FLUSHING, New York, Aug. 11, 2022 (GLOBE NEWSWIRE) — Innovest Global Inc. (OTC PINK: IVST), a diversified industrial solutions and business services company, today announced that Sri Vanamali, an industry leader with nearly two decades of business leadership experience, has joined the Innovest Global Board of Directors as Co-Chair and Chair.
Shaheed Bailey, CEO of Innovest Global, said, “Throughout his career, Sri brings a wealth of knowledge in executing organic and inorganic strategies for public, private and Fortune 100 companies. , CEO of a public company, former investment banker, management consultant and private equity professional, Sri has extensive experience in building and growing businesses in various industries with particular expertise in executing recovery strategies for private and public companies. “I am very pleased to have Sri on board, with his leadership experience, as we look to execute our strategic roadmap for 2022 and beyond.”
Sri Vanamali said, “I am absolutely delighted to join Shaheed as we aim to transform Innovest Global into a global leader in diversified industry solutions and business services. I have been very impressed with the talent and resilience demonstrated by the Innovest team despite the macroeconomic challenges of the past two years and am very confident that under current leadership and guidance, Innovest is poised to achieve remarkable growth. over the next few years. .”
An immediate focus of the new management team has been a concentrated effort to bring Innovest Global into good standing under the Securities and Exchange Commission’s guidelines for small reporting companies (SRCs). As a first step towards this goal, Innovest engaged Hudgens CPA PLLC, an experienced PCAOB audit firm, to perform the audits for each of the fiscal periods ending in 2020 and 2021, in accordance with PCAOB standards, as well as to perform audit reviews for Q1 and Q2 2022. After that, the company expects to be in good standing, past the 60-day SEC review schedule.
“Returning Innovest to good standing, in accordance with SEC guidelines, is a key first step towards executing our strategic plan. The next step will be to engage both retail and institutional investors in achieving the strategic deployment of capital for fueling Innovest’s current portfolio as well as exploring synergistic platform acquisitions as part of our strategic roadmap,” Shaheed and Sri said in a joint statement. “We share our enthusiasm for working with our shareholders , investors, business partners and service providers to build a diversified, robust and high-growth industrial and commercial services platform, and we look forward to keeping our shareholders informed and invested in our success as we strive to build a solid momentum in the company thanks to these initiatives. In the coming weeks, we will continue to share with our shareholders the progress of the major milestones achieved towards these objectives, and are confident in the successful execution of our strategic plan for 2022 ”
Status of 2022 Strategic plandevelopments and milestones:
Board of Directors & Officers: Sri Vanamali has joined the Innovest Board as Chairman, Director and Co-Chairman of the Board. Shaheed Bailey continues as interim CEO and Ali Manov continues as COO and was appointed as a member of the board of directors, by the board of directors, pursuant to company resolutions.
Report status: “Current” reporting status (i.e. removal of the “Yield” sign) with OTC Markets is expected in Q4 2022, following completion of the PCAOB audit of fiscal years 2020 and 2021 (which is currently in progress) followed by the 60-day SEC review period
Passives: Innovest continues to focus on closing its non-operating subsidiaries, which would result in a reduction of approximately $20 million in liabilities on Innovest’s balance sheet. The annual report will also detail the balance sheet having more assets than liabilities.
Dividends: As previously announced, Innovest has approved the distribution of the 7.5 million NovaAccess (XSNX) shares to Innovest shareholders as a free stock dividend. This distribution requires XSNX to register these shares first, which is expected to be completed in Q3 2022.
Capitalization: The Company will continue to capitalize operations efforts and strive to repay existing debt and fund growth by raising capital in an efficient and incremental manner until there is a significant increase in equity with the aim of mitigate shareholder dilution.
Growth: Innovest continues to target a significant acquisition in the second half of 2022 while seeking organic growth opportunities within the current portfolio with a long-term strategy of listing on a major stock exchange.
Investor requests: Innovest has created [email protected] as the email address for all shareholder inquiries. If a shareholder has a request, they should submit their request to this email address.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC PINK:IVST), is a diversified industrial solutions and business services company that provides value-added solutions across multiple business segments. Innovest Global creates long-term shareholder value by acquiring established businesses on favorable terms, realizing synergies and achieving organic growth through investments in innovative technology and business systems.
Information about forward-looking statements
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