SOURCE: Limitless Venture Group, Inc.
HOLBROOK, NY--(Marketwired - Oct 29, 2013) - Limitless Venture Group Inc's. (OTC Pink: LVGI) today announced it has filed a corporate action with FINRA to spin off its G.E.A.R. subsidiary. For every 300 shares of LVGI stock held on the record date of 11/4/13, LVGI shareholders will receive 1 new share of G.E.A.R. on the payment date of 11/8/13. G.E.A.R. will be spun off with the new management team in place led by current LVGI CEO Peter Scalise who will leave his post as LVGI CEO to put forth his full focus and take the reins of G.E.A.R. alongside Liz Gaspari and Kevin Levrone. G.E.A.R. has a goal to complete a traditional IPO on a major exchange within 18 months. More information about the spin-off and G.E.A.R.'s business will be made available soon through LVGI's disclosure with OTC Markets Group, Inc.
In keeping with the business purpose and description of LVGI to act as a brand incubator for developing products from concept to reality then spinning them off with key management and fully developed marketing platforms in place, LVGI management believes G.E.A.R. has reached the point where a spinoff is appropriate and will offer a premium return to shareholders with the necessary funding and dividend of IPO shares. We are currently in negotiations with key personnel to continue the development of the core products in our portfolio. There will be an immediate focus on our Slam Product line with specific plans to bolster the line, as well we are evaluating several potential portfolio acquisitions. More news on the developments of late for our SLAM™ product line will be announced soon.
"With my background of over 20 years vast experience in the health and fitness sector coupled with my experience as CEO of two publicly traded companies it was an easy decision for me to make when asked to take over as exclusive CEO of G.E.A.R. in the go forward spin off plan," said Peter Scalise. "It's a very exciting time for not only G.E.A.R. as a company but also LVGI and its shareholders as it shows the business purpose of LVGI is working as intended and adding value to LVGI from the multiple product lines it's aiming to bring to market." Scalise added, "It is my belief at this time the GEAR dividend will offer more value to our shareholders then the whole at this point. This is subject to final IPO pricing, but with my goal of delivering shareholder value, I'm highly confident based on the initial financial models that we will be delivering a multiple return to our shareholders."
Several highly qualified candidates to replace Scalise as CEO of LVGI are going through a vetting process, and the Company expects to announce a replacement at the same time Scalise steps down, tentatively scheduled for December 1, 2013.
"Based on the transition and corporate developments we will delay our previously announce conference call for a several weeks so we can discuss all relative events with clarity, but as always I'm available to our shareholders. I'm excited about the future and look forward with great optimism," said Scalise.
About Limitless Venture Group Inc.
Located in Holbrook, New York Limitless Venture Group Inc is a full service brand development company specializing in beverage, supplement and healthy lifestyle products. Limitless acts as a brand incubator bringing products from concept to reality then releasing them as standalone companies. Limitless Venture Group Inc has internationally recognized formulators, in house graphics department, in house web design team, and full support staff for marketing and distribution chain development. Limitless Venture Group Inc. proprietary product line consists of SLAM Infusination™ Limitless Body™, Limitless Health™, and G.E.A.R™.
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