Innovest Global Recaps Recent Milestones and Sets Plan for 2022

CLEVELAND, OH / ACCESSWIRE / January 18, 2022 / Innovest Global, Inc. (OTC PINK:IVST), a diversified industrials company, continues corporate and operational milestones and goals for 2022. Sales have increased after the decline in 2020, overhead that scaled to accommodate previous rapid growth has been reduced by over 70 percent since the contraction period in advance of new planned growth, and existing operations are strong and profitable. A brief Company history, current status, and 2022 plan follow:

Innovest was founded in 2017 with plans to acquire operating companies, integrate them, and create value for shareholders by streamlining and growing those companies. By doing so, a platform company which would have a solid business foundation and could scale meaningfully would result. Despite limited capitalization, the Company grew quickly, executing multiple acquisitions and beginning with just $50 thousand in sales for 2017, reaching $40 million in sales for 2019 with growing gross profits, significant prospects for organic growth, and was on-track with its business plans and goals.

During 2020, Covid-19 disrupted ordinary operations, prompting cuts and the effects of the disruptions were amplified in the curtainwall commercial construction segment. That business had inherited an eight-figure contract on acquisition which had unknown risks due to the fact that the prior owner had passed away prior to acquisition. While the structure insulated the parent company (Innovest's) direct exposure to those risks, the success of that business required either the success of the inherited project or success in securing additional such projects. Prior to Covid-19, several such large projects were in the pipeline for the subsidiary, but were ultimately put on hold by potential clients due to the pandemic. As a result of this and other factors, as well as other impacted subsidiaries; the decision was made to cut costs, focus on unaffected subsidiaries, and limit the pursuit of other new acquisitions until the business climate stabilized. Also during 2020, Innovest exited biotechnology to focus solely on industrial businesses by spinning off its StemVax Therapeutics subsidiary to NovAccess Global. This exit resulted in an improvement to Innovest's balance sheet from a zero dollar illiquid asset of StemVax, to 7.5 million shares of XSNX worth over $3 million on Innovest's most recently reported quarter.