Carlsbad, California , June 10, 2021 (GLOBE NEWSWIRE) -- V Group, Inc. (OTC Pink: VGID) is pleased to update the public and shareholders to the progress of the latest incubation projects.
V Group, Inc. has been diligently pursuing the Company’s goal of incubating revenue generating companies and spinning them off into their own public entities to the benefit of shareholders.
The latest of which has been the incubation and spin-off of Pumped Fitness CBD into Suntex Enterprises Inc. (OTC Pink: SNTX) The completion of this project resulting in the distribution of SNTX shares to VGID shareholders is imminent. Once FINRA approves the distribution of shares, the Transfer Agent of Suntex Enterprises has instructions to release the shares immediately. After detailed correspondence with FINRA, all parties are expecting to have the total process completed soon. Suntex Enterprises is excited to have V Group shareholders as a key part of its shareholder base.
With the spin-off of Pumped CBD to Suntex reaching its conclusion, V Group, Inc. is excited to announce that the Company has officially initiated the completion process of the next incubation project. In 2020, the management of V Group, Inc. purchased a publicly traded entity with the intention of spinning off Hollywood Star Cuts into a stand-alone Public Company with the shareholders of V Group participating in the new Public Company. The Public Entity was in need of restructure and re-establishment. That process has been completed and the new Public Entity is ready to accept Hollywood Star Cuts. Once Hollywood Star Cuts is successfully incubated into the new Public Entity, the Company will go through the process to audit the last 12 months of business to become fully reporting. V Group will be releasing the name of the new public entity once the name change has been approved by FINRA and completed by the Company.
For those that have never participated in a process like this, the sequence of events is as follows:
V Group negotiates with FINRA to determine the distribution ratio (the amount of shares V Group shareholders will receive for every share owned by the V Group shareholder).
V Group, along with the new Public Entity negotiates with FINRA to determine the cut-off date or otherwise known as “date of record”.
The new Public Entity negotiates with FINRA to determine the distribution date.
The new Public Entity issues shares to V Group, Inc.
The transfer agent for the new Public Entity delivers the issued shares to DTCC.
DTCC distributes the shares to V Group shareholders.
Suntex Enterprises is a full-service company concentrating on the CBD industry. Suntex Enterprises has recently acquired Budding Botanicals, a developer of functional CBD products with a strong e-commerce and retail presence. Budding Botanicals has been growing rapidly and continues to do so. Please visit them on www.buddingbotanicalsca.com to see their diverse line of products. Suntex Enterprises is also actively pursuing other acquisition candidates in the CBD industry.
The process outlined above is a lengthy and complex one. The process can take considerable time. Every time V Group goes through the process, the Company becomes more proficient at it.
Hollywood Star Cuts is a themed family hair cutter. Hollywood Star Cuts intends to capture a sizeable portion of the multi-billion-dollar hair and personal care industry. Currently Hollywood Star Cuts is operating in Nampa Idaho. Hollywood Star Cuts is in the process of opening locations in Boise and Meridian. Idaho. Once those locations are operational, the company will be opening locations in other parts of the Country as well as developing a franchise model for rapid growth. Hollywood Star Cuts has an aggressive 5-year plan for National growth that includes Company owned stores as well as Franchise owned locations. Please visit www.hollywoodstarcuts.com. The website is in the development stage but will soon be fully functional and will be the primary outlet for news and information pertaining to Hollywood Star Cuts. If you happen to be in the Idaho area, come on in and be treated “Like the Star of the Show”. The Company is confident that the Shareholders of V Group will be pleased and excited to be part of the growth of Hollywood Star Cuts and the new public entity.
V Group, Inc. is dedicated to creating value for the Company and its shareholders. Management feels that the incubation – spin-off model is the greatest way to create value for the shareholder’s long term. V Group, Inc. would like to thank the shareholders for their dedication and support through this process.
V Group Inc invites the public to follow future updates through the Company’s Twitter @VGroup20
Suntex Enterprises invites the public to follow future updates through the Company’s Twitter @SuntexSNTX. .
Forward-Looking Statement Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
Lawrence Twombly, CEO
760-613-8828 (V Group)