Global Tech Industries Group, Inc. Believes it is Positioned for Sustained Growth in 2021 and Beyond
Global Tech Industries Group, Inc. (GTII) announced significant progress in its 2020/2021 business plan, including an up-listing to the OTCQB marketplace. Key achievements include converting $4.66 million of debt into equity and boosting liquidity by $400,000. GTII has also partnered with Alt5 and acquired a Picasso artwork to explore opportunities in non-fungible tokens (NFTs). CEO David Reichman highlighted the company's confident shift into the art and collectibles market, indicating a potential for exponential growth and a dynamic partnership.
- Converted $4.66 million of debt into equity.
- Improved liquidity and working capital by nearly $400,000.
- Total equity increased by $3.9 million in 2020, offering restructuring flexibility.
- Strategic partnership with Alt5 to enter the NFT market.
- None.
New York, NY, May 18, 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 performing ahead of schedule regarding the goals it laid out in its 2020/2021 business plan, including up-listing to the OTCQB marketplace, pursuing and closing potential acquisitions and stock exchange partners in the eye health and wellness industries, and improving its balance sheet, cash flow and operations. During the calendar year 2020, the Company was successful in converting 4.66 million dollars of debt into equity through the issuance of stock and options to debt holders, as well as improving its liquidity and working capital by almost
One of the most significant moves GTII has made in the last thirty days has been to align itself with Alt5 – Sigma (“Alt5”), a digital platform developer, and Ron Cavalier, a well-known individual in the world of fine arts and collectibles, as he successfully completed the purchase, on behalf of GTII, of an original Picasso, ‘Quatre Femmes Nues Et Tete Sculptee’ which was executed in 1934 on Montval laid paper and published by A. Vollard, Paris, in 1939. It is GTII’s intent to digitize this piece of art, as well as others it is hoping to purchase, in order to take a position in the world of Non-fungible Tokens (NFT), the digitizing of fine art and collectibles, and the development of a digital platform to support those efforts.
David Reichman, GTII’s Chief Executive Officer, stated, “GTII is now moving more confidently and swiftly, as we augment our already growing portfolio with a dynamic partnership in a vibrant industry, where the growth potential is unknown, and may be exponential. We are in constant contact with Alt5 and intend to solidify our relationship in the very near future.”
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
FAQ
What recent achievements has GTII (GTII) made according to its latest press release?
What is GTII's plan regarding NFTs?
How has GTII improved its financial position?
What is the significance of GTII's partnership with Alt5?
