Business
Innovest Global Signed LOI to Acquire Midwest Curtainwalls, a $12 Million Revenue and Profitable Business
Innovest Global Signed LOI to Acquire Midwest Curtainwalls, a $12 Million Revenue and Profitable Business.
About this update from Innovest Global Inc
[{"type":"text","content":"\nCLEVELAND, Ohio, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Innovest Global Inc. (OTC Markets: IVST) (the “Company” or “Innovest”), a conglomerate with operations in commercial and industrial products and services, energy, biotechnology, and health services, details today that it signed a Letter of Intent to acquire Midwest Curtainwalls (“Midwest”). \n Midwest is a company that will add to our Construction and Building Materials efforts. They generate $10-$12 million in annual revenue from specialty commercial construction contracts, with projections of $2.4 million in profit from current contracts. This acquisition will mark the most profitable IVST acquisition to date, and is contingent upon due diligence and final documentation. John Yenges is a Six Sigma trained construction executive who recently became their Chief Operating Officer. With this transaction, Innovest will promote Mr. Yenges to president of Midwest, which he will continue to run.  Mr. Yenges has demonstrated that he has a history of providing rapid growth to companies he joins, and a pipeline of relational opportunities, which Innovest believes will provide Midwest significant potential for similar growth. Midwest (click here for their website) has been in business since 1959 and is an industry leader. Their work has international appeal having done major projects in the United States, Barcelona Spain, London England, and Hong Kong. The LOI outlines a transaction, which is primarily a stock exchange, and is commensurate with recent Innovest acquisition structures. We expect to issue approximately 2 million restricted common IVST shares to the seller. Closing is contingent upon a variety of items including due diligence and acceptable final documentation. About Innovest Global, Inc. Innovest Global, Inc. (OTC Markets: IVST) is 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 & Health Services Division, and our new Construction & Building Materials Division. For more information, please visit: http://www.innovestglobal.com, and fol...