Global Tech Industries Group, Inc. returns AI Commerce stock back to the Company Treasury

Rhea-AI Summary

Global Tech Industries Group, Inc. (GTII: OTC) has announced the termination of its Membership Interest Purchase Agreement (MIPA) with AI Commerce Group due to breach of contract. The agreement, signed in August 2023, involved 20 million shares of GTII common stock held in escrow for AI Commerce Group members. As AI failed to fulfill its promised deliverables, GTII has instructed the Escrow Agent to return the shares to the Company treasury. This action effectively ends AI Commerce Group's potential interest in GTII common stock under the agreements. GTII, a Nevada-incorporated public company, focuses on acquiring innovative technologies.

Positive

• Termination of unfulfilled agreement prevents potential shareholder dilution
• 20 million shares returned to company treasury, preserving value for existing shareholders
• Company demonstrates proactive management of acquisition agreements

Negative

• Failed acquisition attempt with AI Commerce Group
• Potential loss of anticipated business opportunities or innovations from the terminated deal

New York, NY, Aug. 19, 2024 (GLOBE NEWSWIRE) -- (GTII: OTC) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced today that the AI Commerce Group (“AI”), an acquisition target that entered into a Membership Interest Purchase Agreement (“MIPA”) with the Company in August of 2023 has not fulfilled its promised deliverables, and is in breach of the agreement. Therefore, in accordance with the terms of the Escrow Agreement entered into by the parties on August 18, 2023, which held twenty million (20,000,000) shares of the Company’s common stock to be dispersed to the members of AI upon their successful fulfillment of the agreement, the Company has instructed the Escrow Agent to return the twenty million (20,000,000) shares of GTII common stock back to the Company treasury.

As such the transaction, having been breached by AI, is terminated. The AI Commerce Group no longer has any potential interest in the GTII Common Stock under the agreements.

GTII: 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/

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.

Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com

FAQ

Why did GTII terminate its agreement with AI Commerce Group?

GTII terminated the agreement because AI Commerce Group breached the contract by failing to fulfill its promised deliverables as per the Membership Interest Purchase Agreement (MIPA) signed in August 2023.

How many GTII shares were involved in the terminated agreement with AI Commerce Group?

The terminated agreement involved 20 million shares of GTII common stock, which were held in escrow for potential distribution to AI Commerce Group members.

What happens to the GTII shares that were part of the AI Commerce Group agreement?

The 20 million shares of GTII common stock will be returned to the Company treasury as instructed by GTII to the Escrow Agent, following the termination of the agreement.

When was the original Membership Interest Purchase Agreement (MIPA) between GTII and AI Commerce Group signed?

The original Membership Interest Purchase Agreement (MIPA) between GTII and AI Commerce Group was signed in August 2023.