Innovest Global Receives 7.5 Million Shares of NovAccess Global Common Stock as Consideration for StemVax Therapeutics; Divestiture of Biotech Subsidiary Signals Renewed Focus on Growing Industrials Business
CLEVELAND, OH / ACCESSWIRE / September 10, 2020 / Innovest Global Inc. (OTC PINK:IVST), a diversified industrials company, has completed the sale of its wholly owned subsidiary, StemVax Therapeutics, to NovAccess Global (OTC PINK:XSNX) in exchange for 7.5 million shares of restricted common stock in NovAccess Global, representing approximately 75% ownership in NovAccess.
StemVax is a translational biotechnology company developing novel immunotherapies for brain tumor patients, featuring recently approved United States patent #US9764014B2. The patent is granted under the category of "Cancer Antigens" and related to the "treatment of cancer using vaccination therapy".
StemVax Glioblast (SVX-GB) is a cancer vaccine, which is a medication that stimulates or restores the immune system's ability to fight an existing cancer by strengthening the body's natural defenses against the cancer cells. It is a meaningful technology, which could significantly improve the quality of life and prognosis for the many people who suffer from brain tumors. More information can be found at www.stemvax.com.
"I am pleased to announce the divestiture of our biotech subsidiary StemVax Therapeutics to NovAccess Global, enabling us to focus on our growing industrials business while concurrently strengthening our balance sheet and retaining equity upside potential should NovAccess be successful in its commercialization efforts of StemVax's incredible technology," said Damon Mintz, Chief Executive Officer of Innovest Global. "I look forward to continued operational execution as we march towards our uplisting to the OTCQB and eventually, NASDAQ - creating sustainable value for our shareholders over the long-term."
About Innovest Global, Inc.
Innovest Global, Inc. (OTC: 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:
Chris Tyson
Executive Vice President
MZ Group - MZ North America
949-491-8235
IVST@mzgroup.us
www.mzgroup.us
Brokers and Analysts:
Chesapeake Group
+1-410-825-3930
info@chesapeakegp.com
SOURCE: Innovest Global Inc.
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https://www.accesswire.com/605500/Innovest-Global-Completes-Sale-of-StemVax-Therapeutics-to-NovAccess-Global
