SOURCE: Limitless Venture Group, Inc.
HOLBROOK, NY--(Marketwired - Dec 10, 2013) - Limitless Venture Group Inc's. (OTC Pink: LVGI) in response to shareholder requests about the dilutive events taking place, because of the conversion of senior note holders debt to equity, is considering offering a share buyback. The buyback will be set up not as a cash buyback, but an offer to buy back all shares with an interest bearing note, at .003 (3/10 of a penny) per share plus interest. Shareholders who take advantage will receive a 12 month note for the full amount of their holdings plus 10% (ten percent) interest. Another possible option would be to enact a reverse split. LVGI has received many inquiries about whether or not the company was planning a reverse split and would like the opinion of all shareholders on the above corporate actions, before we further consider taking any actions," said CEO Peter Scalise.
LVGI believes either or both corporate actions should afford LVGI access to better capital sources thereby allowing it to move forward with the distribution and marketing of their SLAM, Limitless Body and Limitless Health product lines. LVGI also believes once the above product lines are in full production and readily available, it will be able to retire all the buyback notes when they mature, should that be the direction taken.
Either or both plans of action need to be fully vetted and approved by FINRA and other regulatory bodies. Our first step however in deciding whether or not to take the necessary steps is to gauge our shareholder enthusiasm.
To that extent we have set up a website www.LVGIsharebuyback.com. Shareholders can log on to the site and simply add their thoughts, comments and suggestions. Management will go through all responses and report the consensus to our shareholders via a follow up press release. We will have the website live for a two week comment period starting December 10, 2013 ending December 24, 2013. Shareholders are encouraged to divulge their position held and cost basis plus state clearly if they would take advantage of the buyback offer as proposed and/or their thoughts on a possible reverse splits of shares. This is not a forum site for debate so all comments need to be direct and on topic or will be disregarded.
"I want to be clear, besides regulatory body approval, either option will not be acted upon before us receiving feedback in support of the moves by a majority of LVGI shareholders," stated CEO 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™.
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