The Board
of 'Authority National Supply' Approves Pending Company Sale to
IVST by Super Majority Vote, Boosting Innovest's
Revenue
by $30 Million
Annually
CLEVELAND, OH.
-- October 22, 2018 -- InvestorsHub
NewsWire
--
Innovest
Global Inc.
(USOTC :IVST) (the
"Company" or "Innovest"),
announces that the previously announced 'Letter of Intent' to
acquire a $30 million revenue generating company has been voted on
in final form by that company and approved. Innovest
Global will
now enter the Building Materials industry with the purchase of
Authority National Supply (ANS). The
ANS Board of Directors voted to approve the transaction after
receiving a super majority approval from its members.
Innovest
will
ceremonially close the acquisition on
Thursday, October 25th at
5 PM EST to
kick-off our previously scheduled open house.
In
2017, ANS generated $24.5 million in revenue. This transaction
increases Innovest's
annual revenue
by over 500% (five-hundred percent).
This
transaction gives Innovest
and Ohio based
Authority National Supply (ANS) a prime opportunity to quickly add
revenue in the growing building materials industry. Tony Crookston,
ANS Chief Executive Officer, stated, "Taking ANS public with
the Innovest
model is
exactly the tool I need to capitalize on the tremendous
opportunities ANS has to grow." In addition to being a group
purchase organization (GPO) with a large pipeline of new potential
business, ANS has an acquisition model, which Mr. Crookston intends
to pursue aggressively, "We have twenty member-owners which are
also owners of building materials businesses across the country.
Let that sink in for how quickly I believe we can grow this
division. Innovest
just got
started. We evaluated Innovest's
modest revenue
and current valuation, compared to how much we believe that value
will increase over time with us on the team. It was a no-brainer
for our owners to take a stock deal, and lock arms with
Innovest
to
make that growth a reality. Damon Mintz
worked
extensively with our owners to make this transaction a reality, and
I am ecstatic to work with him and the Innovest
team led by
their CEO Dan Martin, to make this new Innovest
division a
dominant player in the building materials industry."
"Tony is
highly respected in the building materials industry. He is an
amazing leader with a clear vision for growth, as indicated by the
success of ANS and their large board of directors running
successful businesses. He's one of the most focused and determined
people I have ever met," said Dan Martin, Innovest's
Chairman and
Chief Executive Officer. "Damon Mintz,
running our acquisition team and organic growth efforts, continues
to set the bar for our growth and put us in a position to exceed
our goals. This is a great moment for Innovest."
ANS
informed Innovest
on
Friday October 19th that
it had reached the supermajority vote required to complete the
transaction. Both parties agreed that Innovest's
upcoming
Thursday evening open house at the new world headquarter facility,
was a perfect opportunity to schedule a closing ceremony and
celebration. Details of this transaction were announced by
Innovest,
on August 31, 2018, and look for more to come soon!
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.
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.
Contact
Information
Corporate
Office:
(216)
815-1122
info@innovestglobal.com
Twitter@innovestglobal.com
Investor
Relations:
Hayden
IR
(917)
658-7878
hart@haydenir.com