Limitless Venture Group, Inc. Completes Acquisition of Jasper Benefit Solutions LLC, MGU, and Enters the $250 Billion Dollar MGU/TPA Industry
TULSA, OK / ACCESSWIRE / December 1, 2020 / (OTC PINK:LVGI) Limitless Venture Group, Inc. (“LVGI” or “the Company”) today announced it has acquired the majority interest in Jasper Benefit Solutions LLC, an MGU, through an equity and capitalization agreement.
Jasper Benefit Solutions, LLC. (JBS), founded in 2018 with headquarters just outside Nashville, TN, is a Managing General Underwriter (MGU) specializing in risk management services for small to medium self-funded employer “Groups”. MGUs, unlike general agents within insurance industries, are certified to underwrite health and life benefits policies on behalf of their carrier-partners. Jasper’s niche is the unique ability and authorization from a well-known, nationally recognized insurance carrier to underwrite Groups as small as five (5) employees as well as offering limited benefit insured products for groups with part-time employees not able to participate in their health plans. “I’m impressed with Jasper’s positioning in the small to medium Groups market which presents significant opportunity as it is largely underserved yet valued at over $30Bn in the US Mid-Atlantic region alone.”, states Jason Bennett, Deal Flow Advisor and CEO of Unna, a modern population health platform and LVGI partner, also adding, “this strategic partnership in support of Jasper’s vision and growth signifies not only LVGI’s commitment to positive change in employer-sponsored benefits, but to establishing a footprint in a growth market ripe for disruption.”
“These are exciting times, and I am so thankful to have partners who are able to help expand our ability to provide solutions to what we see as an underserved market. The technology expertise and vision of LVGI and their family of companies will benefit the market and all our partners.” Says Kathy Scira, Jasper CEO, who has 30 years’ experience in this industry and has assembled a management team with 75 years combined experience.
Devon Diaz, LVGI COO states, “this is a major acquisition for LVGI. Jasper becomes the cornerstone for our entry into the employer-sponsored benefits space. Although early-stage, we are investing in Jasper because we believe in their value proposition, highly experienced team, and growth potential. We expect to be cash-positive in eleven (11) months and bypass one-million dollars ($1,000,000) in revenue within the first five (5) quarters. This trajectory will continue as Jasper matures into a $36M book of business representing $3.6M gross revenue within three to four years.”
Joseph Francella, CEO states ” I am excited to welcome Jasper to our LVGI family of companies! We were able to make this acquisition using our equity plus our commitment to an initial $500,000, distributed in quarterly installments, for the expansion of JBS. Leveraging our equity is a sound model and ensures capital reserves to further expansion for all our LVGI companies. Our investment in JBS will ensure they hit their short term goal of a $10 Million Dollar Book-of-Business, which will generate revenues of $1 Million plus for the first year. Our three year projection will be a $30 Million Dollar Book-of-Business generating $3 Million Dollars plus annually. Furthermore, we have the ability to fund the expansion of Jasper through our existing $750,000 Convertible Note and our Qualified Reg A offering. Additionally, I have been in discussions with our Note holder on this and the next round of funding for our expansion in this industry, which we anticipate to be about $5.5 million dollars over the next 36 months and could generate $55 Million in annual revenue at that time. We have BIG plans for this Little company and with available funding there is no reason we won’t succeed.”
In other LVGI news: our accountant has been working with the KetoSports accountant and management team to understand what has transpired financially since their inception and to align their books with ours for reporting and auditing purposes. This has taken a little longer than anticipated but will be completed shortly. Once completed we can finish our first quarterly report and file with OTC Markets to remove the Yield Sign. Additionally, look for the newly redesigned KetoSports products labels and website before the end of this year.
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, long-term, 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.
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.
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.
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.
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SOURCE: Limitless Venture Group, Inc.
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