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Innovest Global Inc.’s August began with major Biotech news and ended with the announcement of a $30 million revenue pending acquisition.
Innovest detailed a pending acquisition, which would enter it solidly into the Building Materials industry with $30 million in annual revenue, and a growth plan. This transaction represents over five-times increase in Innovest’s revenue, and entry into its third industry sector. Details included a months-long process that resulted in a signed Letter of Intent, agreed final structure, and a closing expected in mid-September.
The fall Biotech conference schedule was also released.
“With the recently announced patent approval, and obtaining exclusive worldwide rights to the technology, we believe that now is the time to collaborate with other scientists that have technologies which serve Innovest’s mission and could benefit from the relationship,” said Dr. Dwain Morris-Irvin, Biotech Division president and the StemVax founder.
The Company’s stock price grew 33.1 percent in August. Innovest maintains an unchanged free-trading float of 11,796,710 common shares with no convertible debts, no warrants or options outstanding, and employs 45.