Business
Innovest Global Signs Letter of Intent to Acquire Retail Building Products Supply Company
Innovest Global Signs Letter of Intent to Acquire Retail Building Products Supply Company.
About this update from Innovest Global Inc
[{"type":"text","content":"\n \n Innovest Global, Inc. (OTC Markets: IVST), \n a diversified industrials company, signed a letter of intent on March 4, \n 2019 to purchase 100% of a building materials supply company. The \n central Ohio target generated $4.2 million in revenue with income of \n $300,000 in owner benefit in 2018, and is currently a purchasing member \n of Authority \n National Supply (ANS), an Innovest Global Company. The purchase \n price is $1.067 million to be paid in stock. The transaction is subject \n to a variety of items including due diligence.\n \n \n ANS plans to buy physical retail locations to vertically expand our \n business. ANS is a distributor that sells its members building materials \n at prices lower than they could buy directly from the manufacturers. \n “Our model provides a platform for the independent businesses in our \n industry to compete with the larger national companies, and Innovest \n provides a platform for their succession and the continued success of \n their company,” said Tony Crookston, CEO of ANS. ANS currently has 25 \n buying members representing 41 locations in twelve states, adding four \n locations since being acquired by Innovest in November, 2018.\n \n \n About Innovest Global, Inc.\n \n \n Innovest Global, Inc. (OTC Markets: IVST) \n has operations in Industrials (commercial and industrial products and \n services, energy, construction, and building materials) and diversified \n holdings in biotechnology. Our primary growth strategy is to acquire \n existing companies in a select few industries and attract new customers \n in cost effective ways. Currently, Innovest Global, Inc. has a \n Commercial & Industrial Division, a Biotechnology & Health Services \n Division, and a Construction & Building Materials Division.\n \n \n For more information, please visit: http://www.innovestglobal.com, \n and follow us on Twitter @innovestglobal.\n \n \n Forward-Looking Statements\n \n \n This press release contains forward-looking statements within the \n meaning of Section 27A of the Securities Act of 1933 and Section 21E of \n the Securities Exchange Act of 1934. All statements other than \n statements of historical facts included in this press release are \n forward-looking statements. These statements relate to future events or \n to the Company's future financial performance,...