GLOBAL TECH INDUSTRIES GROUP, INC. ANNOUNCES THE FORMATION OF A NEW SUBSIDIARY CORPORATION, GLOBAL TECH HEALTH, INC.
Global Tech Industries Group, Inc. (OTCQB: GTII) announced the formation of a new subsidiary, Global Tech Health, Inc., on September 3, 2021. This strategic move aims to separate healthcare and eyecare operations, enhancing operational independence. CEO David Reichman highlighted the decision to establish this subsidiary as a step towards a more focused industry strategy, leveraging existing mature businesses.
The press release notes potential risks related to future growth and profitability, indicating challenges in finding and acquiring new assets.
- Formation of Global Tech Health, Inc. to enhance operational focus.
- Strategic separation of healthcare and eyecare subsidiaries.
- Uncertain future profitability and growth due to acquisition challenges.
- Potential significant expenses in the development stage.
New York, NY, Sept. 03, 2021 (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 formed a new subsidiary corporation, Global Tech Health, Inc., in the state of Nevada with the Secretary of State, on September 3, 2021. The new corporation was formed, in keeping with the particulars of GTII’s binding agreement with We SuperGreen Energy Corp, (“WSGE”), primarily to separate the various healthcare and eyecare subsidiaries and/or acquisition targets into their own operating group.
David Reichman, CEO of GTII, commented, “We decided to move quickly to form this first of what may turn out to be several subsidiaries in order to pursue the more industry specific strategy that we’ve spoken of before. We chose the health services portfolio of businesses to start with as those businesses have been operating for several years and have reached a maturity that should allow them to operate more independently from us as the parent company. ”
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.
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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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Mike King
Princeton Research, Inc.
3887 Pacific Street, Las Vegas NV
702.338.2700
FAQ
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