Innovest Global Inc. Q1 Financials Beat Revenue Estimates, $600K+ Cash on Hand, and Cancelled 50 Million of its Outstanding Shares
CLEVELAND, Ohio, April 16, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC PINK:IVST) reports $708K in first quarter revenue, current assets of $932,000 and that the company has cancelled 50 million shares from the market in the process of completing its mining exit. Financials posted simultaneous to this news release.
Since the mid-quarter February Shareholder update noting higher than expected sales, the trend continued throughout the quarter ending ahead of targets at $708K. This is due to successfully integrated acquisitions in the Commercial & Industrial Division during the first quarter. Total current assets of $932,000 compared to current liabilities of $352,000 show the company has a “quick ratio”, or short-term acid test of financial strength of 2.6, four times stronger than the Conglomerates industry average ratio of 0.6.
The company worked with its auditors to appropriately book the exit from mining, and in the process retired 50 million common shares belonging to past insiders. This information is discussed in the reported financials.
The Board of Directors is now majority independent. Dan Martin, the CEO and largest shareholder, remains the board Chairman. John Klopp (CEO of Klopp Investment Management, a second generation blue-chip platform money manager) and Jason Painley, CPA (CFO of Mechanics Bank, and a former Federal Reserve Bank expert on holding companies and compliance) are the two independent members. Innovest previously released news on each.
The acquisition pipeline remains full. “The response we are getting from business and technology owners that want to get to the next level is very encouraging,” said Innovest CEO, Dan Martin. “We are incrementally increasing the size of the organizations we are looking to acquire, and seeing great progress.”
Innovest is in the Conglomerates Industry, currently operating a Commercial & Industrial Division under the leadership of Division President Damon Mintz, and soon launching a Biotechnology & Health Sciences Division by Division President Dr. Dwain Morris-Irvin, Ph.D., M.P.H. Revenue growth strategy continues to focus on organic sales, and acquisitions of existing companies that are strategically appropriate. Management is very enthusiastic about the start of 2018 and the continued demand for its products, services, and partnership opportunities.
Follow us on Twitter @innovestglobal for important company updates! For more information on Innovest contact firstname.lastname@example.org, or call Innovest investor Relations Matt Rego at 216.815.1122.
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