Limitless Venture Group Announces Spinoff of Its Genetically Enhanced Athletic Research Inc. Subsidiary
29 October 2013 - 11:00AM
Marketwired
Limitless Venture Group Announces Spinoff of Its Genetically
Enhanced Athletic Research Inc. Subsidiary
LVGI to Maintain Marketing Agreement With G.E.A.R. and Handle
All Social Media Efforts and Graphic Design Work
HOLBROOK, NY--(Marketwired - Oct 29, 2013) - Limitless Venture
Group Inc's. (OTC Pink: LVGI) today announced it has filed a
corporate action with FINRA to spin off its G.E.A.R. subsidiary.
For every 300 shares of LVGI stock held on the record date of
11/4/13, LVGI shareholders will receive 1 new share of G.E.A.R. on
the payment date of 11/8/13. G.E.A.R. will be spun off with
the new management team in place led by current LVGI CEO Peter
Scalise who will leave his post as LVGI CEO to put forth his full
focus and take the reins of G.E.A.R. alongside Liz Gaspari and
Kevin Levrone. G.E.A.R. has a goal to complete a
traditional IPO on a major exchange within 18 months. More
information about the spin-off and G.E.A.R.'s business will be made
available soon through LVGI's disclosure with OTC Markets Group,
Inc.
In keeping with the business purpose and description of LVGI to
act as a brand incubator for developing products from concept to
reality then spinning them off with key management and fully
developed marketing platforms in place, LVGI management believes
G.E.A.R. has reached the point where a spinoff is appropriate and
will offer a premium return to shareholders with the necessary
funding and dividend of IPO shares. We are currently in
negotiations with key personnel to continue the development of the
core products in our portfolio. There will be an immediate focus on
our Slam Product line with specific plans to bolster the line, as
well we are evaluating several potential portfolio acquisitions.
More news on the developments of late for our SLAM™ product line
will be announced soon.
"With my background of over 20 years vast experience in the
health and fitness sector coupled with my experience as CEO of two
publicly traded companies it was an easy decision for me to make
when asked to take over as exclusive CEO of G.E.A.R. in the go
forward spin off plan," said Peter Scalise. "It's a very exciting
time for not only G.E.A.R. as a company but also LVGI and its
shareholders as it shows the business purpose of LVGI is working as
intended and adding value to LVGI from the multiple product lines
it's aiming to bring to market." Scalise added, "It is my belief at
this time the GEAR dividend will offer more value to our
shareholders then the whole at this point. This is subject to final
IPO pricing, but with my goal of delivering shareholder value, I'm
highly confident based on the initial financial models that we will
be delivering a multiple return to our shareholders."
Several highly qualified candidates to replace Scalise as CEO of
LVGI are going through a vetting process, and the Company expects
to announce a replacement at the same time Scalise steps down,
tentatively scheduled for December 1, 2013.
"Based on the transition and corporate developments we will
delay our previously announce conference call for a several weeks
so we can discuss all relative events with clarity, but as always
I'm available to our shareholders. I'm excited about the future and
look forward with great optimism," said Scalise.
About Limitless Venture Group Inc. Located in Holbrook, New York
Limitless Venture Group Inc is a full service brand development
company specializing in beverage, supplement and healthy lifestyle
products. Limitless acts as a brand incubator bringing products
from concept to reality then releasing them as standalone
companies. Limitless Venture Group Inc has internationally
recognized formulators, in house graphics department, in house web
design team, and full support staff for marketing and distribution
chain development. Limitless Venture Group Inc. proprietary product
line consists of SLAM Infusination™ Limitless Body™, Limitless
Health™, and G.E.A.R™.
For further inquiry on Limitless Venture Group Inc.
products:
Website: www.lvginc.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 seemed 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.
Contact: Peter Scalise III C.E.O Limitless Venture Group Inc.
631.750.3195