Innovest Global Signs Letter of Intent to Acquire
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Posted On: 01/10/2019 9:35:31 AM
Innovest Global Signs Letter of Intent to Acquire Established Automobile Dealership, Explores Major Auto Division Effort
CLEVELAND, Ohio, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), a conglomerate with operations in commercial and industrial products and services, biotechnology, construction and building materials, has signed a Letter of Intent to acquire an established new and used car dealership in northeast Ohio. The dealership generated revenue of $35 million in 2018, with profits that are within range for healthy auto dealers of that size. Its ownership owns multiple stores, all of which are in discussion for possible acquisition.
Innovest first announced it was exploring the retail auto industry on October 2, 2017, with the news that it was pursuing a group of five Midwest franchise stores generating $150 million in annual sales, and that a commitment letter had been obtained for funding such an acquisition (click her for that news). This store is unrelated to those. We are still in active discussions with that original group, and now several ownership groups representing more than ten stores. Our objective is to launch a retail auto division which would be comprised of a group of healthy dealerships, geographically aligned, and able to be managed with best practices.
“We have an industry veteran operator of more than 35 years that has spearheaded this effort since 2017,” said Dan Martin, Innovest’s founder, Chairman, and CEO. “He has utilized his knowledge, longstanding relationships, vision, and understanding to put Innovest in a position to explore a major division addition in a way that is very appealing to our team.”
Damon Mintz, Innovest President charged with leading Innovest’s sales growth, stated, “We have been busy recently closing unrelated acquisitions that represent over 90% of our revenue run-rate, but this auto effort did not slow down. Rather, it made incredible progress based once again on the quality of the people leading it, their expertise, and their proactive work. We are all very excited to see this come together, for several reasons, and thankful to them for their efforts.”
Closing the acquisition contemplated by the Letter of Intent, and launching this division, are subject to a variety of factors including due diligence, manufacturer approval, determination of stock and cash consideration, acceptable financing arrangements, and other items. Innovest will provide updates on these items as the process continues.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) is a 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 Division, and a Construction & 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
Investor Relations:
Hayden IR
(917) 658-7878
hart@haydenir.com
CLEVELAND, Ohio, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), a conglomerate with operations in commercial and industrial products and services, biotechnology, construction and building materials, has signed a Letter of Intent to acquire an established new and used car dealership in northeast Ohio. The dealership generated revenue of $35 million in 2018, with profits that are within range for healthy auto dealers of that size. Its ownership owns multiple stores, all of which are in discussion for possible acquisition.
Innovest first announced it was exploring the retail auto industry on October 2, 2017, with the news that it was pursuing a group of five Midwest franchise stores generating $150 million in annual sales, and that a commitment letter had been obtained for funding such an acquisition (click her for that news). This store is unrelated to those. We are still in active discussions with that original group, and now several ownership groups representing more than ten stores. Our objective is to launch a retail auto division which would be comprised of a group of healthy dealerships, geographically aligned, and able to be managed with best practices.
“We have an industry veteran operator of more than 35 years that has spearheaded this effort since 2017,” said Dan Martin, Innovest’s founder, Chairman, and CEO. “He has utilized his knowledge, longstanding relationships, vision, and understanding to put Innovest in a position to explore a major division addition in a way that is very appealing to our team.”
Damon Mintz, Innovest President charged with leading Innovest’s sales growth, stated, “We have been busy recently closing unrelated acquisitions that represent over 90% of our revenue run-rate, but this auto effort did not slow down. Rather, it made incredible progress based once again on the quality of the people leading it, their expertise, and their proactive work. We are all very excited to see this come together, for several reasons, and thankful to them for their efforts.”
Closing the acquisition contemplated by the Letter of Intent, and launching this division, are subject to a variety of factors including due diligence, manufacturer approval, determination of stock and cash consideration, acceptable financing arrangements, and other items. Innovest will provide updates on these items as the process continues.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST) is a 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 Division, and a Construction & 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
Investor Relations:
Hayden IR
(917) 658-7878
hart@haydenir.com
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