Innovest Board Approves Plan to Maximize Shareholder Value from Biotech and Industrial Initiative CLEVELAND--(BUSINESS WIRE)-Spin-Off of Biotechnology Effort will Result in Another Public Company, Which Will Feature Shares Owned by Innovest, and Paid Out as Dividends to IVST Stockholders
Innovest Global Inc. (OTC Markets: IVST), a diversified industrials and biotechnology company, plans to spin off its novel biotechnology effort and focus on growth of current operations, and acquisitions of non-scientific companies. This move gives both initiatives what they need to take advantage of intrinsic value for current shareholders.
“In a very short period of time, we’ve created an exploding industrial effort that grew revenue at 1,500% growth over Q1 2018 to $11.7 million net sales in Q1 2019, and also find ourselves with a world class biotechnology initiative and team that we believe is second to none,” said Innovest founder, Chairman, and CEO Dan Martin. “The needs and opportunities of these efforts are now very different, and we believe separating them will result in the best business results for each, and most value for shareholders.”
The action would include Innovest owning stock in a separate public company. Stock in the spinout company, would initially be held by Innovest but then paid out as dividends proportionately to all Innovest stockholders on a quarterly schedule. This Biotech company would feature Dan Martin as the Chairman of its Board (in addition to his Innovest roles), and take on a new, ‘biotech heavy’ identity, operation, and team led by current biotech division president Dr. Dwain Irvin, as that company’s new CEO. The action is expected no later than fourth quarter this year, and further details will be provided when appropriate.
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