Global Tech Industries Group, Inc. Bids $100 Million in Stock for Acquisition of Creatd.
Global Tech Industries Group (GTII) has signed a Letter of Intent to acquire Creatd, Inc. for $100 million in restricted shares. This acquisition, subject to due diligence and regulatory approval, aligns with GTII's strategy to enhance shareholder value through innovative technology. The deal includes a 30-day exclusivity period for Creatd to halt discussions with other buyers. Both companies aim to bolster revenue growth and leverage their strengths in the creator economy, with plans for Creatd's media spinoff, OG Collection Inc., continuing concurrently.
- GTII's acquisition of Creatd could enhance its market position in the creator economy.
- The transaction may increase shareholder value through synergies and growth opportunities.
- Creatd's unique platform, Vocal, aligns with GTII's strategy of acquiring innovative technology.
- The transaction is contingent on due diligence and regulatory approval, which may delay completion.
- The offering of restricted shares could lead to shareholder dilution if not managed properly.
New York, NY, Jan. 10, 2023 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII”), www.gtii-us.com, and Creatd, Inc. (CRTD: OTCQB) ("CRTD"), www.creatd.com today announced that they have executed a binding Letter of Intent (“LOI”) regarding the acquisition of Creatd by GTII for
Commenting on the bid for Creatd Inc, GTII chairman David Reichman said, “We have always been committed to acquiring innovative technology. Creatd’s flagship product, Vocal, is a homebase to the creative community and a scalable business model that we believe is a big step forward in a broader strategy to increase shareholder value.”
Chairman and CEO of Creatd, Jeremy Frommer added, “There are two elements to this merger, fundamental and technical. The opportunity to advance the Creatd business model and scale revenues coupled with the unique technical position we find our two public companies in, is a momentous opportunity. At the time of closing of any proposed transaction, GTII share delivery to Creatd shareholders will only occur in instances of registered ownership with the transfer agent or DTC."
About Creatd
Creatd, Inc. (OTCQB: CRTD) is a company with a mission to provide economic opportunities to creators and brands by multiplying the impact of platforms, people, and technology. Creatd's pillars work together to create a flywheel effect, supporting our core vision of creating a viable and safe ecosystem for all stakeholders in the creator economy.
Creatd: https://creatd.com;
Creatd IR: https://investors.creatd.com;
Vocal Platform: https://vocal.media;
Investor Relations Contact: ir@creatd.com
About GTII:
GTII (OTCQB: 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 GTII at: www.otcmarkets.com/stock/GTII
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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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