Global Tech Industries Group, Inc. Announces Term Sheet with Wildfire Media Corp.
Global Tech Industries Group, Inc. (OTCQB: GTII) has announced a term sheet with Wildfire Media Corp., outlining the proposed acquisition of Wildfire Media for a purchase price estimated between $100 million and $120 million. Payment will be made in restricted shares of GTII common stock, contingent upon a third-party valuation. Wildfire Media is expected to provide audited financial statements as part of the closing conditions. Both companies foresee future growth, with GTII offering expertise in expanding access to legal services.
- Acquisition of Wildfire Media anticipated to enhance GTII's service offerings in the legal sector.
- Potential purchase price of $100-$120 million indicates significant investment in expansion.
- Transaction requires third-party valuation and audit of Wildfire Media's financials, indicating potential delays.
- Risk associated with financial performance and profitability post-acquisition.
New York, NY, May 26, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that it has entered into a term sheet with Wildfire Media Corp., owner of the 1-800-LAW-FIRM brand (“Wildfire Media”), which outlines certain additional terms of the proposed acquisition of Wildfire Media by GTII.
Pursuant to the term sheet, the parties are anticipating a purchase price of
Definitive agreements are expected following GTII’s review of Wildfire Media’s updated and audited financial statements for the applicable periods and completed its due diligence.
David Reichman, Chairman and CEO of GTII stated, “When we started our discussions with Wildfire Media and 1-800-LAW-FIRM back in early March, we saw an opportunity to partner with an organization in the business of further expanding access to individuals, small businesses and other going concerns in need of legal advice and support; fast forward to today and I can see that 1-800-LAW-firm is developing a keen understanding of what it takes to partner with a public entity such as GTII, who can provide them the expertise, experience and public access that should support their continued growth and expansion.”
Ari Kresch, Chief Executive Officer and Founder of Wildfire Media/1-800-LAW-FIRM stated, “We have made progress this year in multiple areas, including the due diligence process with GTII, and we remain confident in the long-term opportunities and growth that we believe our Legal Service Organization model will unlock. Our group continues to expand our range of services offered to our client law firms across the country. We provide a range of services to our client firms.”
About Wildfire Media Corp./1-800-LAW-FIRM:
[insert description of business]
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.
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com
FAQ
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