GLOBAL TECH INDUSTRIES GROUP, INC. AND WE SUPERGREEN SIGN BINDING LETTER OF INTENT TO EXPLORE BUSINESS COMBINATION

Rhea-AI Summary

Global Tech Industries Group, Inc. (GTII) has entered a binding Letter of Intent with We SuperGreen Energy Corp (WSGE) to explore a 100% acquisition of WSGE by GTII. The transaction is expected to be beneficial for both companies and their shareholders. The LOI requires a definitive agreement within 30 days. GTII's CEO, David Reichman, highlighted the potential of this strategic move, given WSGE's advanced renewable energy technology, which claims to produce clean energy at up to 99% efficiency.

Positive

• GTII has entered a LOI to acquire We SuperGreen Energy Corp, signaling potential growth.
• We SuperGreen's technology offers renewable energy at up to 99% efficiency, positioning GTII in a promising market.

Negative

• The LOI will terminate if no definitive agreement is reached within 30 days, posing a risk to the transaction.

New York, NY, July 30, 2021 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today it has entered into a binding Letter of Intent (“LOI”) with We SuperGreen Energy Corp (“WSGE”) a renewable clean energy company with its principal offices in Costa Mesa, CA.

Under the terms of the LOI, GTII and WSGE will work toward a definitive agreement whereby GTII would acquire 100% of WSGE for a mutually agreed upon number of shares of GTII’s common stock. The LOI will automatically terminate if a definitive agreement is not entered into within thirty days after the date of the LOI. Both companies believe that a transaction combining GTII and WSGE would be mutually beneficial to the companies and their respective shareholders.

GTII’s Chairman and CEO, Mr. David Reichman stated, “This has the potential to be the Company’s most exciting strategic transaction yet, as We SuperGreen has remarkable renewable energy technology and many potential deals in the pipeline”

Calvin Cao, Founder, Chairman, and CEO of We SuperGreen added, “We are planning on bringing our disruptive renewable energy technology to countries throughout the world and a potential merger with GTII could help us accelerate our growth and could enable shareholders to benefit from that growth.”

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.

Please follow our company at: www.otcmarkets.com/stock/GTII

About We SuperGreen Energy

We SuperGreen Energy Corp (“WSGE”) (WeSuperGreen.com) has developed the world’s first self-charging renewable energy storage platform that produces clean, 100% renewable and sustainable electricity, utilizing its innovative and industry-disruptive patented technologies.

The self-charging renewable energy storage platform generates power at up to 99% efficiency, which is unheard of in the renewable energy sector. This is light years beyond the current standards of 20% and 40% efficiency ratings for solar and wind turbine respectively. Our cutting-edge technology is safe, reliable, cost effective and easily scalable to meet the global needs of today’s ever-changing energy landscape. We SuperGreen’s power solutions range from kilowatts to GIGA-WATTS and have applications for energy generation at the grid level as well as for electric vehicles, regardless of the type of batteries being used.

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.

Mike King
Princeton Research, Inc.
3887 Pacific Street, Las Vegas NV
702.338.2700

FAQ

What does the LOI between GTII and WSGE entail?

The LOI outlines GTII's intention to acquire 100% of WSGE for shares of GTII's common stock.

What is the significance of the acquisition of WSGE by GTII?

The acquisition could enhance GTII's position in the renewable energy sector, leveraging WSGE's advanced technology.

What efficiency does We SuperGreen's technology claim to achieve?

We SuperGreen claims its technology can generate renewable energy at up to 99% efficiency.

When does the LOI between GTII and WSGE expire?

The LOI will automatically terminate if a definitive agreement is not reached within 30 days.

Who is the CEO of GTII and what did he say about the acquisition?

David Reichman, the CEO of GTII, stated that the potential merger could be the company's most exciting strategic transaction.