New York, New York, Feb. 08, 2021 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “Company”), www.gtii-us.com a development stage company, focused on acquiring new and innovative technologies in diverse industries, after repositioning itself to rejoin the OTCQB marketplace, securing interim financing from Genova Roth Remark Holdings, Inc., and retaining International Monetary for capital formation and support of its investor relations efforts, today announced that it has successfully executed a Letter of Intent with Gold Transactions International, Inc., (“GTI”), a Utah corporation. The expected closing date of the final, binding acquisition agreement, defining the terms of the acquisition of GTI by GTII, including an assessment its assets and operations going forward, is anticipated to be completed by February 28, 2021. Please visit our page on OTC Markets for current market price.
GTII’s Chief Executive Officer, Mr. David Reichman stated, “By restoring the company back onto the OTCQB, securing financial backing and partnering with an investor relations firm with International Monetary’s reputation, our team was able to move swiftly to negotiate from strength and sign this Letter of Intent. We are now strategically positioned to close the acquisition in the first quarter of 2021, and work to develop the potential assets of Gold Transactions International, Inc. whose goals for merger and expansion coincide with our own”.
GTI’s Chief Executive Officer, Tsuimei Wang added, “GTI has been searching for a strategic partner to assist us in expanding our operations in international gold commerce, and we believe GTII is the perfect fit. With GTII’s expertise and resources, we fully expect to successfully expand our operations and bring our other gold-based products to market.”
About Global Tech Industries Group, Inc.: GTII, a publicly traded company incorporated in the state of Nevada, is a development stage company, specializing in the pursuit of acquiring new and innovative technologies.
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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.
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