Limitless Venture Group, Inc. Eliminates $0.8 Million in Debt through Settlement Agreement
TULSA, OK / March 25, 2024 /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 today that it has signed a settlement agreement with its largest unsecured creditor that eliminates $0.8 million in principal and interest owed for a convertible note. The agreement fully eliminates the Companys obligation under the convertible note without requiring any issuance of Company shares or a cash payment.
Joseph Francella, CEO, states "We worked with our largest convertible note holder to find a creative solution that benefits both the note holder, LVGI and our shareholders. By eliminating the debt, we absorb nearly $0.8 million in debt forgiveness income and the investor gets an immediate income tax deduction for the write-off. We see this as an opportunity to continue restructuring our balance sheet through debt reductions. Mr. Francella further states This brings our total debt reduction to around $2 Million Dollars and we arent finished yet in looking for other opportunities to lower our corporate debt all with no additional share issuances and in the previous Rokin agreement a recoupment or cancelation of shares previously issued.
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 two primary subsidiaries: Limitless Technology Group, LLC, and KetoSports Holdings 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 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 visitwww.ketosports.com
Follow us on Social Media at:
https://www.facebook.com/lvginc
https://twitter.com/lvginc_
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.