Limitless Venture Group Inc. Announces New CEO Joseph Francella Has Officially Taken His Post
January 22 2014 - 10:50AM
Marketwired
Limitless Venture Group Inc. Announces New CEO Joseph Francella Has
Officially Taken His Post
HOLBROOK, NY--(Marketwired - Jan 22, 2014) - Limitless
Venture Group Inc. (OTC Pink: LVGI) - The changing of the guard has
officially taken place as of Wednesday, January 15th. Exiting
CEO Peter Scalise and myself, CEO Elect Joseph Francella, have
collaborated on ways to increase LVGI businesses and solidify the
current corporate structure for an exciting new future. Mr.
Francella says, "there are many new and exciting products in the
pipeline and I can't wait to bring them into fruition. I am also
fully aware there are concerns with the share price and I will be
studying that situation immediately along with the following areas
I have targeted to ensure continued company growth and increased
shareholder value and confidence.
- Immediate increase in shareholder value by up to 50% with
the return of approximately 520,000,000 restricted shares
to treasury, which I negotiated with a shareholder, which
could be reflected in current share price.
- Negotiate final amount due on existing third party note
holder's debt to ensure NO conversion to common stock in
LVGI, thereby ensuring no further dilution to shareholders
value and maintain share price.
- Establish a Reg D rule 504 offering of $1,000,000 for
production, marketing and distribution of SLAM products
for LVGI. Those shares offered will be restricted and not
immediately tradable but the cash will be immediately
available to increase corporate revenues which will in turn
create additional shareholder value. All existing shareholders
with a verified accredited status will have the opportunity to
invest in the 504 if they choose to.
Mr. Scalise added, "I'm excited to have someone with Joe's
knowledge, experience and enthusiasm to guide the company into this
new phase of business. He will make the company much stronger and
we will both be able to focus solely on LVGI's specific businesses,
which will greatly benefit everyone."
Furthermore, the results of the poll where we asked for
shareholder input on a share buyback, reverse split or combination
thereof was inconclusive in addressing a go forward course of
action as there was not a very large response at all. Mr. Francella
adds, "I am at this moment exploring a course of action that may
include a limited share buyback coupled with other financial
mechanisms available to public entities. I am reviewing these
actions with our SEC attorneys and more info will be available
shortly."
"I have had preliminary discussions with regard to distribution
of SLAM products and a potentially new alcohol product for the LVGI
family. My main focus with this product is to get production up and
running. I cannot make any definitive statement at this moment but
again more to follow in the short term."
Additionally, "I apologize to shareholders who may have been
expecting more from me at this point in time but my effective date
was 1/15/14 and with the holidays dominating everyone's schedule
this past month I have been hampered in my efforts to actually get
down and take the bull by the horns so to speak. As I make progress
in the coming weeks I will release progress updates and look to
reset the Conference Call that was scheduled for the early fall.
Thank you for your continued support."
About Limitless Venture Group Inc. Located in Holbrook, New York
Limitless Venture Group Inc is a full service brand development
company specializing in beverage, supplement and healthy lifestyle
products. Limitless acts as a brand incubator bringing products
from concept to reality then releasing them as standalone
companies. Limitless Venture Group Inc has internationally
recognized formulators, in house graphics department, in house web
design team, and full support staff for marketing and distribution
chain development. Limitless Venture Group Inc. proprietary product
line consists of SLAM Infusination™ Limitless Body™, Limitless
Health™.
For further inquiry on Limitless Venture Group Inc.
products:
Website: www.lvginc.com
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 seemed 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.
Contact: Joseph Francella C.E.O. Limitless Venture Group Inc.
631.750.3195