Greenlite Ventures Completes First Acquisition

Rhea-AI Summary

Greenlite Ventures, Inc. (OTC PINK: GRNL) has completed an Asset Purchase Agreement with Artinian LLC, acquiring Game Time, a leader in licensed sports watches. This acquisition will remove GRNL's shell designation and rebrand the company as Game Time Productions. The deal provides GRNL with a profitable revenue base and access to major sports leagues and celebrities. CEO Adam Pennington aims to leverage sports licensing opportunities for growth, promoting collaborations with top athletes. The transaction awaits third-party approvals, expected in the coming weeks.

Positive

• Acquisition of Game Time enhances GRNL's revenue base with seven-figure profits.
• Access to major sports leagues and partnerships with celebrities boosts growth potential.
• Removal of shell designation improves GRNL's market position.

Negative

• None.

BOCA RATON, Fla., Feb. 23, 2023 /PRNewswire/ -- Greenlite Ventures, Inc (OTC PINK: "GRNL") is pleased to  announce the closing of an Asset Purchase Agreement with Artinian LLC, parent company of Game Time Watches and Game Time Bands. Game Time is the leader in licensed sports watches having active, ongoing license agreements with the NFL, MLB, NHL, NASCAR, and WWE, along with several iconic athletes and brands. Some of the assets being conveyed in this Agreement are subject to third party approvals which are expected to be finalized in the coming weeks.

The Game Time acquisition has been added as a "subsequent event" in GRNL's latest quarterly disclosure filing which will result in the removal  of the Company's shell designation. GRNL intends to do business as Game Time Productions and will formally amend its name and trading symbol with FINRA as soon as it is practicable. Adam Pennington, founder and CEO of Artinian LLC and its subsidiaries will be GRNL's new CEO and will join Russell Elbaum on the Company's Board. 

"Game Time is the company we hoped to build around when we took control of GRNL just a few months back and we are ecstatic that we've been able to expeditiously close this deal," said Elbaum. "Game Time provides us with a  profitable seven figure revenue base to grow from as well as access to virtually every top professional league, team, and player we may want to partner with. With the nonstop media attention surrounding sports today, athletes and former athletes have become the biggest celebrities and most popular people on the planet and Game Time Productions plans to take full advantage of this reality."

Adam Pennington concluded, "GRNL is an exciting strategic fit for us and greatly enhances our ability to achieve aggressive growth targets and objectives for the coming years. I personally have had an inside view of the explosion in sports licensing and merchandising over the last 20 years and it just continues to accelerate. We have constructed a growth model that includes immediate horizontal and vertical acquisitions as well as collaborations with some of the biggest athletes and celebrities in our industry. Russ has already put together a wonderfully talented executive team and together I believe we can make Game Time one of the most recognizable brands  in all of sports."

For more information about Game Time please visit gametimewatch.com

Safe Harbor

A "safe harbor" for forward-looking statements is provided by the Private Securities Litigation Reform Act of 1995 (Reform Act of 1995). The Reform Act of 1995 was adopted to encourage such forward-looking statements without the threat of litigation, provided those statements are identified  as  forward-looking  and  are  accompanied  by  meaningful  cautionary  statements identifying important factors that could cause the actual results to differ materially from those projected in the statement. Forward-looking statements have been and will be made in written documents  and  oral  presentations  of  Greenlite  Ventures,  Inc.,  statements  are  based  on management's beliefs, as well as assumptions made by and information currently available to management.  When  used  in  this  press  release,  the  words  "believe", "anticipate", "endeavor", "estimate",  "expect",  "objective",  "projection",  "forecast",  "goal"  and  similar expressions are intended to identify forward-looking statements. In addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements, factors  that  could  cause  Greenlite  Ventures'  actual  results  to  differ  materially  from  those contemplated in any forward-looking statements

Media Contact: Jeff DeForrest, 954 288 4725, mtrussmore@gmail.com

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SOURCE Greenlite Ventures Inc