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Innovest Global Signs Letter of Intent to Acquire Retail Building Products Supply CompanyInnovest Global, Inc. (OTC Markets: IVST), a diversified industrials company, signed a letter of intent on March 4, 2019 to purchase 100% of a building materials supply company. The central Ohio target generated $4.2 million in revenue with income of $300,000 in owner benefit in 2018, and is currently a purchasing member of Authority National Supply (ANS), an Innovest Global Company. The purchase price is $1.067 million to be paid in stock. The transaction is subject to a variety of items including due diligence. ANS (News - Alert) plans to buy physical retail locations to vertically expand our business. ANS is a distributor that sells its members building materials at prices lower than they could buy directly from the manufacturers. "Our model provides a platform for the independent businesses in our industry to compete with the larger national companies, and Innovest provides a platform for their succession and the continued success of their company," said Tony Crookston, CEO of ANS. ANS currently has 25 buying members representing 41 locations in twelve states, adding four locations since being acquired by Innovest in November, 2018. 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 diversified holdings in biotechnology. Our primary growth strategy is to acquire existing companies in a select few industries and attract new customers in cost effective ways. Currently, Innovest Global, Inc. has a Commercial & Industrial Division, a Biotechnology & Health Services Division, and a Construction & Building Materials Division. For more information, please visit: http://www.innovestglobal.com, and follow us on Twitter (News - Alert) @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. View source version on businesswire.com: https://www.businesswire.com/news/home/20190307005366/en/ |
