Results are 1,565% sales growth over Q1 2018, Gain on
Non-Operating Income overcomes high COGS to produce Net Income for the
Quarter of $986,000
CLEVELAND–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24IVST&src=ctag” target=”_blank”gt;$IVSTlt;/agt;–Innovest Global Inc. (OTC Markets: IVST),
a diversified industrials and biotechnology company, has posted its Q1
2019 financial results, and provides the following shareholder update.
Notable information from the financial reports:
-
Net Sales $11.7 million are highest ever with 1,585% growth over Q1
2018 and 225% over Q4 2018 -
Net Income $986,000 after gain on non-operating income; first positive
Net Income in Company history - Basic EPS: $0.007
- Total Assets $16.5 million
- Current Assets $10.7 million
- Quick Ratio of .99
-
No long-term debt, no convertible debt, no options, no warrants
outstanding.
Innovest had a meeting of its Board of Directors on May 22, 2019. In
that meeting, the company discussed its rapid growth to date, current
status, and future plans. Highlights from the discussion include:
-
The acquisition strategy has evolved to focus on companies, which have
a strategic fit to the executive team or current operations, and have
profitable operations with revenue in excess of $10 million.
Exceptions can be made for smaller acquisitions if they are strategic. -
Management is enthusiastic about its sales efforts and success with
large contracts/accounts. These efforts have resulted in a high
percentage of revenue from those few accounts. The organic sales
strategy involves pursuing additional large accounts which would
reduce reliance on the existing sources and continue strong sales
growth if successful. -
The Company will pursue immediate strategic initiatives to maximize
the value being achieved by shareholders of both its Biotech
initiatives, and its Industrial initiatives. -
The Company’s rapid growth will be fortified by additions to the
executive team, and continued engagement with existing and new
world-class outside service providers. -
The Company expects to be current in its reporting requirements this
week. - Auditors report for 2018 financial results is in process.
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.
For more information, please visit: http://www.innovestglobal.com,
and follow us on Twitter @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.
Contacts
Corporate Office:
Damon Mintz
(440) 644-1027
Investor
Relations:
(216) 815-1122
[email protected]
