Livento Group (NUGN) Signs A Binding LOI to Acquire a Company That Specializes in AI and Robotics Software Development
New York, NY, Dec. 12, 2022 (GLOBE NEWSWIRE) — NuGene International, Inc./Livento Group, Inc. (OTC Pink: NUGN), a dynamic group that specializes in acquiring and developing companies with disruptive business models in film, content, and technology for fund managers, announced today signing a binding Letter of Intent for the acquisition of a Software Engineering Company focused on AI and Robotics.
“We are excited to announce that we finalized our due diligence and valuation negotiations,” commented David Stybr Livento Group CEO. “We are at the stage where we have confirmed our intentions in the transaction, and we have drafted the final closing documentation and established the process regarding this acquisition. We assume we will sign the final documentation in January 2023, at which point, full information about the transaction will be released including a future business plan of how this acquisition helps the Acquired company and Livento Group achieve its objectives”
Livento Group will complete the acquisition in full in exchange for shares. The acquisition adds positive cash flow from day one. Livento will provide full business support as well as assist the company to obtain government subsidies that can play a major role in the further development of the business. EU grants and subsidies of $750,000 are available to enhance the growth and development of artificial intelligence and robotics R&D services in the area this company focuses on.
The target company has a team of eight engineers that are delivering services and products to various customers in Europe, with revenue forecasted at USD $400,000 in 2023 with a projected increase in revenues of 50% YOY, and a positive EBITDA in 2022 and beyond. This is a fully sustainable acquisition offering services that have the potential to reach the US market. David Stybr added ‘’Advances in AI and Robotics will fundamentally transform how organizations research, trade and transact business and through this acquisition Livento aims to enhance its product offering and adapt to changing market conditions.”
About Livento Group
Livento Group (OTC Pink: NUGN) is focused on acquiring and developing companies with disruptive business models. The company recently launched BOXO Productions, a film and television production subsidiary led by a top actor and producers in the industry. For more information, visit www.liventogroup.com and www.boxoproductions.com.
Safe Harbor Statement:
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements as predictions, projections, or references future events and expectations, possibilities or similar. Forward-looking statements involve risks and uncertainties that could cause results to differ materially from those projected or anticipated. Although the Company believes the expectations reflected in our forward-looking statements are based on reasonable assumptions, the Company is unable to give any assurance that its expectations will be attained due to several variable factors. Factors or events that could cause actual results to differ may emerge, and it is impossible for the Company to predict all of them. Some of these risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, in customer order patterns, changes in consumer trends, and various other factors beyond the Company’s control. Although the Company intends to provide public updates, it undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact:
David Stybr, CEO
Livento Group, Inc.
ir@liventogroup.com
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