest Global Inc. (USOTC:IVST), Commercial & Industrial Division continues to grow with September being the second highest monthly sales achievement this year, at $369K, marking $1,064,000 in third quarter revenue for the division, with $857K in current assets and zero long-term debt. There are several major items to report:
The Board of 'Authority National Supply' approved their pending company sale to IVST by Super Majority Vote, representing approximately $30 million in new annual revenue to Innovest.
On Friday October 19th we released our 2017 and 2016 independent auditors report. The report verifies financial results for 2017 and 2016 by an independent auditor to PCAOB standards. We are now preparing to file a 'Form 10' to register our security with the Securities and Exchange Commission.
Shepherd Energy, an Innovest Company, signed two new sales contracts for the DCR100 technology solution (a new technology we announced and launched earlier this year). These contracts will represent $349,000 in revenue for the company.
A new contract for Contact Source Solutions was signed indicating approximately $600,000 in annual billing. Contact Source Solutions has added an additional 10 new employees as a result of contract. On 9/21/18 the client asked for 5 seats & then added another 5, we have now filled all 10 and are in full billable production.
Chagrin Safety Supply, an Innovest Company, won a bid and then delivered a shipping container full of HAZMAT boots to the United States Navy 10 days ahead of schedule, weighing in at 18,000 pounds.
Yesterday marked the one-year anniversary of the first acquisition for Innovest, Chagrin Safety Supply. At that time Innovest went from zero revenue, to approximately $500,000 in annual revenue and since had five subsequent acquisitions, which have resulted in a proven business model and significant revenue growth.
Our ribbon cutting ceremony and open house takes place tomorrow, October 25th. We will be joined by members of the press, customers, friends, the community and potential acquisition candidates.
Our open house officially celebrates our new world headquarters in Geauga County, Ohio. The 13000 ft will serve as our world headquarters and is now home to several of our subsidiaries.
"I could not be more proud of our people, from our contract installation crews, to our call center representatives, marketing team, our acquisition team everyone continues to execute at a very high level. The company is laser-focused, on what used to be general long-term goals, but are now specific and right in front of us. I am very excited about how Innovest is positioned right now," said Dan Martin, Innovest's Chairman and Chief Executive Officer.
About Innovest Global, Inc.
Innovest Global, Inc. (USOTC : 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, a Biotechnology & Health Services Division, and our new Building Materials Division.
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.
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