Global Tech Industries Group, Inc’s. completes acquisition of Classroom Salon, LLC.
Global Tech Industries Group, Inc. (OTCQB: GTII) announced the completion of the acquisition of Classroom Salon, LLC, making it a wholly-owned subsidiary. This follows the successful financial audit and the delivery of an Amended and Restated License Agreement with Carnegie Mellon University. The acquisition aims to enhance the reach of Classroom Salon’s software in virtual learning environments, with GTII's CEO expressing optimism about the future benefits for students and educators. The deal signifies GTII's commitment to innovative technology in education.
- Acquisition of Classroom Salon positions GTII for growth in the virtual education market.
- Strategic partnership with Carnegie Mellon University enhances product credibility and potential reach.
- Successful audit completion supports Classroom Salon's financial integrity.
- No guarantees of profitability following the acquisition and ongoing financial uncertainty.
- Potential for high expenses during integration with Classroom Salon's operations.
New York, NY, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that Classroom Salon, LLC, (“Classroom Salon”) has successfully completed the requisite audit of its financial statements. In addition, Classroom Salon has delivered to the Company an Amended and Restated License Agreement with Carnegie Mellon University. Previously, on January 18, 2022, GTII’s subsidiary Classroom Salon Holdings, LLC (“Classroom Holdings”) executed agreements for the acquisition of Classroom Salon. All members of Classroom Salon, including Carnegie Mellon University, in partnership with whom the Classroom Salon software was originally developed, executed the purchase and assignment agreements. As a result of the successful completion of these three events, Classroom Salon is now a wholly-owned subsidiary of Classroom Holdings, a wholly-owned subsidiary of GTII.
David Reichman, GTII’s Chief Executive Officer, stated “Now that this deal has been successfully closed, our team can focus its time and efforts on introducing Classroom Salon’s software to a wider audience and larger client base. We believe that the benefits of virtual learning through its workflows and algorithms is immeasurable, and we are thrilled to be part of it.”
Tommy Wang, Classroom Salon’s President, stated, “We would also like to acknowledge the Classroom Salon team, who, along with GTII, has worked tirelessly to bring this new partnership about. The education ecosystem we are introducing should allow for operation in a fully virtual environment, and the implications of that for both students and educators could be dramatic, as student experience continues to be enhanced in real time.”
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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