With Rapidly Growing Sales, Lighting Products are Latest Example of Innovest’s Focus on Maximizing Profitability of Industrial Offerings
Innovest Global, Inc. (OTC Markets: IVST), a diversified industrials company, announces today that its Energy Group (IEG) is now producing and selling branded LED lighting solutions. Manufacturing the products is significantly less expensive than buying them, and allows for increased margins and even better pricing to clients, and a best in class product.
In March, IEG had its highest LED lighting revenue month at $488,000; over four times the revenue generated by lighting in similar months at the time of acquisition in 2018. Now, IEG will not only achieve higher margins by installing its own products on its own jobs, but will open another revenue stream by selling those products wholesale through its channel partners.
“In 2018 we built the foundation of our Industrial offerings,” said Dan Martin, Innovest's Founder, Chairman, and CEO. “In 2019 we are streamlining those businesses, making them more profitable, and most importantly putting them in a position to grow in 2020 and beyond. Not only by having world class service providers and corporate team members, but also by vertical integrations and adding other little things that make a big difference.”
Three weeks ago, Innovest announced new growth and profitability efforts in its building materials business led by Tony Crookston (April 2, 2019 news release). Similarly, Innovest president Damon Mintz has empowered new IEG president Mark Kelly to execute his vision to make the Energy Group a high performance, high growth, long-term asset to Innovest. “Mark impressed all of us at Innovest by getting results right away, and we are thrilled by this new achievement which opens even more opportunity for growth,” said Mr. Mintz. “We’re excited about all of our leaders, and the progress we are making as a business both corporately and within our business units.”
More about Mark Kelly:
After the Navy, Mr. Kelly worked in the steel industry as an electrician and field engineer while using the GI Bill to simultaneously earn his engineering degree from the University of Akron. His career in energy efficiency solutions began at GE Lighting – GELcore/Lumination, and continued to Cooper Lighting (subsequently becoming Eaton’s Lighting Business) and included multiple leadership roles. Mr. Kelly completed his MBA at Case Western Reserve University during his tenure at GE.
Other experience includes work in the LED component business with Bridgelux, a Silicon Valley LED start-up, and Seoul Semiconductor, a Tier 1 level LED manufacturer. Mr. Kelly also served as Executive Director - National Accounts for an electrical distributor.
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. Currently, Innovest Global, Inc. has a Commercial & Industrial Division, a Biotechnology & Health Services Division, and a Construction & Building Materials Division.
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