Greenlite Ventures Completes Agreement with No Limit Technology

Rhea-AI Summary

Greenlite Ventures Inc. (OTC Pink: GRNL) has signed a Reorganization Agreement with No Limit Technology Holdings Inc., a company in the sports betting and cryptocurrency markets. The agreement, pending FINRA review, will result in GRNL acquiring all of No Limit's assets and intellectual property. In exchange, No Limit gains majority shareholder control of GRNL, and its founder Rafael Groswirt will become GRNL's new CEO.

GRNL aims to create a decentralized sports betting ecosystem using blockchain, cryptocurrency, AI, and peer-to-peer algorithms. The company plans to launch a sports betting exchange powered by its own cryptocurrency, the No Limit Coin. This platform intends to offer users financial benefits, including reduced house take and non-custodial wallets for fund control.

Positive

• Acquisition of No Limit Technology's assets and intellectual property
• Entry into the sports betting and cryptocurrency markets
• Plans to launch a decentralized sports betting platform with proprietary cryptocurrency

Negative

• Acquisition completion dependent on FINRA review with no assurance of approval
• Majority control of GRNL transferred to No Limit Technology
• Potential risks associated with entering volatile cryptocurrency and sports betting markets

News Market Reaction

+10.00%

1 alert

+10.00% News Effect

On the day this news was published, GRNL gained 10.00%, reflecting a significant positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

BOCA RATON, Fla., July 19, 2024 /PRNewswire/ -- Greenlite Ventures Inc. (OTC Pink: GRNL) has announced the signing of a Reorganization Agreement with No Limit Technology Holdings Inc. (No Limit), a company involved in the sports betting and cryptocurrency markets. The agreement has been submitted to FINRA pursuant to its company-related action review process. Once the review is concluded, and FINRA advises the company that no further action is required, the acquisition will be deemed closed.  However, the decision to conclude the review and determine that no further action is required is entirely within the authority of FINRA and no assurance can be given that such will be the case.

As a result of the acquisition, GRNL will own all physical assets and intellectual property previously owned and developed by No Limit. In consideration, No Limit has acquired majority shareholder control of GRNL, and No Limit founder and CEO Rafael Groswirt will be appointed as GRNL's new CEO

With this acquisition, GRNL seeks to create a decentralized sports betting ecosystem. Utilizing blockchain technology, cryptocurrency, artificial intelligence, and peer-to-peer algorithms, GRNL plans to launch a sports betting exchange powered by its own cryptocurrency, the No Limit Coin. The platform is intended to offer financial benefits to users, including a greatly reduced house take and non-custodial wallets that allow users to always be in control of their funds.

Contact: Rafael Groswirt  901 909 9089  rafael@greenliteventures.com

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates, and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include those described in our filings with the Securities and Exchange Commission. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

View original content:https://www.prnewswire.com/news-releases/greenlite-ventures-completes-agreement-with-no-limit-technology-302201588.html

SOURCE Greenlite Ventures Inc.

FAQ

What is the Reorganization Agreement between Greenlite Ventures (GRNL) and No Limit Technology?

Greenlite Ventures (GRNL) has signed a Reorganization Agreement to acquire all assets and intellectual property of No Limit Technology, a sports betting and cryptocurrency company. In exchange, No Limit gains majority control of GRNL, and its CEO will become GRNL's new chief executive.

What are Greenlite Ventures' (GRNL) plans for the sports betting market?

GRNL plans to create a decentralized sports betting ecosystem using blockchain, cryptocurrency, AI, and peer-to-peer algorithms. They intend to launch a sports betting exchange powered by their own cryptocurrency, the No Limit Coin.

What benefits does Greenlite Ventures (GRNL) plan to offer users of its sports betting platform?

GRNL's planned sports betting platform aims to offer users financial benefits, including a significantly reduced house take and non-custodial wallets that allow users to maintain control of their funds.

What is the current status of Greenlite Ventures' (GRNL) acquisition of No Limit Technology as of July 19, 2024?

As of July 19, 2024, the Reorganization Agreement between GRNL and No Limit Technology has been signed and submitted to FINRA for review. The acquisition will be considered closed once FINRA concludes its review and advises that no further action is required.