GLOBAL TECH INDUSTRIES GROUP, INC. ANNOUNCES PLANS TO SPIN-OFF HEALTH SERVICES SUBSIDIARY
Global Tech Industries Group, Inc. (GTII) announced plans to spin off its health services subsidiary, Global Tech Health, Inc. This strategy aims to enhance operational efficiency and cultivate a unique investment identity focused on the health market. The spin-off will reward GTII shareholders with one share of Global Tech Health for each share of GTII held on a predetermined record date. The subsidiaries involved, including Bronx Family Eyecare, Inc. and My RetinaDocs LLC, will join Global Tech Health post-acquisition.
- Spin-off of Global Tech Health aims to improve operational focus and efficiency.
- Shareholders will receive shares of Global Tech Health on a pro-rata basis.
- Acquisition of established health service companies strengthens Global Tech Health's market position.
- No assurances of profitability or sustainable growth based on current expansion strategies.
- Significant expenses incurred during the development stage without guaranteed revenue generation.
New York, NY, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that its Board of Directors has approved the evaluation of a full spin-off of its health services subsidiary, Global Tech Health, Inc.
Bronx Family Eyecare, Inc., which is engaged in the business of full-scope optometry with 4 retail locations and a fabrication facility in New York City, My RetinaDocs LLC, which is the developer and operator of a HIPAA-compliant telemedicine software as a service (SaaS) company enabling on-site and off-site testing in optometric and ophthalmic examinations , and Eyecare and Eyewear Inc., which is a mobile testing solution company geared towards diagnosing diseases of the eye will become subsidiaries of Global Tech Health upon consummation of their acquisition agreements with GTII and prior to the spin-off.
The intended spin-off dividend would be made to GTII shareholders on a pro-rata basis, as of a to-be-determined record date, with each shareholder receiving one share of Global Tech Health for each share of GTII held, as of the record date. The Company also intends to cause Global Tech Health to register its shares with the SEC.
David Reichman, CEO of GTII, commented, “As we continue to evaluate the Company’s various transactions, we believe the Company would operate more efficiently if Global Tech Health pursues a separate and industry-specific strategy that will allow it to focus its resources wholly on its market sector, establish its own distinct investment identity, and align its risk-profile to its specific operations. We believe spinning-off Global Tech Health accomplishes these goals and offers our shareholders an opportunity to participate in any increased value in Global Tech Health that may result from doing so.” Reichman added “Management will continue to evaluate the various business sectors in which the Company is engaged, including emerging internet technologies held and developed by Ludicrous, Inc., as well as waste disposal technology held in BioEnergy Applied Technologies, Inc. We believe they may best be monetized by spinning them out privately to our shareholders.”
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
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Princeton Research, Inc.
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FAQ
What is the purpose of GTII's spin-off of Global Tech Health?
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