Mikel Anderson Signs Agreement to Acquire Voting Control of Greenlite Ventures

Rhea-AI Summary

Greenlite Ventures, Inc. (GRNL) signs a Term Sheet with inventor Mikel Anderson, potentially giving them up to 100% of his present and future revenues. Anderson will receive Preferred Stock and Greenlite aims to bring his patents and businesses into the company. The agreement will supersede and expand Anderson's previous Consulting Agreement with Greenlite.

BOCA RATON, Fla., Nov. 15, 2023 /PRNewswire/ -- Greenlite Ventures, Inc. dba Game Time Productions (OTC Pink: "GRNL") has announced the signing of a Term Sheet with renowned inventor and scientist Mikel Anderson that will give Greenlite up to 100% of all present and future revenues generated by Anderson's products and patents. If the deal is completed, Anderson will receive a new series of Preferred Stock granting him voting control of Greenlite along with 20 million restricted shares. The Preferred Shares currently owned by Chairman Russ Elbaum and CEO Adam Pennington that are convertible into 75 million common shares will be retired.

Mikel Anderson is the inventor and manufacturer of a wide array of breakthrough products and delivery systems that have begun disrupting the food, beverage, cosmetics, and wellness industries. His "Dosing Cap" technology, which is protected by numerous patents, has thousands of applications for the improved delivery of vitamins, pharmaceuticals, cosmetics, and beverages. He is currently producing Mushroom Elixirs as well as Kava and Kratom drinks for several well-known celebrities and athletes that have become instant successes in their space. Some of his most recent pioneering breakthroughs include "EggHead Nutrition" Protein Bars and Protein Powders made from premium egg-whites and a new line of unique energy, focus and "feel good" drinks called Beverly Hills Herbal Company. Anderson has recently begun work with independent testers on mushroom formulations and delivery systems that can potentially treat addiction, PTSD, and other forms of anxiety and depression.

The newly signed Agreement, when finalized, will supersede and greatly expand Anderson's previous Consulting Agreement with Greenlite. The joint mission is to consolidate as much of Anderson's business interests into Greenlite as possible, including all newly created revenue streams. "This is exactly what we were hoping for when we signed Mikel to be our Director of Product Development", said Adam Pennington, Greenlite CEO. "As we fully grasped the life changing potential and magnitude of his inventions and patents, along with the extraordinary revenue streams his new celebrity branded products have generated right out of the box, we realized that the greatest thing we could do for our shareholders was to bring as many of those patents and businesses into Greenlite as quickly as possible. This Agreement is a gigantic step toward accomplishing that goal." 

Mikel Anderson concluded, "I believe Greenlite is the best possible home for my team and our products on many levels. Over the last few months, I have gotten to know everyone involved with Greenlite and we've quickly built a strong mutual trust and respect for each other's capabilities. On top of that we have great synergies with Game Time's pro sport licensing businesses, and we are very close to launching new branded beverages with a number of Game Time's existing clients. The Company's share structure could not be better and our two-year Game Time audit has just been completed.  We are positioned to raise the money we need without using convertible debt instruments that are excessively dilutive to shareholders' interests.  The enormity of the opportunities we are pursuing and attempting to fully develop is going to require talent, teamwork and total dedication from top to bottom and I am extremely confident that we are building an organization that will be more than up to the task."

ABOUT GAME TIME PRODUCTIONS  Game Time Productions is a rapidly rising player in the Sports Licensing and Merchandising markets through the acquisition 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. The Company recently entered the health and fitness arena through the acquisitions of Altitude Chambers and Altitude Wellness, which are the flagship brands for the Game Time Performance division. GRNL also recently formed Game Time Media, Inc, to develop its podcast content and distribution networks, along with its social media, public relations and media outreach efforts. For more information please visit gametimeproductions.com

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: 
Russ Elbaum
631 561 3401
investnetruss@yahoo.com 

View original content:https://www.prnewswire.com/news-releases/mikel-anderson-signs-agreement-to-acquire-voting-control-of-greenlite-ventures-301989708.html

SOURCE Greenlite Ventures, Inc.

FAQ

What is the recent announcement from Greenlite Ventures, Inc. (GRNL)?

Greenlite Ventures, Inc. (GRNL) has signed a Term Sheet with inventor Mikel Anderson, potentially giving them up to 100% of his present and future revenues.

What will Mikel Anderson receive as part of the agreement?

Mikel Anderson will receive a new series of Preferred Stock granting him voting control of Greenlite along with 20 million restricted shares.

What is the joint mission of Greenlite and Mikel Anderson?

The joint mission is to consolidate as much of Anderson's business interests into Greenlite as possible, including all newly created revenue streams.