StemVax Public Spinoff Complete Upon Completion of Reverse Stock Split; Transaction to Notably Strengthen Innovest Global Balance Sheet
CLEVELAND, OH / ACCESSWIRE / August 11, 2020 / Innovest Global Inc. (OTCPINK:IVST), a diversified industrials company, today announced it has entered into an agreement to sell StemVax Therapeutics, a biotechnology company developing novel therapies for brain tumor patients to XsunX, Inc. (OTC PINK:XSNX).
The sale of StemVax is pending a 1-for-1,000 reverse stock split of XsunX's outstanding shares of common stock and company name change from "XsunX, Inc." to "NovAccess Global Inc." The new company will focus on commercializing developmental healthcare solutions in the biotechnology, medical, and health, and wellness markets. XsunX has entered into a membership interest purchase agreement with Innovest to acquire StemVax for 7.5 million shares of its unregistered common stock after giving effect to the reverse stock split.
Innovest, which owns 100% of StemVax, previously announced its planned divestiture of the company into its own publicly-traded company the third quarter of 2020, and its Board of Directors has voted unanimously for the spinout.
"We are committed to remaining a pure-play industrials company, and are pleased to have executed on our initiative to divest StemVax this year," said Daniel Martin, Chief Executive Officer of Innovest Global. "The value proposition to our shareholders will be a notably strengthened balance sheet for our company, as we will own approximately 75% of the spinoff public company at close. Combined with our robust revenue base and new growth opportunities in healthcare-related services and PPE products, we are confident this sale will help to bring long term value for Innovest shareholders."
About StemVax Therapeutics
StemVax Therapeutics is a translational biotechnology company that is currently developing a cancer vaccine therapy that enhances the patient's immune response against brain tumors. StemVax Glioblast (SVX-GB) is a cancer vaccine, which is a medication that stimulates or restores the immune system's ability to fight an existing cancer by strengthening the body's natural defenses against the cancer cells. StemVax is a meaningful technology which could significantly improve the quality of life and prognosis for the many people who suffer from brain tumors. For more information, please visit stemvax.com.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC:IVST) is a diversified industrial company applying technology and innovation to provide value-added solutions across multiple business markets. Innovest Global builds long-term shareholder value by acquiring established industrial businesses on favorable terms, realizing synergies, and achieving organic growth through investments in innovative technology and business systems. For more information, please click here.
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SOURCE: Innovest Global Inc.