Greenlite Ventures Inks Deal to Acquire No Limit Technology

Rhea-AI Summary

Greenlite Ventures (OTC-PINK: GRNL) has signed an Acquisition Agreement with No Limit Technology Holdings (NLTH), a leader in the sports betting industry. The agreement is expected to be finalized after a 30-45 day due diligence period.

NLTH is set to launch its innovative 'No Limit Betting Exchange,' offering a 97% return rate to bettors, higher than the industry's standard 90%. The platform uses decentralized crypto wallets and smart contracts, enhancing user control and security.

GRNL will use strategic media partnerships and celebrity collaborations to drive traffic to NLTH's platforms, including a new Sports Podcast Network. Rafael Groswirt, NLTH's founder, will become CEO of the merged entities.

Positive

• Greenlite Ventures (GRNL) acquires No Limit Technology Holdings (NLTH).
• NLTH’s No Limit Betting Exchange offers 97% return rate, above industry standard.
• Integration of decentralized crypto wallets and smart contracts for enhanced security.
• Partnerships with sports media personalities to drive platform traffic.
• Launch of a new Sports Podcast Network to boost market presence.
• Rafael Groswirt, NLTH founder, to become CEO of the merged entities.
• Commitment to compliance with domestic and international laws.

Negative

• The acquisition is subject to a 30-45 day due diligence period, introducing uncertainty.
• No specific financial details about the acquisition were disclosed.
• Potential dilution of shareholder value due to the merger.
• High dependence on celebrity partnerships which may not yield expected results.

BOCA RATON, Fla., May 17, 2024 /PRNewswire/ -- Greenlite Ventures, Inc. (OTC-PINK: "GRNL") has announced the signing of an Acquisition Agreement with No Limit Technology Holdings, Inc. (NLTH), an emerging powerhouse in the Sports Betting arena. The Agreement is scheduled to be finalized following a 30–45-day due diligence period.

NLTH stands at the forefront of innovation with the imminent launch of its revolutionary "No Limit Betting Exchange". By pairing bettors through a decentralized exchange rather than the conventional "betting against the house" paradigm, NLTH is able to provide a stunning 97% return rate to its players as opposed to the industry standard of 90%, while ensuring a guaranteed win for the Company on every transaction.

With a track record of success highlighted by its pioneering Daily Fantasy Sports platform that has brought the benefits of blockchain efficiency and cryptocurrency to sports betting, NLTH is poised to reshape the entire industry.

The incorporation of decentralized crypto wallets and smart contracts, powered by NLTH's proprietary peer-to-peer algorithms and NoLimitCoin, creates even more financial benefits for NLTH users. The Blockchain Smart Contract has eliminated the custody risk inherent in traditional betting platforms and gives NLTH players full control over their funds at all times

NLTH's has already successfully integrated crypto wallets within its gaming platforms and is now about to launch a standalone user-friendly crypto exchange that can easily be navigated by traders with or without previous crypto experience. Adhering strictly to compliance laws both domestically and internationally, NLTH is committed to delivering top-tier customer service and cutting-edge technology across sports betting and crypto trading domains.

GRNL and NLTH are already synergizing efforts to create the lowest cost player acquisition in the industry by driving traffic to NLTH's betting platforms through strategic media partnerships, podcast initiatives, and celebrity collaborations. GRNL has secured agreements with sports talk luminary Jeff DeForrest, as well as Las Vegas icon Brandon Lang and famed race caller Frank Mirahmadi, to anchor its new Sports Podcasting platform. Daily sports betting podcasts hosted by top handicappers and showcasing NLTH's AI-generated ratings and probabilities are scheduled to begin in the coming weeks.

"The timing of this alliance couldn't be better," remarked GRNL Chairman Russell Elbaum. "With the launch of our new Sports Podcast Network led by Defo's "Bury Your Bookie" show, we're primed to drive significant daily traffic to No Limit's exchanges and platforms. This gives us the opportunity to maximize the influence of our celebrity partners and the abundance of media opportunities at our disposal. Once bettors experience the game-changing advantages these platforms offer, we know we  can quickly establish a powerful niche in this exploding $300 billion industry."

Rafael Groswirt, NLTH's founder who is slated to assume the role of CEO of the merged entities, concluded, "Greenlite provides No Limit with the resources and platforms necessary to make our mark amongst the industry giants. The extensive sports and media connections of GRNL's top management and largest shareholders position us to partner and white-label with some of the biggest players in the game. Together, we're committed to seizing the myriad of opportunities that lie ahead."

SAFE HARBOR STATEMENT

This press release contains certain "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 195, that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and the actual results and future events could differ materially from management's current expectations. The economic, competitive, governmental, technological and other factors identified in the Company's previous filings with the Securities and Exchange Commission may cause actual results or events to differ materially from those described in the forward-looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information future events or otherwise. No information contained in this press release should be construed as any indication of the Company's future revenues, results of operations, or stock price.

CONTACT:  Jeff DeForrest; 954 288 4725; jeffdeforrest5@gmail.com

View original content:https://www.prnewswire.com/news-releases/greenlite-ventures-inks-deal-to-acquire-no-limit-technology-302149209.html

SOURCE Greenlite Ventures, Inc.

FAQ

What is the recent acquisition involving Greenlite Ventures (GRNL)?

Greenlite Ventures has signed an Acquisition Agreement with No Limit Technology Holdings, expected to finalize after a 30-45 day due diligence period.

What does No Limit Technology's Betting Exchange offer?

No Limit Technology's Betting Exchange offers a 97% return rate to bettors, higher than the industry standard of 90%.

How does NLTH ensure security on its betting platform?

NLTH uses decentralized crypto wallets and smart contracts to provide enhanced security and user control.

Who will be the CEO of the merged Greenlite Ventures and No Limit Technology entities?

Rafael Groswirt, founder of No Limit Technology, will become the CEO of the merged entities.

How will Greenlite Ventures drive traffic to No Limit Technology's platforms?

Greenlite Ventures will use strategic media partnerships, sports podcasts, and celebrity collaborations to drive traffic to NLTH's platforms.

What new media initiative is Greenlite Ventures launching?

Greenlite Ventures is launching a new Sports Podcast Network, featuring top handicappers and AI-generated sports rating content.