Global Tech Industries Group, Inc. executes Letter of Intent Regarding the Sale of Beyond Blockchain Business
Global Tech Industries Group (OTCQB: GTII) has entered a non-binding letter of intent with AT Gekko PR LLC for the sale of its 'Beyond Blockchain' business. GTII will gain a 10% equity interest in the acquiring entity and a share of tokens from their initial offerings. Additionally, the company will receive $25,000 in cash at closing. The definitive purchase agreements are expected to finalize in Q2 2022. CEO David Reichman emphasized the importance of digital dividends for shareholder value.
- GTII will obtain a 10% equity interest in the acquiring entity.
- Expected revenue from 10% of tokens received during the first token offering.
- Immediate cash inflow of $25,000 upon closing.
- The transaction is non-binding and depends on finalizing definitive agreements.
- Market uncertainties may impact future profitability and revenue generation.
New York, NY, March 31, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that it has entered into a non-binding letter of intent with AT Gekko PR LLC (the “LOI”) regarding the sale of its “Beyond Blockchain” business.
The LOI provides that in consideration of GTII’s sale of the assets of the Beyond Blockchain business to AT Gekko PR LLC (or its designated affiliate) GTII will receive:
- A
10% equity interest in the entity that acquires the Beyond Blockchain assets. - Ten percent (
10% ) of all tokens received by the acquiring entity in connection with the first post-closing third-party token offering on the Beyond Blockchain platform. - Five percent (
5% ) of all tokens issued by the acquiring entity in connection with its own initial proprietary token offering, $25,000 in cash to be paid at the closing.
The parties will first work towards finalizing definitive purchase agreements for the acquisition, and, if successful, an anticipated closing sometime during Q2 2022.
David Reichman, Chairman & CEO of GTII, stated: “GTII is excited to be working with this group of experts as we finalize our plan to distribute our digital dividends. It has been quite an experience for our team, and one that should allow us to execute our plan successfully now and in the future. Digital dividends remain a key focus in our effort to provide value to our shareholders.”
Tommy Wang, Managing Partner of AT Gekko PR, LLC, added: “We have formed a team of blockchain and crypto experts that allow us to assist public companies in their efforts to issue digital dividends to their shareholders. This project is at the forefront of bringing together the digital asset space and shareholder value.”
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/
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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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com
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