Tulsa, OK, March 19, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Limitless Ventures Group, Inc. (OTC PINK: LVGI), through its wholly-owned subsidiary, Summit Harbor Holdings, Inc. (SHHI), has secured memorandums of understanding (MOU) for the majority ownership of three organizations that further its mission to acquire companies that meet the needs of the emerging and innovative health and sciences sector, including cannabis and industrial hemp, and provide long-term value for shareholders.
These companies include:
- Emergent Design-Build Solutions – an architectural and construction firm specializing in the development of cannabis and hemp related businesses.
- Vertical Farm Mechanics – an innovator of new agricultural technologies.
- New Horizon Farms and Grand Lake AG – operations specializing in the farming and processing of hemp products.
Based on historical projections and program customizations made by SHHI and New Horizon Farms, LVGI projects returns of $95,000 per harvested acre. New Horizons Farms has commitments for 2,000 acres of land, which is projected to be under contract by the end of April 2019. “There is no shortage of farm land available to our team, growth is endless thanks to a state with a strong history in hemp farming and passage of the 2018 Federal Farm Bill," said Summit Harbor Holdings VP and COO Matthew Habuda.
Complete details of these companies and their operations will be fully disclosed once "Due Diligence" is completed and an acquisition agreement is executed.
Summit Harbor Holdings has a specific, strategically-defined path for acquisitions and growth. Due to these exciting acquisition opportunities, new state and federal laws being put into effect and a misalignment of values and direction, Limitless Venture Group, Inc. and Summit Harbor Holdings, Inc. have recently exercised the right to withdraw from the agreement with Tulsa Higher Care Clinic. “The leadership of Summit Harbor Holdings believes that these new agreements and this realignment will move SHHI one step closer to being a leading holding firm in the innovative and emerging health and sciences sector and offer a greater return on investment,” said Limitless Ventures Group CEO Joseph Francella.
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 at 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 Oklahoma State Question 788 which legalized medical marijuana, has decided to focus all of its attention within these two innovative health and science sectors. Through its wholly-owned subsidiary, Summit Harbor Holdings Inc., LVGI will seek new opportunities and funding for projects, such as the acquisitions mentioned above, as well as other projects currently in discussions.
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.