New York, NY, Oct. 06, 2022 (GLOBE NEWSWIRE) — (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, introduced as we speak that, in response to inquiries from the OTCMarkets, it’s going to summarize its understanding of current exercise in its inventory over the previous a number of weeks, as follows:
While the Company has no manner of understanding why the market reacted because it has within the final a number of weeks, it believes it’s principally as a consequence of the truth that, because the market value grew to become nearer to after which handed the strike value of $2.75 to buy Warrants, extra patrons entered the market. The firm distributed Warrants to its shareholders final April 6, 2021, which allowed shareholders to train one Warrant for each ten shares of inventory held. As the Company’s float is over forty million shares, this might account for the elevated exercise, though, because the Company clearly disclosed final yr, the Warrants didn’t switch with the underlying shares of frequent inventory after the document date. The Company additionally lately introduced that on September 14, 2022, it signed a binding Stock Purchase Agreement (“SPA”) with Wildfire Media, Corp (“Wildfire”). The Company and Wildfire first signed a non-binding Letter of Intent (“LOI”) on March 2, 2022. The due diligence has been progressing since then.
The firm’s administrators, a few of whom are officers, lately offered inventory underneath a 10B5 plan, which was first mentioned on the board stage on August 19, 2021. The board tasked two administrators to seek out and assemble an applicable compensation plan for them, as that they had been working as board members with out being paid any money charges for the final ten years. The 10B5 plan was finalized and signed by the board on June 23, 2022, and permits for the sale of 1% of every administrators’ holdings, unfold over the course of 1 yr on a month-to-month foundation. The paperwork and documentation for the 10B5 plan was lately accomplished, and the primary sale occurred in October 2022.
The Company has not retained any new investor relations service suppliers, public relations corporations, or advertising corporations within the final three months.
The Company lately answered questions posed to them by FINRA relating to the current market exercise. The Company has disclosed all the data it held relating to the current market exercise.
Global Tech Industries Group, Inc.:
GTII is a publicly traded Company integrated within the state of Nevada, specializing within the pursuit of buying new and revolutionary applied sciences. Visit GTII right here https://gtii-us.com/.
Please observe our Company at: www.otcmarkets.com/inventory/GTII or at https://gtii-us.com/
Safe Harbor Forward-Looking Statements:
This press launch could include ahead trying statements which might be primarily based on present expectations, forecasts, and assumptions that contain dangers in addition to uncertainties that might trigger precise outcomes and outcomes to vary materially from these anticipated or anticipated, together with statements associated to the quantity and timing of anticipated revenues associated to our monetary efficiency, anticipated revenue, distributions, and future development for upcoming quarterly and annual durations. These dangers and uncertainties are additional outlined in filings and reviews by the Company with the U.S. Securities and Exchange Commission (SEC). Actual outcomes and the timing of sure occasions may differ materially from these projected in or contemplated by the forward-looking statements as a consequence of various components detailed sometimes in our filings with the SEC. Among different issues, the Company could not be capable to maintain development or obtain profitability primarily based upon many components together with however not restricted to the danger that we will be unable to seek out and purchase companies and belongings that can allow us to develop into worthwhile. Reference is hereby made to cautionary statements set forth within the Company’s most up-to-date SEC filings. We have incurred and can proceed to incur vital bills in our improvement stage, noting that there isn’t any assurance that we are going to generate sufficient revenues to offset these prices in each the close to and long run. New strains of business could expose us to further authorized and regulatory prices and unknown publicity(s), the affect of which can’t be predicted presently.
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
[email protected]
