Global Tech Industries Group, Inc. Announces a Clarification of the Board Decision to set a New Strike Price for the Outstanding Warrants

Rhea-AI Summary

Global Tech Industries Group, Inc. (GTII) announced plans to reduce the exercise price of its Warrants from the original price to $2.00. This change is expected to be effective by October 7, 2022, pending necessary documentation. Shareholders can reach out to the company's transfer agent, Liberty Stock Transfer, Inc., for inquiries regarding this adjustment. GTII will also file an amendment to its registration statement on Form S-1 to register shares of common stock related to the new Warrant pricing.

Positive

• Reduction of Warrant exercise price to $2.00 could enhance share attractiveness.
• Shareholders can directly contact the transfer agent for clarity regarding changes.

Negative

• The exercise price remains unchanged until all documentation is complete, which may cause uncertainty.
• There is no assurance that the company will achieve profitability or sustainable growth.

New York, NY, Sept. 30, 2022 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced today that it is working on the document(s) required to lower the exercise price of the Warrants it distributed to shareholders last year to $2.00. In the meantime, the Company has set up an email address, whereby shareholders can contact the Company’s transfer agent, Liberty Stock Transfer, Inc. (“Liberty”) with their questions regarding the mechanics, timing and effect of the decision to change the Warrant strike price. Until all necessary steps are taken by the Company, the exercise price of the Warrants shall remain unchanged. We anticipate that the new exercise price will be effective on or before October 7, 2022. Shortly thereafter the Company will be filing an amendment to its registration statement on Form S-1 in order to register the shares of the Company’s common stock underlying the newly priced Warrants.

For more information, please contact: 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.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com

FAQ

What is the new exercise price for GTII's Warrants?

The new exercise price for GTII's Warrants is set to be $2.00.

When will the new exercise price for GTII Warrants take effect?

The new exercise price is anticipated to be effective on or before October 7, 2022.

How can shareholders ask questions about the Warrant pricing change?

Shareholders can contact Liberty Stock Transfer, the transfer agent, via email for inquiries.

What actions will GTII take after lowering the Warrant exercise price?

GTII plans to file an amendment to its registration statement on Form S-1 to register the shares underlying the newly priced Warrants.