Innovest to Open 193,000 sq. ft. Industrial Operations Center in Bedford, OH
CLEVELAND--(BUSINESS WIRE)--May 15, 2019--
Innovest Global Inc. (OTC Markets: IVST ), a diversified industrials company, has signed a lease to consolidate its industrial operations into one location. The location will provide financial and operational efficiencies, as well as expand manufacturing capacity.
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Home of the Future Innovest Global Industrial Operations Center in Bedford, OH (Photo: Business Wire)
Direct Benefits Include:
- Manufacturing at one location instead of transporting work-in-process between locations
- Double space, more than tripling our manufacturing capacity all under one roof
- Eliminates potential for scheduling delays for over $50 million in pending competitive manufacturing bids currently outstanding
- Direct facility lease costs only slightly higher than current multiple facilities
- Warehousing for building materials inventory, and distribution close to all major Cleveland, OH freeways.
Currently, Innovest manufactures curtainwalls at two separate facilities a quarter-mile apart on Grant Avenue in Cleveland. The company delivers between $400,000 and $1.5 million per month in production. However, since the time of acquisition of the business in December 2018, the curtainwall team led by John Yenges has submitted pending competitive bids to clients in excess of $50 million, and expanded the product set. Pending bids, aligning with expiring leases at inefficient facilities, made for an easy all-encompassing centralized decision.
“We’re taking advantage of a great opportunity to make our industrial operations efficient and scalable. Costs for this one facility, which is close to all major freeways and more than doubles the size of our current operation, are only slightly more than our two current locations, and bring many strategic efficiencies,” said Dan Martin, Innovests founder, Chairman, and CEO. “Our focus in 2019 is doing all of the little things to make sure the business will scale well and provide meaningful returns to shareholders in 2020 and beyond. The recent addition of Plante & Moran to our service team, and this facility addition, are great examples of how diligent our team has been in pursuing those goals. The business is growing and developing quickly, and I’m very excited about several of our additional upcoming milestones. Our president, Damon Mintz, has cleared the path for subsidiary growth and put a fantastic team in place. Mike Yukich, our CFO, Chief of Staff Tim Figley, and our board have stepped up and contributed to incredible behind-the-scenes progress. We’re all very thankful for the long hours and hard work by our team of over 100 employees in the organization that continue to produce results, and to our shareholders for giving us the opportunity.”
The Bedford lease is pending final zoning approval which we expect to receive in advance of our new center opening in late summer. Innovest will be releasing its first quarter 2019 unaudited results soon, as well as the 2018 audited financials when they are completed.
About Innovest Global, Inc.
Innovest Global, Inc. (OTC Markets: IVST ) has operations in industrials (commercial and industrial products and services, energy, construction, and building materials ) and investments in biotechnology. Our primary growth strategy is to acquire existing companies in a select few industries and attract new customers in cost effective ways. Currently, Innovest Global Inc has a Commercial & Industrial Division, a Biotechnology & Health Services Division, and a Construction & Building Materials Division.
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.
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KEYWORD: UNITED STATES NORTH AMERICA OHIO
INDUSTRY KEYWORD: BUILDING SYSTEMS ENERGY OTHER ENERGY HEALTH BIOTECHNOLOGY OTHER HEALTH MANUFACTURING OTHER MANUFACTURING ARCHITECTURE INTERIOR DESIGN PROFESSIONAL SERVICES URBAN PLANNING FINANCE OTHER PROFESSIONAL SERVICES COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Innovest Global Inc.
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PUB: 05/15/2019 09:45 AM/DISC: 05/15/2019 09:45 AM