Innovest Global Secures Letter of Intent With Major Hotel Group for $54 Million in Revenue from New Product Line Launch

Rhea-AI Summary

Innovest Global Inc. (OTC PINK:IVST) has secured a Letter of Intent (LOI) with a major hotel group, potentially generating $54 million in revenue from a new product line. The LOI represents only 10% of the project's total scope and will facilitate negotiations with vendors for pricing and production schedules. Revenue is expected to commence in the first quarter of 2021 and conclude by the fourth quarter of the same year. This agreement follows a recent successful $12 million project in Los Angeles.

Positive

• Secured a Letter of Intent worth $54 million with a major hotel group.
• Anticipated revenue generation to start in Q1 2021.
• Demonstrates company growth following a recent successful $12 million project.

Negative

• None.

LOI Represents Only 10% of Total Project and Provides Hotel Group With Pricing and Engineering Parameters

LOI Opens Negotiation with Vendors and Suppliers to Secure Best and Final Pricing and Set Production Schedule

CLEVELAND, OH / ACCESSWIRE / October 6, 2020 / Innovest Global Inc. (OTC PINK:IVST), through its Building Solutions group which recently completed the $12 million manufacture and installation of a high-rise building envelope system in Los Angeles, has secured it's next major contract utilizing a new engineered system which will be released and launched next week.

"The customer has worked with us since May 2020 to engineer and plan a domestically produced, efficient solution which we believe will revolutionize how small-footprint commercial buildings are built," said John Yenges, Vice President of Innovest Building Solutions.

Damon Mintz, Innovest's Chief Executive Officer, added, "The work of John and his team during this pandemic to look for opportunities created in this constraint has been an incredible testament to the strength and tenacity of our team. The systems Innovest Building Solutions has designed, and the forthcoming launch of these systems on the heels of this agreement is one of the most exciting moments of the year for the Innovest team."

This Letter of Intent is expected to be contracted in the fourth quarter of 2020. Revenue from this scope of work is expected to begin in the first quarter of 2021 and concluded in the fourth quarter of 2021.

About Innovest Global, Inc.

Innovest Global, Inc. (OTC PINK:IVST) is a diversified industrial company applying technology and innovation to provide value-added solutions across multiple business markets. Innovest Global builds long-term shareholder value by acquiring established industrial businesses on favorable terms, realizing synergies and achieving organic growth through investments in innovative technology and business systems. For more information, please click here.

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 Contact:

Indrani Egleston
Executive Vice President, Chief Financial Officer
Innovest Global, Inc.
440-644-1027
info@innovestglobal.com
ir.innovestglobal.com

Chris Tyson
Managing Director
MZ Group - MZ North America
949-491-8235
IVST@mzgroup.us
www.mzgroup.us

SOURCE: Innovest Global Inc.

View source version on accesswire.com:
https://www.accesswire.com/609245/Innovest-Global-Secures-Letter-of-Intent-With-Major-Hotel-Group-for-54-Million-in-Revenue-from-New-Product-Line-Launch

FAQ

What is the latest contract Innovest Global secured with hotel group IVST?

Innovest Global secured a Letter of Intent potentially generating $54 million in revenue from a new product line.

When will revenue from the Innovest Global hotel contract start?

Revenue from the contract is expected to begin in the first quarter of 2021.

What percentage of the total project does the LOI represent for Innovest Global?

The Letter of Intent represents only 10% of the total project.

What was the recent project Innovest Global completed before this contract?

Innovest Global recently completed a $12 million project involving a high-rise building envelope system in Los Angeles.