Livento Group (NUGN) Signs A Binding LOI to Acquire a Company That Specializes in AI and Robotics Software Development

Rhea-AI Summary

NuGene International, Inc./Livento Group (OTC Pink: NUGN) has signed a binding Letter of Intent to acquire a Software Engineering Company specializing in AI and Robotics. The deal is expected to finalize in January 2023 and aims to enhance Livento's business portfolio. The target company is projected to generate $400,000 in revenue for 2023 with a 50% YOY increase. Additionally, Livento plans to leverage available EU grants of $750,000 to support the acquisition's growth. The acquisition is anticipated to provide positive cash flow from day one.

Positive

• Acquisition expected to generate positive cash flow from day one.
• Target company projected revenue of $400,000 in 2023, with a 50% year-over-year increase.
• Access to EU grants of $750,000 for further development in AI and Robotics.

Negative

• None.

New York, NY, Dec. 12, 2022 (GLOBE NEWSWIRE) -- NuGene International, Inc./Livento Group, Inc. (OTC Pink: NUGN), a dynamic group that specializes in acquiring and developing companies with disruptive business models in film, content, and technology for fund managers, announced today signing a binding Letter of Intent for the acquisition of a Software Engineering Company focused on AI and Robotics.

“We are excited to announce that we finalized our due diligence and valuation negotiations,” commented David Stybr Livento Group CEO. “We are at the stage where we have confirmed our intentions in the transaction, and we have drafted the final closing documentation and established the process regarding this acquisition. We assume we will sign the final documentation in January 2023, at which point, full information about the transaction will be released including a future business plan of how this acquisition helps the Acquired company and Livento Group achieve its objectives”

Livento Group will complete the acquisition in full in exchange for shares. The acquisition adds positive cash flow from day one. Livento will provide full business support as well as assist the company to obtain government subsidies that can play a major role in the further development of the business. EU grants and subsidies of $750,000 are available to enhance the growth and development of artificial intelligence and robotics R&D services in the area this company focuses on.

The target company has a team of eight engineers that are delivering services and products to various customers in Europe, with revenue forecasted at USD $400,000 in 2023 with a projected increase in revenues of 50% YOY, and a positive EBITDA in 2022 and beyond. This is a fully sustainable acquisition offering services that have the potential to reach the US market. David Stybr added ‘’Advances in AI and Robotics will fundamentally transform how organizations research, trade and transact business and through this acquisition Livento aims to enhance its product offering and adapt to changing market conditions.”

About Livento Group
Livento Group (OTC Pink: NUGN) is focused on acquiring and developing companies with disruptive business models. The company recently launched BOXO Productions, a film and television production subsidiary led by a top actor and producers in the industry. For more information, visit www.liventogroup.com and www.boxoproductions.com.

Safe Harbor Statement:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements as predictions, projections, or references future events and expectations, possibilities or similar. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. Although the Company believes the expectations reflected in our forward-looking statements are based on reasonable assumptions, the Company is unable to give any assurance that its expectations will be attained due to several variable factors. Factors or events that could cause actual results to differ may emerge, and it is impossible for the Company to predict all of them. Some of these risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, in customer order patterns, changes in consumer trends, and various other factors beyond the Company's control. Although the Company intends to provide public updates, it undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact:

David Stybr, CEO
Livento Group, Inc.
ir@liventogroup.com

Livento Group, Inc. | LinkedIn | Twitter
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FAQ

What is the acquisition by Livento Group related to NUGN?

Livento Group is acquiring a Software Engineering Company specializing in AI and Robotics to enhance its portfolio and capabilities.

When is the finalization date for the NUGN acquisition?

The final documentation for the acquisition is expected to be signed in January 2023.

What are the projected revenues for the acquired company under NUGN?

The acquired company is forecasted to generate $400,000 in revenue for 2023, with a projected 50% increase year-over-year.

How will the acquisition impact NUGN's business model?

The acquisition aims to add positive cash flow and expand Livento Group's capabilities in AI and Robotics, positioning it for growth in the US market.

What financial support will Livento Group provide after the acquisition?

Livento Group will assist the acquired company in obtaining government subsidies and grants to enhance its growth and development.