Results are 1,565% sales growth over Q1 2018, Gain on Non-Operating Income overcomes high COGS to produce Net Income for the Quarter of $986,000
Innovest Global Inc. (OTC Markets: IVST), a diversified industrials and biotechnology company, has posted its Q1 2019 financial results, and provides the following shareholder update.
Notable information from the financial reports:
- Net Sales $11.7 million are highest ever with 1,585% growth over Q1 2018 and 225% over Q4 2018
- Net Income $986,000 after gain on non-operating income; first positive Net Income in Company history
- Basic EPS: $0.007
- Total Assets $16.5 million
- Current Assets $10.7 million
- Quick Ratio of .99
- No long-term debt, no convertible debt, no options, no warrants outstanding.
Innovest had a meeting of its Board of Directors on May 22, 2019. In that meeting, the company discussed its rapid growth to date, current status, and future plans. Highlights from the discussion include:
- The acquisition strategy has evolved to focus on companies, which have a strategic fit to the executive team or current operations, and have profitable operations with revenue in excess of $10 million. Exceptions can be made for smaller acquisitions if they are strategic.
- Management is enthusiastic about its sales efforts and success with large contracts/accounts. These efforts have resulted in a high percentage of revenue from those few accounts. The organic sales strategy involves pursuing additional large accounts which would reduce reliance on the existing sources and continue strong sales growth if successful.
- The Company will pursue immediate strategic initiatives to maximize the value being achieved by shareholders of both its Biotech initiatives, and its Industrial initiatives.
- The Company’s rapid growth will be fortified by additions to the executive team, and continued engagement with existing and new world-class outside service providers.
- The Company expects to be current in its reporting requirements this week.
- Auditors report for 2018 financial results is in process.
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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 investments in biotechnology. Our primary growth strategy is to acquire existing companies in a select few industries and attract new customers in cost effective ways.
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.