Global Tech Industries Group, Inc. Announces Update Regarding Tokenization and Dividend of Picasso Engraved Etching
Global Tech Industries Group (OTCQB: GTII) announced plans to tokenize its recently acquired Picasso etching titled 'Quatre femmes nues et tete sculptee'. This etching, executed in 1934, will form part of a digital fine arts platform. GTII aims to issue pro-rata fractional interests in the tokenized artwork through a blockchain-based Alternative Trading System (ATS) developed with Alt 5 Sigma. The fractional interests are expected to be traded securely and promptly through broker-dealers subscribed to the ATS.
- Potential for innovative revenue streams through tokenization of art.
- Collaboration with Alt 5 Sigma to develop a secure trading platform.
- Exclusive trading of tokenized interests through registered broker-dealers.
- Dependence on successful regulatory approvals for ATS.
- Uncertain revenue generation from new digital art ventures.
New York, NY, May 04, 2021 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today an update regarding its recently acquired Picasso engraved etching.
As previously announced, the original Picasso acquired by the Company to form part of its planned digital fine arts and collectibles platform is entitled ‘Quatre femmes nues et tete sculptee’ and was executed in 1934 on Montval laid paper and published by A. Vollard, Paris, in 1939 (the “Picasso Etching”).
The Company intends to tokenize the Picasso Etching and is evaluating the process for issuing to its shareholders pro-rata fractional interests in the tokenized Picasso Etching that would trade on a blockchain-based Alternative Trading System (”ATS”), which the Company plans to develop with Alt 5 Sigma once the ATS has completed the required regulatory filings. It is anticipated that fractional interests in the tokenized Picasso Etching would be held only in accounts with broker-dealers who subscribe to the Company’s ATS, which would initially include Wynston Hill Capital, LLC, a FINRA member broker-dealer.
David Reichman, GTII’s Chairman, stated, “With the Company attempting to deepen its relationship with Alt 5 Sigma to include an ATS and a FINRA member broker-dealer, it makes sense that we would seek to have our first digital fine arts piece exclusive to our ATS where trades of the tokenized fractional interests can be settled in a secure and timely manner,”.
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.
Please follow our company at: www.otcmarkets.com/stock/GTII
About Alt 5 Sigma Inc.: ALT 5 is a fintech company specializing in the development and deployment of digital assets trading and exchange platforms. Alt 5 was founded by financial industry specialists out of the necessity to provide the digital asset economy with security, accessibility, transparency, and compliance.
ALT 5 provides its clients the ability to buy, sell, and hold digital assets in a safe and secure environment deployed with the best practices of the financial industry. ALT 5's products and services are available to Banks, Broker-Dealers, Funds, Family Offices, Professional Traders, Retail Traders, Digital Asset Exchanges, Digital Asset Brokers, Blockchain Developers, and Financial Information Providers.
ALT 5's digital asset custodian services are secured by GardaWorld. GardaWorld is the world's largest privately-owned business solutions and security services company, offering cash management services.
For more information, visit www.alt5sigma.com.
About Wynston Hill Capital LLC: Wynston Hill Capital is a full-service boutique investment bank that works with established companies across a diverse universe of industries. The company plans to add value to its individual clients by comprehending and focusing on the short and long-term financial and strategic goals of its clients.
For more information, visit www.wynstonhillcapital.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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For further information contact:
Blaine Riley – br@intlmonetary.com
International Monetary
620 Newport Center Drive, #1100
Newport Beach, CA 92660
949.200.4601
FAQ
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