GLOBAL TECH INDUSTRIES GROUP, INC. ANNOUNCES THE PURCHASE OF AN ORIGINAL PICASSO ETCHED ENGRAVING TO ESTABLISH DIGITAL ART PLATFORM
Global Tech Industries Group (GTII) announced plans to create a digital platform for acquiring and tokenizing fine art and collectibles, aiming to provide Tokenized value dividends to shareholders. The centerpiece of this initiative is the recent acquisition of a Pablo Picasso etching, demonstrating GTII's commitment to this innovative venture. Partnering with Alt5 Sigma, the company is set to develop digital wallets for shareholders, enabling secure transactions in digital assets. GTII is currently consulting with SEC counsel to ensure compliance with regulations.
- Acquisition of Pablo Picasso etching as cornerstone for new digital collectibles platform.
- Tokenized value dividends may provide shareholders with unique asset ownership opportunities.
- Partnership with Alt5 Sigma to ensure secure trading of digital assets.
- High expenses expected during the development stage with no assurance of profitability.
- Potential regulatory hurdles due to the nature of digital assets and SEC compliance.
New York, NY, April 23, 2021 (GLOBE NEWSWIRE) -- (GTII:OTCQB) Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation announced today that it is in the process of animating a digital platform, formed together with Alt5 Sigma, for the purpose of acquiring fine art and other collectibles that will be tokenized and eventually issued to its shareholders as Tokenized value dividends. This undertaking signifies a new and revolutionary method for offering value to GTII shareholders and as a way of participating in the shared ownership of fine art and collectibles.
Mr. Ronald Cavalier, founder of Cavalier Galleries Inc. www.cavaliergalleries.com., a group of four art galleries, with locations in Greenwich, CT, New York City, Nantucket Island, and Palm Beach, FL. was retained earlier this month by GTII as an expert consultant in the procurement and purchase of fine art for the digital platform project. Mr. Cavalier engineered the purchase of the original Picasso at a Phillips Auction House in New York City. The picture, ‘Quatre Femmes Nues Et Tete Sculptee’ was executed in 1934 on Montval laid paper and published by A. Vollard, Paris, in 1939. The purchase will function as the cornerstone of GTII’s digital fine art and collectibles platform, and be the first of several potential acquisitions. The move to purchase such a celebrated and valuable piece of fine art demonstrates GTII’s commitment to the digital platform undertaking. It also shows shareholders that a Tokenized value dividend derived from this venture may represent an opportunity for them to own a portion of assets that may appreciate over time as the digital platform expands and acquires new and unique pieces of fine art and collectibles.
As previously announced, GTII is working with Alt5 Sigma, a digital assets trading, exchange and custodian services provider headquartered in New York City, to construct and stage the platform to allow shareholders and the public to set up ‘digital wallets’ for the purpose of investing in fine art and collectibles using non-fungible tokens. Alt5 Sigma has already started its work in tailoring GTII’s digital platform to the Company’s needs, and is working to tokenize the newly acquired Picasso.
Alt5 Sigma was created by financial industry specialists out of the necessity to provide the digital asset economy with the best practices in security, accessibility, transparency and compliance, which will allow GTII to provide its shareholders and the public the ability to buy, sell and hold digital assets in a safe and secure environment.
GTII has contacted SEC counsel to flesh out the process and methods needed to present the Company’s vision to the SEC. GTII believes that digitized, tokenized fine art and collectibles in the form of Tokenized value dividends for its shareholders is an idea whose time has come.
David Reichman, GTII’s Chief Executive Officer, stated, ‘We believe that our vision of a digitized platform for fine art and collectibles, and the benefits it offers to our shareholders, far outweighs any challenges associated with actualizing this opportunity in the very near future. We are at work on this now 24/7, and the clock is ticking. Having purchased the Picasso, we demonstrated to our shareholders and to all our other constituents that GTII is committed and on the move.”
Ron Cavalier, stated, “The 1930s were a very import period for Picasso, I am thrilled that we were able to acquire Pablo Picasso’s ‘Quatre femmes nues et tête sculptée’ etching (1934), published by the great dealer Ambroise Vollard in Paris, 1939. We are looking forward to building an important art collection for GTII that we can share with its stockholders.”
Andre Beauchesne, President of Alt 5, stated, “We are thrilled to support GTII’s vision for digitized art and collectibles. The Picasso purchase is a milestone for the Company in effecting its new strategy, and we are committed to helping GTII drive long term value through leveraging the Alt 5 technology suite.”
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
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.
Blaine Riley – br@intlmonetary.com
International Monetary
620 Newport Center Drive, #1100
Newport Beach, CA 92660
949.200.4601
FAQ
What is GTII's recent initiative regarding fine art?
Who is consulting GTII on their digital platform for art?
What significant artwork has GTII acquired recently?
How will GTII's digital platform benefit shareholders?
Is GTII's initiative compliant with SEC regulations?
