Business
Limitless Venture Group, Inc. Signs Term Sheet with a Managing General Underwriter (MGU)
Limitless Venture Group, Inc. Signs Term Sheet with a Managing General Underwriter (MGU).
About this update from Limitless Venture Group Inc.
[{"type":"text","content":"TULSA, OK / ACCESSWIRE / November 2, 2020 / (OTC PINK:LVGI) Limitless Venture Group, Inc. ("LVGI" or "the Company") today announced it has signed a term sheet to acquire a majority interest in an unnamed Managing General Underwriter (MGU). This acquisition is the Company's initial entry into the estimated $200+ Billion Dollar MGU and Third Party Administrator (TPA) Marketplace.This acquisition gives LVGI a great management team with 20+ years of experience in this industry. The full terms of the Agreement will be announced when the acquisition agreement is executed, which we expect to be sometime this month. This acquisition will additionally introduce LVGI to TPA'S, which are the MGU clients, and which we will look to partner with to grow our footprint in the growing opportunity of employer sponsored health care, for low to mid market industries. Furthermore, LVGI is already in discussions with consultants, who introduced LVGI to this MGU, in this field to locate suitable companies for acquisition.In other LVGI news, its subsidiary Rokin Inc., has quarterly revenues, during this extraordinarily down covid year, that will surpass last year's same quarter.Joseph Francella, CEO states "Our marketing efforts are paying off "Big-Time". Rokin has expanded its corporate offices in Nevada to include a warehouse space to house current inventory and the $120,000 worth of additional inventory recently purchased with capital provided by LVGI, paid towards it's acquisition obligations. With those payments LVGI has now paid approximately $203,000 towards its acquisition obligation leaving a balance of only about $57,000 remaining, which both parties have agreed can and will be paid when available."Devon Diaz, COO of LVGI states "Bringing KetoSports and Rokin under the LVGI umbrella is proving to be a huge success. Both of these companies have not only survived the Covid crisis, but are actually growing regardless of the crisis. This is a testament to our ability to find the right companies and to invest in the future of their growth. Our early success has provided LVGI with investment bankers who have confidence in our direction and have expressed a strong desire to back future acquisitions, especially the ones we are discussing in the employer sponsored health care space. This is ...