New York, NY, June 01, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that it signed an Amendment on May 25, 2022 (the “Amendment”), to the original Stock Purchase Agreement, with Gold Transactions International, Inc., a Utah Corporation (“GTI”), which was originally executed on February 28, 2021, and have closed the acquisition contemplated in the Agreement, making GTI a wholly-owned subsidiary of the Company, effective May 25, 2022.
Gold Transactions International, Inc., with the assistance of a private network, purchases gold from artisan miners throughout the world and, transports, assays, refines and sells the gold in the Dubai Multi Commodities Centre (“DMCC”), a free trade zone in Dubai. This private network of security firms and gold buyers, provides GTI with access to small gold operations in the regions within reasonable shipping distance to Dubai. GTI’s private network entities are members of the DMCC, giving them access to multiple refineries and secured gold vaults. The DMCC processes and trades one fourth of the world’s gold commodity. See www.Dmcc.ae for more information on Dubai’s DMCC free trade zone.
David Reichman, GTII’s Chief Executive Officer, stated, “Our management team has been involved in this project for over a year now, taking their time to assure that the due diligence process has been thorough and complete. I am proud to say that GTII has been working and closing complex, multifaceted projects and deals that should continue to benefit our loyal shareholders for years to come.”
GTI’s Chief Executive Officer, Tsuimei Wang, added, “GTI’s team has worked hard this past year to bring in capital to support our gold operations, and we look forward to this opportunity to work closely with GTII to expand our global footprint and provide even more influence. We are excited to begin this partnership with GTII’s management team.”
About Global Tech Industries Group, Inc.: GTII is a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies. Visit GTII here https://gtii-us.com/.
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Global Tech Industries Group, Inc.
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