LIMITLESS VENTURE GROUP, INC. CREATES NEW JOINT VENTURE TO TAKE KETOSPORTS TO THE NEXT LEVEL
TULSA, OK / November 10, 2022 / Limitless Venture Group, Inc. (OTCPINK: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, is pleased to announce today that it has signed an agreement with its senior secured lender to rebrand, remarket and expand the KetoSports company.
The parties formed KetoSports Holdings LLC (“KSH”), a new Delaware entity, in which LVGI holds a 51% interest with the remainder held by Leonite Capital (“Leonite"). Leonite will invest the necessary capital to expand the management team and manage the day-to-day operations. Former KetoSports CEO Savitri Boodram Jones will be joining KSH as well to lend her vast experience and market knowledge to the new joint venture.
As consideration for tendering its assets to KSH, LVGI was granted the sum of $125,000, which was credited against its outstanding loan balance. Leonite was also granted an option to purchase up to 90% of KSH for an additional sum of $100,000. Leonite and LVGI are to receive 90% and 10% of operating profits from KSH respectively with the following exceptions: (i) LVGI will have priority on the first $50,000 in profits, (ii) Leonite will have priority on the next $450,000 in profits, and (ii) LVGI’s total profits from KSH are capped at $500,000.
Joseph Francella, LVGI’s CEO, stated: “This is a great opportunity for LVGI, Leonite and KetoSports to create a very competitive company with market leading products. Our KetoSports products have been very well received in the marketplace and I’m excited to see Leonite get involved knowing the resources they bring to the table. I expect this to be a win-win-win!”
Savitri Boodram Jones, CEO of Ketosports had this to say: “We have spent the last few years building out our products and developing a dedicated customer base. Our products are well regarded and sought after in the ever growing “Keto” market. With Leonite’s capital investment and involvement, and the continued support from LVGI, we think KSH is perfectly positioned to become a market leader in this category.”
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: KetoSports Holdings LLC, Rokin, Inc. and Limitless Technology Group, LLC.
About KetoSports Holdings LLC.
KetoSports sells a variety of products under the KetoSports brand, including its flagship exogenous ketone supplements. These products flush the body with ketones, a preferred energy source for the body and brain, within a few minutes of consumption. KetoSports products are essential for anyone who wants to prolong energy reserves for their athletic events or for those who just want to benefit from carb-free, stimulant-free mental energy and enhanced acuity. For more information, please visit www.ketosports.com.
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.
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.
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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