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Home » Retail » 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

Jayde Castillo by Jayde Castillo
May 9, 2019
in Retail
110 min read
68
0
Innovest Global Signs Letter of Intent to Acquire Retail Building Products Supply Company

CLEVELAND–(BUSINESS WIRE)–Innovest 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 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 @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.

Read More

Jayde Castillo

Jayde Castillo

Jayde is a professional freelance writer with years of experience covering consumer tech, finance, and science. He has worked with various media outlets both online and on paper such as Z6Mag, News Every Day, and other small-time publications.

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