GLOBAL TECH INDUSTRIES GROUP, INC., AND JABBER TELECOM, INC. EXECUTE NONBINDING LETTER OF INTENT
Global Tech Industries Group, Inc. (GTII) has signed a non-binding Letter of Intent (LOI) with Jabber Telecom, Inc. to acquire innovative telecommunications technologies. This move is part of GTII's strategy to capitalize on the growth of the telemedicine sector, which has gained traction over the past year. The definitive stock purchase agreement is anticipated within the next sixty days. Both company CEOs express optimism about the partnership's potential to enhance service offerings and expand market reach.
- Acquisition of Jabber Telecom aligns with GTII's strategy to enter the telemedicine sector.
- Expected definitive stock purchase agreement within 60 days may drive stock interest.
- No guaranteed success in achieving profitability from the acquisition.
- Significant expenses incurred during the development stage with uncertain revenue generation.
New York, New York, March 08, 2021 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “the Company”), www.gtii-us.com, a Nevada Corporation, having determined that the rise of telemedicine during the past twelve months signals its arrival as an emerging industry, and with its focus on acquiring new and innovative technologies in diverse industries, has signed a non-binding Letter of Intent (“LOI”) with Jabber Telecom, Inc. (”JT”), www.jabbertel.com a Florida corporation engaged in the business of providing HIPAA-compliant integrated business applications, telecommunication collaborations, audio and video conferencing, cloud phone systems. A definitive stock purchase agreement and formal closing are expected within the next sixty days.
GTII’s Chief Executive Officer, Mr. David Reichman stated, “GTII is always on the lookout for companies that have top-notch personnel, aggressive business plans, and an eye toward the future in their respective industries. Jabber Telecom fits our acquisition model in no uncertain terms. We look forward to working with them to support their goals, promote their HIPAA-compliant product, as well as other services, and give them the opportunity to take the company to the next level.”
JT’S Chief Executive Officer, Yovani Linares, added, “Jabbertel offers a suite of telecommunication services, such as Jabbertel Office, Jabbertel Meetings and Jabbertel Teams, which can be bundled together as one, integrated service, or offered individually to target start-up companies whose needs can change quickly, as they develop their own products and services. Joining the GTII team could afford us the opportunity to raise both capital and awareness for our company and allow us to execute our business plan and expand our telecommunications footprint.”
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.
Please follow our company at: www.otcmarkets.com/stock/GTII
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.
Blaine Riley – br@intlmonetary.com
International Monetary
620 Newport Center Drive, #1100
Newport Beach, CA 92660
949.200.4601
www.gtii-us.com
www.otcmarkets.com/stock/GTII
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