Limitless Venture Group Inc (OTCMKTS:LVGI) Joins the Hemp Team
Limitless Venture Group Inc (OTCMKTS:LVGI)’s shareholders have had a lot to cheer about over the last few months. Back in January, Peter Scalise III stepped down from his position as CEO and the helm was taken over by a person called Joseph Francella.
Mr. Scalise’s resignation was welcomed by the people who hold shares in LVGI since during his stint, the company didn’t really do too well. The stock performance was absolutely shocking and the latest reports show that they have failed at generating a meaningful source of revenues. What’s more, there are some other people who are not particularly happy with Mr. Scalise and the companies he worked for in the past.
With Joseph Francella at the helm, however, things do look a little bit different. He announced that he is fully committed to raising the shareholders’ value, he agreed to work virtually for free (his compensation for the first six months will be just $1), and he also retired some shares and promised to stop the horrific dilution.
Yesterday, Mr. Francella tried to draw even more attention to the company. Fifteen minutes before the opening bell, he said that due to “overwhelming suggestions” from shareholders and consumers, LVGI is starting work on a brand new line of health products that will use hemp. Apparently, he believes that the new products, along with the old ones, will secure a bright future for the company.
Surprisingly or not, the stock didn’t really react as expected. More than 292 million shares changed hands resulting in a dollar volume of around $2.64 million. The ticker opened the day at $0.0104, made a brief run towards the higher end of the charts, but then slipped back down and closed the session at $0.0074 (17% below Monday’s close).
Nevertheless, people around message boards don’t seem too concerned about the correction. They reckon that the market simply needs a bit more time to react to the positive news and, according to some of the more forward-looking users, the ticker could soon be challenging the $0.02 per share mark.
That’s a lofty target (especially considering the rather horrific balance sheet) and only the future can tell us if the predictions will turn into a reality. Is should be noted, however, that in the absence of Mr. Scalise, LVGI seems to be moving forward. But did he really sever all connections with the company?
In yesterday’s press release, LVGI told us that sales of the HempCore Health products will initially be done through a website called hempcorehealth.com. Naturally enough, the portal now says “Coming soon“, but Mr. Francella promised to give us more information as well as some deadlines in a timely manner.
That’s all well and good, but if you go through the trouble of putting the domain name of the new website into the internet WHOIS databases, you’ll see that it was registered by a certain Peter Scalise (screenshot link). You can also notice that the domain was created on March 13 (one and a half months after Mr. Scalise stepped down as CEO).
Does that mean that Peter Scalise III is still involved with LVGI? We can’t be sure. Keeping all the facts in mind, however, might not be a bad call.
LVGI wasn’t the only OTC-listed stock to register an eventful session yesterday. MyEcheck Inc (OTCMKTS:MYEC) managed to shift around 74 million shares, but unfortunately, it lost nearly a third of its market cap along the way. Kenergy Scientific Inc (OTCMKTS:KNSC), on the other hand, jumped up by as much as 150% and registered a dollar volume of more than $2 million.
