TULSA, OK / March 17, 2023 / Limitless Venture Group, Inc. (OTC PINK:LVGI) ("LVGI" or the "Company"), a publicly traded holding company that provides its shareholders with access to investment opportunities in small and medium-sized businesses uniquely positioned for rapid growth announced that effective March 15, 2023, LVGI and Leonite Capital LLC (“Leonite”) have agreed on amended terms for LVGI’s Senior Secured Convertible Promissory Note (“Note”) issued to Leonite on August 13, 2020. The MOU, which began on March 15, 2023, will run for 30 days. During such time Leonite will not execute any conversion of the balance due under the note using the Alternative Conversion Price, as described in Section 2.2 (a) of the Note. LVGI agrees that in exchange for the foregoing, Leonite shall be permitted during the MOU period, to convert the balance due under the Note at a fixed price of $.0005
Commenting on the updated Note terms, Joseph Francella, LVGI CEO, stated “Once again we are pleased to give our shareholders transparency regarding our senior debt financing and pleased that Leonite is working with us. By agreeing to a fixed conversion price, we enable debt reduction with a clear floor on the price.”
On the positive side, after a few setbacks, due to Amazon restructuring, our e-market program is up and running again. “We are very excited to continue our work with the G-Venture group as having a store that is producing revenue is a good thing for LVGI, now and into the future. If things develop as we planned, we would like to open one or maybe 2 more stores in the next 12-24 months, depending on the success of the existing store.” Expressed Devon Diaz, COO. If you would like to visit our Amazon store, please visit us at: https://tinyurl.com/2dyx2yek
About Limitless Venture Group, Inc.
Limitless Venture Group provides its shareholders with access to leading small and medium-sized businesses focused on growth. Leveraging its permanent capital base, disciplined long-term approach, and actionable expertise, LVGI owns controlling interests in its subsidiaries as it partners with management teams to build businesses with the capacity to unlock significant value for its shareholders.
For more information, please visit: www.lvginc.com.
The Company currently has three primary subsidiaries: Rokin, Inc., Limitless Technology Group, LLC, and KetoSports, Inc.
About Limitless Technology Group, LLC.
Limitless Technology Group, LLC, (LTG) is a wholly owned subsidiary of Limitless Venture Group, Inc. and was formed as an Oklahoma limited liability company on July 19, 2022. LTG is focused on developing new and innovative opportunities in the e-commerce, crypto and metaverse markets.
About Rokin, Inc.
Rokin was founded in 2016 with a mission to provide our customers with the highest quality, technology-driven vaping products available while providing exceptional customer service. Rokin Vapes are rigorously tested by Rokin and multiple consumer focus groups to ensure the products meet strict quality standards before any production takes place. After a product is selected and production complete, the product is certified to the latest FCC, CE standards (which are required for all vaping products) but then Rokin goes above and beyond to certify our vaping products to the latest RoHS standard, which restricts the use of six hazardous materials commonly found in electronic products. www.rokinvapes.com
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Disclaimer Regarding Forward-Looking Statements
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 deemed 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.
SOURCE: Limitless Venture Group