GLOBAL TECH INDUSTRIES GROUP, INC. SIGNS LETTER OF INTENT WITH ALT 5 SIGMA, INC. TO EXPLORE BUSINESS COMBINATION
Global Tech Industries Group, Inc. (GTII) has announced a partnership with Alt5 Sigma, Inc. to explore the creation of NFTs and potential business combination opportunities. The companies have signed a non-binding Letter of Intent to investigate mutually beneficial arrangements that could enhance shareholder value. GTII's CEO, David Reichman, emphasized the partnership's potential in utilizing Alt5’s NFT platform to innovate and generate value for shareholders. Both companies are optimistic about the synergies that may arise from this collaboration.
- Engagement with Alt5 Sigma to explore NFT creation, enhancing innovative capabilities and potential revenue streams.
- Non-binding Letter of Intent signifies intent for possible business combination, which could benefit shareholders.
- Forward-looking statements indicate risks regarding profitability and growth sustainability.
- Potential inability to acquire businesses that could lead to profitability.
New York, NY, April 10, 2021 (GLOBE NEWSWIRE) -- (GTII:OTCQB) Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation announced on April 9, 2021, that the Company had engaged Alt5 Sigma, Inc. to provide the platform for creating NFTs for its upcoming art assets, as well as future assets requiring tokenization. During their discussions, both companies recognized that a unique synergy may exist between the two companies that warranted further exploration. Both sides believe that a corporate structure combining GTII and Alt5 Sigma could be extremely and mutually beneficial to both companies’ shareholders. As such, the parties have entered into a non-binding Letter of Intent to explore the options for such a business combination, and attempt to arrive at an agreement that is beneficial to both companies and their shareholders.
David Reichman, CEO of GTII, commented “We are moving quickly, but with purpose and intent, as we realize that the potential this kind of partnership represents is unique for GTII, utilizing Alt 5’s platform and Ron Cavalier’s expertise in the NFT world of digital art to further GTII’s business plan of introducing innovative technologies as well as realize value for our many long-term and loyal shareholders.”
Andre Beauchesne, Chairman of Alt5, said “In our discussions with GTII regarding their NFT initiative and other long term strategic plans, it became clear to us that a unique synergy existed, and we agreed that some type of business combination between two companies could create opportunities for management and shareholders of both companies to benefit and accelerate the development of both companies’ long range goals. We look forward to working with GTII’s management to execute an agreement that will be mutually rewarding and continue to create sustainable value for all stakeholders.”
About Global Tech Industries Group, Inc.: GTII, a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.
Please follow our Company at: www.otcmarkets.com/stock/GTII
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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