TULSA, OK /ACCESSWIRE/March 3, 2022/ 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 companies especially well Placed for Rapid Growth announced that effective March 1, LVGI and Leonite Capital LLC (“Leonite”) have agreed to the amended terms of the LVGI Senior Secured Convertible Promissory Note (“Note”) issued to Leonite on August 13, 2020. The amendment places the note within a six-month forbearance period, during which Leonite may convert the principal amount of the outstanding notes into newly issued LVGI common stock at a fixed price of $0.01 per action. The amendment sets the note’s interest rate for the forbearance period at the greater of 10% per annum or the US prime rate (currently 3.25%) plus 6.75% and prevents interest from accruing at a default interest rate. The current outstanding principal of the note is approximately $1.3 million, not including the conditional forbearance fee of $300,000 which locks in the terms of the updated note, but will be waived if the current outstanding balance is paid within 18 months.
Commenting on the updated ticket terms, Joseph Francella, CEO of LVGI, said: “We are pleased to create a six-month period which we believe will enable our continued growth to generate operating cash flow for to service our principal and interest payment obligations. By agreeing to a fixed note principal conversion price of $0.01 per share for the forbearance period, we strike a balance between being able to reduce debt through conversions without issuing significantly more LVGI shares in under the previous conditions of the ticket. Regarding LVGI’s relationship with Leonite, Francella said, “Today is further proof that LVGI and Leonite have agreed to work together for the benefit of LVGI and its shareholders, demonstrating our commitment to working together and adapt to LVGI’s needs as we grow and manage our investment opportunities for a better future for all.
About Limitless Venture Group, Inc.
Limitless Venture Group offers its shareholders access to leading growth-oriented small and medium-sized companies. Leveraging its permanent capital, disciplined, long-term approach and actionable expertise, LVGI holds majority stakes in its subsidiaries by partnering with management teams to create companies capable of generating significant value for its shareholders. .
For more information, please visit: www.lvginc.com.
The company currently has three main subsidiaries: Rokin, Inc., KetoSports, Inc. and Jasper Benefit Solutions, LLC.
About Rokin, Inc.
Rokin was founded in 2016 with a mission to provide our customers with the highest quality, technology-driven vaping products 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. Once a product is selected and production is complete, the product is certified to the latest FCC, CE standards (which are required for all vaping products), but Rokin goes above and beyond to certify our vaping products to the latest RoHS standard, which limits the use of six hazardous materials commonly found in electronic products. www.rokinvapes.com
About KetoSports, Inc.
KetoSports products flush the body with ketones, increasing blood ketone levels within minutes. Because the body and brain use ketones as their preferred source of energy and are used primarily for energy needs, KetoSports products are essential for anyone who wants to extend their energy stores for their sporting events or for those who simply want the benefit of non-carb stimulants. – free mental energy and increased acuity.
About Jasper Benefit Solutions, LLC
Jasper Benefit Solutions, LLC (JBS), founded in 2018 and headquartered just outside of Nashville, TN, is a Managing General Underwriter (MGU) specializing in risk management services for “groups » small to medium sized self-funded employers. MGUs, unlike MGAs in the insurance industry, are certified to underwrite health and life insurance policies on behalf of their insurance partners. Jasper’s niche is the unique ability and authorization of a well-known, nationally recognized insurer to underwrite groups as small as five (5) employees as well as to offer limited benefit insured products for groups whose part-time employees cannot participate in their health plans. www.jasperbenefitsolutions.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 in this release that are not historical facts, including, without limitation, statements relating to the Company’s expectations regarding the future impact on the Company’s results from new products in development, may be considered forward-looking statements. Words such as “expects”, “intends”, “plans”, “may”, “could”, “should”, “anticipates”, “probable”, “believes” and words of of similar significance also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyzes and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of publication. Except as required by applicable law, we undertake no obligation to update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.
THE SOURCE: Unlimited capital group
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