Global Tech Industries Group, Inc. and DTXS Auction Ltd. Execute Proposal Sheet for Stock Swap.
Global Tech Industries Group (OTCQB: GTII) has executed a proposal with DTXS Auction Ltd. to enhance its metaverse initiatives. In exchange for 350,000 shares of Silk Road, GTII will issue 100,000 shares of its common stock. The proposal reaffirms DTXS's commitment to developing the metaverse's first Chinatown art district, focusing on Chinese antiquities and NFT auctions. The GTII Metaverse launch is expected in Q2 2022, with updates to shareholders planned. CEO David Reichman highlights this as a step towards international expansion.
- Execution of a proposal with DTXS Auction Ltd. to enhance metaverse initiatives.
- Issuance of 100,000 shares to gain 350,000 shares of Silk Road stock, potentially increasing shareholder value.
- Commitment to develop the metaverse's first Chinatown art district focused on Chinese art and antiquities.
- None.
New York, NY, Jan. 31, 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 has executed a proposal sheet (“the Proposal”) with DTXS Auction Ltd. (“DTXS”), a wholly owned subsidiary of DTXS Silk Road Investment Holdings Co. Ltd. (“Silk Road”), a Hong Kong corporation listed on the Hong Kong Stock Exchange.
The Proposal expands on a memorandum of understanding executed between GTII and DTXS on January 10, 2021 aimed at bringing Chinese art and antiques into GTII’s evolving metaverse (the “Metaverse”). Per the Proposal, GTII shall issue 100,000 shares of its common stock to DTXS in return for 350,000 shares of Silk Road’s common stock. GTII will then determine how to best maximize shareholder value using the Silk Road stock, including distributing it as a digitized dividend to GTII shareholders.
The Proposal also reaffirms DTXS’s commitment to develop the Metaverse’s first Chinatown art district, focusing on Chinese art and antiquities, invitation-only NFT auctions, and virtual ownership of shares representing Chinese artwork and antiquities.
GTII Metaverse launch is tentatively expected to occur in the second quarter of 2022. The Company will continue to provide updates to shareholders regarding its progress when applicable.
David Reichman, GTII’s Chief Executive Officer, stated “This agreement, similar to our agreement with Trento SpA, takes GTII to a new level in terms of our international ambitions. Having a shareholder stake in a company actively trading on the Hong Kong exchange is just another example of this team’s commitment to establishing ties to partners who complement our structure and support our business plan, wherever they are located.”
John Kam, DTXS’s Managing Member, added “This agreement takes DTXS a step towards the Metaverse with our unique endowment in Chinese antiquities and artwork and we are excited to bring such valuable antiquities and artwork to foreign people via virtual reality in order to promote our commitment to bringing ancient Chinese heirlooms to the world.”
About Global Tech Industries Group, Inc.: GTII, a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.
About DTXS Silk Road Investment Holdings Limited. Silk Road is Hong Kong Stock Exchange listed company with its principal business in: (i) art auctions and collection- related operations; (ii) production and sales of fine wine; and (iii) properties investment and development. Silk Road’s parent group is a privately-held conglomerate headquartered in Xian, PRC, which focuses on cultural industries, cultural heritage and museum operations, and financial investment covering cultural industries, tourism, galleries and museums, hotels, and other cultural and tourism-related real estate operations. It founded the Tang West Market Museum, which is the only privately owned “First Class State Level Museum” in the Peoples Republic of China.
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