GLOBAL TECH INDUSTRIES GROUP, INC. CLARIFIES DETAIL REGARDING WARRANTS HELD IN RETIREMENT ACCOUNTS
Global Tech Industries Group (GTII) clarified that shareholders holding warrants in retirement accounts do not need to take distributions to register or exercise these warrants. Warrants can be registered under the custodian's name without triggering a distribution. Shareholders are advised to coordinate with their banks or brokers for these processes. The company emphasizes that this release does not constitute tax advice, and shareholders should consult their financial advisors for specific tax implications.
- Clarification provided on warrant registration and exercise for retirement account holders.
- No need for shareholders to take distributions when handling warrants.
- None.
New York, NY, April 21, 2021 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (GTII:OTCQB) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today a clarification regarding its recently distributed warrants that are held in retirement accounts.
Questions have arisen as to whether shareholders who hold their warrants through an IRA or other retirement account must take a distribution from their retirement account in order to directly register their warrants with Liberty Stock Transfer, Inc., the transfer agent, or exercise their warrants. The Company does not believe it is necessary for such shareholders to take a distribution in either situation.
In terms of registering warrants held in your retirement account directly with the transfer agent, such warrants should be able to be registered in the name of your bank/broker, as custodian for, and for the benefit of, your retirement account (e.g., Bank/Broker Name, Custodian FBO John Smith Roth IRA), without triggering a distribution from your retirement account. The exact account name language used from broker-to-broker to reflect the custodial aspects of retirement accounts may vary, but the concept remains the same.
Regarding the exercise of warrants held in a retirement account, shareholders should be able to instruct their bank/broker, as custodian of their retirement account, to exercise the warrants, and the transfer agent will then be able to issue the common shares in the name of your bank/broker, as custodian for, and for the benefit of, your retirement account (e.g., Bank/Broker Name, Custodian FBO John Smith Roth IRA), also without triggering a distribution from your retirement account.
Shareholders should coordinate either process directly with their bank/broker. Shareholders who cannot satisfactorily resolve these issues with their bank/broker can also contact the transfer agent, who may be able to help coordinate efforts and clarify issues with your bank/broker.
Nothing contained herein should be considered tax advice from the Company. Always consult your personal financial and legal advisor for specific advice regarding tax implications.
About Global Tech Industries Group, Inc.: GTII, a publicly traded Company incorporated in the state of Nevada, specializes in the pursuit of acquiring new and innovative technologies.
Please follow our Company 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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Blaine Riley – br@intlmonetary.com
International Monetary
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FAQ
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