FLUSHING, New YorK, Aug. 11, 2022 (GLOBE NEWSWIRE) -- Innovest Global Inc (OTC PINK: IVST), a diversified industrial solutions and business services company, announced today that Sri Vanamali, an industry leader with almost two decades of corporate leadership experience, has joined the Innovest Global board as Co-Chairman and President.
Shaheed Bailey, the CEO of Innovest Global said, “Sri brings a wealth of knowledge executing both organic and inorganic strategies for public, private and Fortune 100 companies throughout his career. As an entrepreneur, public company CEO, former investment banker, management consultant and a private equity professional, Sri has extensive experience building and growing companies across diverse sectors with a particular expertise in executing turn-around strategies for both private and public companies. “I am very excited to have Sri on board, with his leadership experience, as we look towards executing our strategic roadmap for 2022 and beyond”.
Sri Vanamali said, “ I am absolutely thrilled to join Shaheed as we aim to transform Innovest Global into a global leader in diversified industrial solutions and business services. I have been very impressed by the talent and resilience demonstrated by the Innovest team despite the macroeconomic challenges of the last couple of years and I am very confident that under the current leadership and guidance, Innovest is primed to achieve remarkable growth over the next several years.”
An immediate goal of the new leadership team has been a concentrated effort in bringing Innovest Global into good current standing under the Securities and Exchange Commission guidelines for Smaller Reporting Companies (SRCs). As a first step towards this goal, Innovest has engaged Hudgens CPA PLLC, an experienced PCAOB audit firm, to complete the audits for each of the fiscal year periods ending 2020 and 2021, in accordance with PCAOB standards, along with completing the audit reviews for Q1 and Q2 2022. After this, the company is hopeful to be in good current standing , post the 60-day SEC review timeline.
“Bringing Innovest back into good standing, under 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 helping to achieve strategic capital deployment to fuel Innovest’s current portfolio as well as exploring synergistic platform acquisitions as part of our strategic roadmap”, said Shaheed and Sri in a joint statement. “We share our excitement of working with our shareholders, investors, business partners and service providers in building a robust and high growth diversified industrial and business services platform and we look forward to keeping our shareholders informed and invested in our success as we strive towards building solid momentum in the company through these initiatives. Over the next several weeks, we will continue to share progress with our shareholders, of major milestones achieved towards these goals, and are confident of successfully executing our strategic plan for 2022 ”
Status of 2022 Strategic Plan, Developments and Milestones:
Board of Directors & Officers: Sri Vanamali has joined the Innovest Board as the President, Director and Co-Chairman of the Board. Shaheed Bailey continues to be the interim CEO and Ali Manov continues as Chief Operating Officer and has been appointed a Board Member, by the Board, per company resolutions.
Reporting Status: “Current” reporting status (ie. removal of “Yield” sign) with OTC Markets is expected in Q4 2022, after completion of PCAOB audit of fiscal year 2020 and 2021 (which is currently underway) followed by the 60-day SEC review period
Liabilities: 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 disclosed, Innovest has approved the distribution of the 7.5 million NovaAccess (XSNX) shares to Innovest's shareholders as a free trading stock dividend. This distribution requires XSNX to first register those shares, which is expected to be completed in Q3 2022.
Capitalization: The Company will continue to capitalize efforts by operations and will work towards paying down existing debt and funding growth by efficiently and incrementally raising capital until there’s a significant equity capital raise with the goal of mitigating shareholder dilution.
Growth: Innovest continues to target a meaningful acquisition in the second half of 2022 while pursuing organic growth opportunities within the current portfolio with a long-term strategy of up-listing to a major exchange.
Investor Inquiries: Innovest has created firstname.lastname@example.org as an email address for all shareholder inquires. If a shareholder has any inquiry, they should submit their inquiry to that email address.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC PINK:IVST), is a diversified industrial solutions and business services company providing value-added solutions across multiple business segments. Innovest Global builds 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 on Forward Looking Statements
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SOURCE Innovest Global, Inc.