SOURCE: Limitless Venture Group, Inc.
HOLBROOK, NY--(Marketwired - Feb 12, 2014) - Limitless Venture Group Inc. (OTC Pink: LVGI) new CEO, Joseph Francella, announces the following:
Now that I have taken my place as the CEO of LVGI, let me update you on my first few weeks in office and explain my commitment to you the shareholders and this wonderful Company.
Below is a SIGNIFICANT shareholder value ACCOMPLISHMENT ALREADY COMPLETED to date:
1) 520,000,000 shares of common stock have been RETURNED to the company and CANCELLED, to bring the current Issued and Outstanding DOWN to just above 1.5 Billion shares, which INCREASED SHAREHOLDER VALUE SIGNIFICANTLY. This action actually took place during earlier discussions PRIOR to my becoming CEO.
Here is my commitment:
My Initial Employment Agreement is for a term of 6 months, with an option for one year additional terms thereafter. During this initial 6 month term, MY COMPLETE AND TOTAL SALARY will be $1 (ONE DOLLAR). CORRECT, THAT'S ONE DOLLAR -- PERIOD! Additionally, I will be granted an option to purchase common stock at an exercise price of $.001, which is 10 TIMES higher than the price the common stock was trading at when I took this office. That option is NOT exercisable until AFTER June 15th, 2014, which is the END of the initial 6 month term. Furthermore, if the Board does NOT extend my Employment Agreement for another year, I WILL VOLUNTARILY FORFEIT that option for stock and take ONLY the $1 (ONE DOLLAR) as MY COMPLETE AND TOTAL SALARY for the 6 month term I completed.
As you can see, I am FULLY VESTED in this company and believe whole heartedly in its fantastic products and limitless future.
With all that in mind, I am obligating myself to not only getting the company moving forward immediately but to keep it going in that direction for the long term. We have a lot of great products already under our umbrella which need to be produced and brought to market along with research and development on new products to follow, which is what LVGI is all about.
Thank you for your continued support and stay tuned to our Bright New Future.
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 lines consists of SLAM Infusination™ Limitless Body™, Limitless Health™ and GEAR products.
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This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts, including, without limitation, statements that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development, may be seemed to be forward-looking statements. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of the release. Except as may be required under applicable law, we assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.