Limitless Venture Group, Inc. Announces New Limits on Terms of its Senior Secured Convertible Promissory Note
TULSA, OK / September 9, 2022 / 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 September 6, 2022, 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 amendment, which LVGI has posted on OTC Markets places the Note in a renewable two-month forbearance period, during which Leonite is limited to daily sales of LVGI shares at a level that is no more than the greater of $4,125 or 10% of LVGI’s daily trading volume. Leonite’s conversion of Note principal into newly issued LVGI Common Stock is fixed at $0.0055 per share. The Amendment sets the Note’s interest rate for the forbearance period at the U.S. Prime Rate (currently 5.50%) plus 6.75% and prevents interest from accruing at a default rate of interest. Amendment can be found here: https://tinyurl.com/2p8p7z8f
Commenting on the updated Note terms, Joseph Francella, LVGI CEO, stated “We are pleased to give our shareholders transparency regarding our senior debt financing. We are executing our e-commerce business plans for Limitless Technology Group, LLC and Rokin Inc. that we envision will produce operating cash flows to service our Note principal and interest payment obligations. By agreeing to a trading volume limit and a fixed conversion price, we enable debt reduction with clear limits on the number of new shares we issue.”
“We are very excited about launching our our e-commerce venture as we are days away from the store opening. Although it will take time to ramp up sales, we are looking to this program to not only provide us revenues and earnings, but to provide us feedback on a growing industry so that we can begin to look for other complimentary markets to develop within. As such, we created a fully owned subsidiary of LVGI called Limitless Technology Group, LLC (LTG). LTG, is a limited liability company formed in the state of Oklahoma and will serve as the entity we will utilize to create new and innovative opportunities in technology, crypto and the metaverse markets.” Exclaimed Devon Diaz, COO.
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., KetoSports, Inc. and Jasper Benefit Solutions, LLC.
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