Limitless Venture Group, Inc. Signs Term Sheet with a Managing General Underwriter (MGU)

Rhea-AI Summary

Limitless Venture Group (LVGI) has signed a term sheet to acquire a majority interest in a Managing General Underwriter (MGU), marking its entry into the $200+ billion MGU and Third Party Administrator (TPA) market. The acquisition aims to enhance LVGI's footprint in employer-sponsored healthcare. CEO Joseph Francella highlighted that its subsidiary, Rokin Inc., is expected to surpass last year's quarterly revenues despite the ongoing COVID-19 impact. Additionally, Rokin has expanded its operations with new inventory, while KetoSports plans a rebranding to better compete in the market.

Positive

• Acquisition of majority interest in MGU opens new market opportunities valued over $200 billion.
• Rokin Inc. expects to exceed last year's quarterly revenues during a challenging economic period.
• Expansion of Rokin's corporate operations and inventory bolsters growth potential.
• KetoSports rebranding efforts aim to enhance competitive positioning in the market.

Negative

• None.

TULSA, OK / ACCESSWIRE / November 2, 2020 / (OTC PINK:LVGI) Limitless Venture Group, Inc. ("LVGI" or "the Company") today announced it has signed a term sheet to acquire a majority interest in an unnamed Managing General Underwriter (MGU). This acquisition is the Company's initial entry into the estimated $200+ Billion Dollar MGU and Third Party Administrator (TPA) Marketplace.

This acquisition gives LVGI a great management team with 20+ years of experience in this industry. The full terms of the Agreement will be announced when the acquisition agreement is executed, which we expect to be sometime this month. This acquisition will additionally introduce LVGI to TPA'S, which are the MGU clients, and which we will look to partner with to grow our footprint in the growing opportunity of employer sponsored health care, for low to mid market industries. Furthermore, LVGI is already in discussions with consultants, who introduced LVGI to this MGU, in this field to locate suitable companies for acquisition.

In other LVGI news, its subsidiary Rokin Inc., has quarterly revenues, during this extraordinarily down covid year, that will surpass last year's same quarter.

Joseph Francella, CEO states "Our marketing efforts are paying off "Big-Time". Rokin has expanded its corporate offices in Nevada to include a warehouse space to house current inventory and the $120,000 worth of additional inventory recently purchased with capital provided by LVGI, paid towards it's acquisition obligations. With those payments LVGI has now paid approximately $203,000 towards its acquisition obligation leaving a balance of only about $57,000 remaining, which both parties have agreed can and will be paid when available."

Devon Diaz, COO of LVGI states "Bringing KetoSports and Rokin under the LVGI umbrella is proving to be a huge success. Both of these companies have not only survived the Covid crisis, but are actually growing regardless of the crisis. This is a testament to our ability to find the right companies and to invest in the future of their growth. Our early success has provided LVGI with investment bankers who have confidence in our direction and have expressed a strong desire to back future acquisitions, especially the ones we are discussing in the employer sponsored health care space. This is big news and we are excited to begin launching our new direction."

KetoSports is up-branding itself to better compete in the highly competitive marketplace for Keto products. Our marketing team has determined that KetoSports will stand out better on the shelves with a fresh new color scheme of Orange and White along with a newly designed website with testimonials, blogs, videos and a lot of exciting news and information. We anticipate the "NEW" KetoSports to be ready by the end of the month in time for the holiday shopping season.

About Limitless Venture Group, Inc.

Limitless Venture Group, Inc. ("we," "us," "our," the "Company," "LVGI" and "Limitless") provides its shareholders with access to leading small and medium businesses focused on growth. Leveraging its permanent capital base, longterm, disciplined approach, and actionable expertise, LVGI owns controlling interests in our subsidiary businesses and partners with their management teams to build businesses that can unlock significant value for shareholders.
www.lvginc.com

About Rokin, Inc.

Rokin was founded in 2016 with a mission to provide our customers with the highest quality, technology-driven vaping products available 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 takes place. After a product is selected and production complete, the product is certified to the latest FCC, CE standards (which are required for all vaping products) but then Rokin goes above and beyond to certify our vaping products to the latest RoHS standard, which restricts the use of six hazardous materials commonly found in electronic products.
www.rokinvapes.com

About KetoSports, Inc.

KetoSports products flush the body with ketones, raising blood ketone levels within a few minutes. Because the body and brain use ketones as its preferred energy source and are used first for energy demands, KetoSports products are essential for anyone who wants to prolong energy reserves for their athletic events or for those who just want to benefit from carb-free, stimulant-free mental energy and enhanced acuity.
www.ketosports.com

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements contained in this release that are not historical facts, including, without limitation, statements that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development, may be deemed to be forward-looking statements. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. These statements are subject to risks and uncertainties. Forward-looking statements are based on current facts and analysis and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Readers are urged not to place undue reliance on the forward-looking statements, which speak only as of the date of the release. Except as may be required under applicable law, we assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Company Contact:

Corporate Communications
info@lvginc.com

SOURCE: Limitless Venture Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/613829/Limitless-Venture-Group-Inc-Signs-Term-Sheet-with-a-Managing-General-Underwriter-MGU

FAQ

What recent acquisition did Limitless Venture Group (LVGI) announce?

LVGI announced it has signed a term sheet to acquire a majority interest in a Managing General Underwriter (MGU).

How is Rokin Inc. performing financially during COVID-19?

Rokin Inc. is expected to surpass last year's same-quarter revenues despite the challenges posed by COVID-19.

What is the significance of LVGI's acquisition in the insurance market?

The acquisition allows LVGI to enter the estimated $200+ billion MGU and Third Party Administrator marketplace.

What changes are being made to KetoSports?

KetoSports is undergoing a rebranding to improve its competitiveness in the Keto products marketplace.