Global Tech Industries Group, Inc’s. Subsidiary and Classroom Salon, LLC’s members execute a Membership Interest Purchase Agreement
Global Tech Industries Group (OTCQB: GTII) completed the acquisition of Classroom Salon LLC on January 18, 2022, through its subsidiary Classroom Salon Holdings LLC. This acquisition allows GTII to enhance educational tools using advanced algorithms and workflows, aimed at improving virtual learning. Notably, the transaction includes significant shares distributed to Classroom Holdings members. GTII's CEO highlighted the complexity of this deal, showcasing the company's commitment to leveraging technology in education.
- Acquisition of Classroom Salon LLC enhances GTII's educational technology offerings.
- Collaboration with Carnegie Mellon University strengthens the product's credibility.
- The acquisition is pending the completion of a two-year audit of Classroom Salon, which could introduce delays.
- GTII may face challenges in achieving profitability from new acquisitions due to ongoing significant expenses.
New York, NY, Jan. 24, 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 January 18, 2022, its wholly-owned subsidiary, Classroom Salon Holdings LLC (“Classroom Holdings”), a Delaware limited liability company, executed membership interest purchase agreements and assignments of membership interests for the acquisition of
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.
Previously, GTII and Classroom Holdings had agreed to engage in a business combination whereby Classroom Holdings became a wholly owned subsidiary of GTII. Pursuant to the signing of that MIPA, the members of Classroom Holdings acquired ten million (10,000,000) shares of the Company’s common stock.
David Reichman, GTII’s Chief Executive Officer, stated “This acquisition represented one of the more complex transactions that this company has ever undertaken. It shows that GTII is willing to take the necessary steps, including the creation of a new subsidiary, to get this job done. Our commitment to the cause of enabling people to improve the quality of their lives with access to some of the latest technologies in the world of virtual learning through these unique workflows and algorithms is unwavering.”
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/.
Pease follow our Company at: www.otcmarkets.com/stock/GTII or at https://gtii-us.com/
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FAQ
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