Innovest Global Recaps Recent Milestones and Sets Plan for 2022 - Seite 2

During 2021, this plan to focus on the present climate parameters was executed to ensure the sustainability of the company, in contrast to previous years which focused on growth and overhead structures to accommodate that growth. The 2022 plan was begun, including items which will continue to improve the balance sheet significantly, grow the company, and provide direct value to shareholders by actions more fully described below. 2021 also marked the addition of GPC Capital as a principal.

Entering 2022, the company has a lean overhead structure and two profitable subsidiaries. One is a commercial energy brokerage business operating throughout the USA, the other is a domestic call center service business clients as customer service and business to business sales which is PCI compliant and adheres to HIPAA for its healthcare clients. All of the agents are USA based. Overhead cuts were primarily achieved from elimination of executive level compensation positions which were previously in place to pursue new acquisitions, integrate acquisitions, and operate as a centralized management structure. The present decentralized adjustment allowed the company to make reductions to overhead of over 70 percent while only seeing headcount decline from approximately 100 to approximately 70. Over 90 percent of employees presently on payroll are either billed to clients or directly sell. This has stabilized the Company from experiencing losses during the growth years, to approximately breaking even from subsidiary profits despite a significant decline in revenue due to the previously described events.

Current Status, Developments, and 2022 Milestones:

• Board of Directors: per the aforementioned strategic changes the 2022 board will be appointed during the first quarter. Presently, pursuant to requirements of Nevada law and the Company's bylaws the Company has a single director, Shaheed Bailey, a principal of GPC Capital.
• Officers: Mr. Bailey is interim CEO and interim CFO. Ali Manov is the Chief Operating Officer.
• Reporting status: "Current" reporting status (ie removal of "Yield" sign) with OTC Markets is expected by the first week in February.
• Liabilities: Innovest will definitively close non-operating subsidiaries, which is expected to be reflected on the second or third quarter 2022 reports, resulting in a reduction of approximately $20 million in liabilities on Innovest's books contributed from these subsidiaries, and the Innovest balance sheet having more assets than liabilities. Other liabilities will be more fully described and detailed in the Company's annual report.
• Dividend: as originally disclosed, Innovest has approved the distribution of the 7.5 million XSNX shares to Innovest's shareholders as a free trading stock dividend. This distribution requires NovAccess to first register those shares. NovAccess has represented that it has prioritized the registration.
• Capitalization: The Company will continue to capitalize efforts by operations and will pay down existing debt and fund growth by efficiently and incrementally raising capital until such time that a significant equity capital raise would not detrimentally dilute common shareholders.
• Growth: Innovest plans to execute one meaningful acquisition in the second half of 2022, once other initiatives are accomplished. When combined with the above activities, this is expected to achieve the requirements for the Company to apply for listing on Nasdaq and scale its growth during 2023.

Forward-Looking Statements