Limitless Venture Group, Inc. Sells 95% of its Stake in Rokin Inc. for $1 Million Profit
TULSA, OK / March 12, 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 an agreement to sell 95% of its shares in Rokin Inc. back to Rokin Inc. for an undisclosed price.
Joseph Francella, CEO, states "We acquired a 51% stake in Rokin Inc. in May 2020 and have had a good working relationship with the Rokin founders and management team. We all agreed that it is in our mutual best interest to sell 95% of our stake in Rokin back to them. The sale releases LVGI from an $800,000 future funding commitment, returns back all of the LVGI convertible preferred shares we issued to Rokin Shareholders and removes approximately $1.8 million of Rokin debt from our balance sheet. We estimate the deal produces a profit for LVGI in excess of $1,000,000 that we will recognize in the quarter ending March 31, 2024." Mr. Francella also states, "I believe this is a win-win-win for both companies and our shareholders."
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 visit www.ketosports.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.
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