Global Tech Industries Group, Inc. Closes Sale of its Beyond Blockchain Business and Announces its Upcoming First Crypto Dividend
On April 19, 2022, Global Tech Industries Group, Inc. (GTII) announced the completion of an asset purchase agreement with Parabolic Tech DMCC. GTII sold its "Beyond Blockchain" business for $25,000 in cash, assuming all liabilities of the business. As part of the deal, GTII will receive a 10% equity interest in future token allocations and token offerings from Parabolic Technologies. Additionally, a crypto dividend will be distributed to GTII shareholders, effective April 29, 2022. This marks GTII's first cryptocurrency dividend.
- Received $25,000 in cash for the Beyond Blockchain business.
- 10% equity interest in future token allocations from Parabolic Technologies.
- 10% equity interest in Parabolic's initial proprietary token offering.
- First cryptocurrency dividend to be distributed to shareholders.
- None.
New York, NY, April 19, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that on April 19, 2022 it entered into a definitive asset purchase agreement with Parabolic Tech DMCC (“Parabolic Technologies”), www.parabolictech.io, for the sale of its “Beyond Blockchain” business and assets, and simultaneously closed the transaction.
Under the terms of the asset purchase agreement, GTII received
- Parabolic Technologies will issue GTII an equity interest equal of
10% of the first subsequent new Token allocation it receives and launches on the exchange; - Parabolic Technologies will issue GTII an equity interest of
10% of all tokens issued by Parabolic Technologies in connection with its own initial proprietary token offering; and - Parabolic Technologies will distribute a third-party crypto dividend to GTII shareholders, as of the record date of April 29, 2022 (the “Crypto Dividend”).
The Crypto Dividend described above will be GTII’s first cryptocurrency dividend.
David Reichman, Chairman and CEO of GTII stated, “We are extremely pleased that we were able to quickly turn around the closing of the sale of our Beyond Blockchain business. The sale of this business line to Parabolic Technologies will allow GTII to participate indirectly in Beyond Blockchain’s potential as the daily operations will now be turned over to Parabolic Technologies whose principals have experience and relationships in the crypto space.
Tommy Wang, Parabolic Technologies Strategic Advisor stated, “We are excited to deliver the global bridge of liquidity & transparency through technology for our valued customers .”
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. Visit GTII here https://gtii-us.com/.
Please follow our Company at: www.otcmarkets.com/stock/GTII or at https://gtii-us.com/
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com
FAQ
What is the amount of the cash payment GTII received from the asset sale?
What is the record date for the crypto dividend announced by GTII?
What does the asset purchase entail for GTII shareholders?