CLEVELAND, OH / ACCESSWIRE / November 19, 2021 / Innovest Global, Inc. (OTC PINK:IVST), a diversified industrials company, announced today that GPC Holdings has obtained a voting majority in the Company with plans to catalyze growth and achieve the goals stated by Company founder and Chairman of the Board since 2016, Dan Martin. These goals are to build an exchange traded platform company with efficient operations of acquired entities which capitalizes on integration efficiencies, and sales growth. The transaction was non-dilutive to shareholders and did not involve the issuance of any new stock or debt.
Shaheed Bailey, GPC Holdings' Managing Partner and Innovest's new Chairman of the Board and interim CEO, stated, "GPC has been following Innovest for three years, and we were incredibly impressed with Dan and the milestones reached despite limited outside capitalization and the interruptions presented by Covid-19. Noting that he had stabilized the business since the initial pandemic disruptions, by cutting significant overhead and having a smart go-forward plan, we made contact and proposed entering in this capacity to compliment what has already been achieved; with the focused capitalization, acquisition, uplist, and operating philosophies that are our expertise. We are confident that the business is at the perfect stage for us to enter and that the business model will result in exceptional success." In its first three years, Innovest acquired eight companies and grew from zero to $50 million in sales before the pandemic. In 2020, Innovest completed its first cycled investment with the spin out of StemVax Therapeutics to NovAccess Global Inc. (OTC:XSNX) which resulted in an approximately $4 million gain since its acquisition of StemVax, from the 7.5 million shares of NovAccess acquired by Innovest in the sale transaction. NovAccess, also controlled by Martin and also transitioning to GPC, saw its value increase approximately 300 percent in the year since that transaction. "Dan understands how to create value for shareholders, and he's done the heavy lifting to make these businesses valuable concerns, which we now hope to work together to scale significantly."
The board of directors will be rebuilt, inviting some members back, and adding others who can benefit the next stage of growth, in the coming months.
Dan Martin, the Company's founder, will continue to be an invaluable advocate for the Company and a significant shareholder. He stated, "the proven track record of GPC and its existing and forthcoming partners, in the areas most needed for the Company to accelerate growth, are impressive and under Shaheed's leadership made the decision a simple one - relevantly experienced people with immediate acquisition and capital opportunities working on behalf of Innovest is a win for shareholders and natural transition point for a growing entrepreneurial venture to add seasoned management and fresh resources."
Immediate plans are to continue the activities resulting in the growth of assets and elimination of liabilities, continue the sales growth that has been significant in 2021, acquire companies, and resume the uplist and registration processes to become an SEC reporting comany. News is expected to be forthcoming on the above items in the coming months.
More on Shaheed Bailey:
Shaheed Bailey, 34, serves as the managing partner of Greenpoint Capital Partners, a private equity firm that helps middle market companies raise equity/debt capital and locate and evaluate strategic acquisitions, and provides consulting for cost cutting, tax savings and growth strategies. On October 26, 2021, he was appointed chairman of the board and interim chief executive officer of Innovest Global, Inc. Prior to his Innovest role, in October 2018, Mr. Bailey became the interim chief investment officer and director of GEX Management, Inc. (OTC Pink:GXXM), a progressive and growing provider of business services, consulting and staffing solutions to corporations across the nation, and remains on its board of directors. In his tenure, GXXM progressed from thinly traded to approximately three million shares per day traded. Other relevant experience includes from June 2010 through September 2012, he served as a Partner in Sales Consultants of Morris County, a company that provided strategic consulting services; and at Wells Fargo Bank from July 2008 through April 2010.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the OTC Markets. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Investor Relations Contact:
GPC Holdings
Richard Galarza, Partner
[email protected]
201.831.8555
SOURCE: Innovest Global, Inc.