Tulsa, OK, March 28, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Limitless Ventures Group, Inc. (OTC PINK: LVGI), through its wholly-owned subsidiary, Summit Harbor Holdings, Inc. (SHHI), has closed the first of three current acquisition negotiations. SHHI has finalized all requirements for the acquisition of majority ownership in Emergent Design-Build Solutions, LLC, an architectural and construction firm specializing in the development of cannabis and hemp related projects.
Emergent Design-Build Solutions owners Aaron Gaddy, director of construction management, Jason Gibson, director of design, and Dewayne Havens, director of operations, will continue to oversee day to day operations.
“We know we have joined the right team with Summit Harbor Holdings and LVGI,” stated Dewayne Havens, Emergent Design-Build Solutions operation director. “Together, we will achieve our goal of designing and building the highest quality facilities in the expanding cannabis and hemp markets in Oklahoma and the surrounding states.”
The fiscal calendar year of Emergent Design-Build Solutions will mirror LVGI to simplify accounting and accelerate the audit process. The projected revenues for Q4 2018 are anticipated to exceed $1,200,000. The 2019 revenue target is $4,800,000 and the 2020 revenue target is $6,720,000.
“The alignment of our corporate visions and the determination of our leadership teams equip SHHI and Emergent Design-Build Solutions to provide a much needed service to the regional cannabis and hemp markets while meeting our 2019 fiscal targets,” said Summit Harbor Holdings President Devon Diaz.
Due diligence and agreement discussions continue with both Vertical Farm Mechanics, an innovator of new agricultural technologies, and New Horizon Farms and Grand Lake AG, operations specializing in the farming and processing of hemp products.
“We are excited to add another critical component to the services division of Summit Harbor Holdings,” said Limitless Venture Group CEO Joseph Francella. “This is the first of multiple industry-support operation acquisitions targeted for 2019.”
LVGI also has completed the dissolution of the HempCore health brand and products in exchange for the cancellation of a $25,000 note with interest instead of converting the note into common shares of LVGI stock at a highly discounted rate. This decision was made to prevent further dilution of stock for shareholders and aligns with LVGI’s goal to provide superior shareholder value.
Summit Harbor Holdings strives to be the premier thought leader in the innovative health and sciences sector while providing superior value to LGVI shareholders. SHHI’s mission is to establish, acquire, fund and optimize early to mid-stage companies for the purpose of developing infrastructure and stability for subsidiary companies and for generating long-term shareholder returns. Further information can be found on our website: www.summitharbor.com
Limitless Venture Group Inc., seeing the tremendous future in the emerging markets created through the recent passage of the Federal Farm Bill, which legalized hemp, and the rise in legalization of medical cannabis in states across the Midwest region, has decided to focus its attention within these two innovative health and science sectors.
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.
For more information, contact Elizabeth King Consulting at Elizabeth@ElizabethKingConsulting.com.