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Global Tech Industries Group, Inc. and Gold Transactions International, Inc. Amend Agreement and Finalize Acquisition: GTI becomes wholly-owned subsidiary of GTII

·4 min read
Global Tech Industries Group, Inc.
Global Tech Industries Group, Inc.

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/.

Please follow our Company at: www.otcmarkets.com/stock/GTII or at https://gtii-us.com/

Safe Harbor Forward-Looking Statements:
This press release may contain forward looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and acquire businesses and assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time.

Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.

Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com