Global Tech Industries Group, Inc. Announces a Change from the Board Decision Regarding the Strike Price for the Outstanding Warrants

Rhea-AI Summary

Global Tech Industries Group, Inc. announced it will maintain the original exercise price of $2.75 for its warrants, as the underlying common stock was registered with the SEC. This decision aligns with the company's intent to reward loyal shareholders without causing complications related to amendments in the registration. Shareholders can exercise their Warrants through Liberty Stock Transfer, Inc. The company continues to explore innovative technologies for acquisition, while highlighting the potential risks and uncertainties in its forward-looking statements.

Positive

• The decision to maintain the original exercise price of $2.75 for the warrants simplifies shareholder transactions.
• Shareholders are eligible to exercise their warrants at the initial registered price, enhancing confidence.

Negative

• The company faces ongoing risks related to growth and profitability from acquisitions as stated in the forward-looking statements.

New York, NY, Oct. 02, 2022 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced today that management, after further market study and input from its legal team, has decided that it is in the best interest of the shareholders of the Company to keep the original exercise price of the warrants it distributed last year (the “Warrants”). Such decision was made because the common stock underlying the Warrants were registered with the Securities and Exchange Commission (the “SEC”) in a registration statement on Form S-1 (the “S-1”) that was declared effective on August 26, 2021 with an exercise price of $2.75. A change to that exercise price would require an amendment to the S-1, which could cause the shares common stock issued pursuant to a new exercise price to not be registered at the time of issuance. As the warrant distribution was originally instituted to reward loyal shareholders and allow them to trade the registered shares of common stock underlying the Warrants, the change to the exercise price has been abandoned, and the Warrants will remain priced as registered for resale by the named selling shareholders in the S-1. Therefore, such shareholders are eligible to exercise their Warrants at the initial exercise price, and receive shares of common stock registered for resale in the S-1 by contacting Liberty Stock Transfer, Inc. (“Liberty”), the company’s transfer agent.

Please contact Liberty Stock Transfer, Inc. (“Liberty”) for more information at the following address: Gtiiwarrants@libertystocktransfer.com,

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. Visit GTII here https://gtii-us.com/.

Please follow our Company at: www.otcmarkets.com/stock/GTII or at https://gtii-us.com/

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.

Global Tech Industries Group, Inc.s
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com

FAQ

What is the exercise price of the warrants for GTII shareholders?

The exercise price of the warrants for GTII shareholders remains at $2.75.

How can GTII shareholders exercise their warrants?

GTII shareholders can exercise their warrants by contacting Liberty Stock Transfer, Inc.

What does GTII's decision on warrants mean for shareholders?

The decision to keep the original exercise price benefits shareholders by allowing them to trade registered shares.

What are the risks mentioned by GTII in their forward-looking statements?

GTII has noted risks related to sustaining growth and achieving profitability from new acquisitions.