SOURCE: Limitless Venture Group, Inc.
HOLBROOK, NY--(Marketwired - Jan 22, 2014) - Limitless Venture Group Inc. (OTC Pink: LVGI) - The changing of the guard has officially taken place as of Wednesday, January 15th. Exiting CEO Peter Scalise and myself, CEO Elect Joseph Francella, have collaborated on ways to increase LVGI businesses and solidify the current corporate structure for an exciting new future. Mr. Francella says, "there are many new and exciting products in the pipeline and I can't wait to bring them into fruition. I am also fully aware there are concerns with the share price and I will be studying that situation immediately along with the following areas I have targeted to ensure continued company growth and increased shareholder value and confidence.
- Immediate increase in shareholder value by up to 50% with the return of approximately 520,000,000 restricted shares to treasury, which I negotiated with a shareholder, which could be reflected in current share price.
- Negotiate final amount due on existing third party note holder's debt to ensure NO conversion to common stock in LVGI, thereby ensuring no further dilution to shareholders value and maintain share price.
- Establish a Reg D rule 504 offering of $1,000,000 for production, marketing and distribution of SLAM products for LVGI. Those shares offered will be restricted and not immediately tradable but the cash will be immediately available to increase corporate revenues which will in turn create additional shareholder value. All existing shareholders with a verified accredited status will have the opportunity to invest in the 504 if they choose to.
Mr. Scalise added, "I'm excited to have someone with Joe's knowledge, experience and enthusiasm to guide the company into this new phase of business. He will make the company much stronger and we will both be able to focus solely on LVGI's specific businesses, which will greatly benefit everyone."
Furthermore, the results of the poll where we asked for shareholder input on a share buyback, reverse split or combination thereof was inconclusive in addressing a go forward course of action as there was not a very large response at all. Mr. Francella adds, "I am at this moment exploring a course of action that may include a limited share buyback coupled with other financial mechanisms available to public entities. I am reviewing these actions with our SEC attorneys and more info will be available shortly."
"I have had preliminary discussions with regard to distribution of SLAM products and a potentially new alcohol product for the LVGI family. My main focus with this product is to get production up and running. I cannot make any definitive statement at this moment but again more to follow in the short term."
Additionally, "I apologize to shareholders who may have been expecting more from me at this point in time but my effective date was 1/15/14 and with the holidays dominating everyone's schedule this past month I have been hampered in my efforts to actually get down and take the bull by the horns so to speak. As I make progress in the coming weeks I will release progress updates and look to reset the Conference Call that was scheduled for the early fall. Thank you for your continued support."
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™.
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