Limitless Venture Group, Inc. announces stock consolidation plan to create pathway for future growth and financing
TULSA, OK / ACCESSWIRE / July 8, 2020 / Limitless Venture Group, Inc. (OTC PINK:LVGI) (OTC PINK:LVGID) today announces a stock consolidation plan to shore up liquidity, expedite its capital raising plan, meet existing financing obligations to our majority acquisition Rokin, close its second majority acquisition, KetoSports, and launch HempLink, its on-line hemp trading app.
The plan includes a 1-for-300 stock split which will see the company consolidate all of its outstanding common shares on the basis of one common share for every 300 common shares currently outstanding, rounding up fractional shares. That consolidation will be effective tomorrow, July 9, 2020 and will leave the company with 14,000,000 shares authorized and 12,916.667 shares issued and outstanding. Additionally, the company will start trading under the new symbol "LVGID" for the immediate 20 business days and then revert back to our original symbol "LVGI".
This is the first action necessary to create an environment where LVGI has the ability to raise capital using its already Qualified Reg A, in conjunction with the Broker Dealer and Investment Bank Craft Capital Management LLC., with which it already has a working relationship. Next we will increase the authorized shares to 1,000,000,000 allowing for the capitalization through this financing round, create availability for future raises of greater amounts, larger acquisitions, bigger expansions, greater marketing awareness campaigns and to create incentive plans to hire and keep key personnel.
Furthermore, we have decided not to continue using the services of OTC Markets at this time, so you will see a stop sign on their site, signifying we have not filed current financial statements with them. We have instead decided to post our financial statements on our website, www.lvginc.com under the tab "Financial Statements". Our 3rd quarter ending 3-31-20 will be posted shortly.
Rokin Inc, Update:
With Covid forcing the closure of many of the dispensaries across the country, Rokin took a big hit in revenue in March and April, however, they beat their expected earnings for May and June. We were happy to hear the good news as it shows that even in difficult times, Rokin has the ability to continue generating revenues and with their new line of products to be released soon, we expect strong growth through the rest of the year.
"Rokin is in the development stage with their new line of glass mini dab rigs. The new collection will have varying designs from the most simplistic function to more interesting complicated designs. Expect to see these new rigs enter the market in the fall 2020 with an affordable price." states Daryl Bauer, CEO of Rokin, Inc.
"We are excited that this consolidation will provide us the opportunity to raise the capital we need in order to create real value for our shareholders. We envision having at least 3 revenue generating companies under LVGI before the year is out. In addition, we will use this capital raise to inject capital into our subsidiary companies to create marketing campaigns, bring new products to market and to expand their distribution networks. This brings us one step closer to achieving our new corporate business focus." exclaimed Devon Diaz, P.E., COO of LVGI.
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.