Global Tech Industries Group, Inc. Signs Purchase Agreement for the Acquisition of Classroom Salon Holdings LLC.
Global Tech Industries Group, Inc. (GTII) has executed a member unit purchase agreement to acquire 100% of Classroom Salon Holdings, LLC. This acquisition aims to leverage Classroom Salon's innovative educational tools developed in partnership with Carnegie Mellon University. GTII will issue 10 million shares of its common stock as part of the deal, expected to finalize within 30 days. The acquisition promises to enhance educational access and effectiveness, reflecting a commitment to both shareholder value and social impact.
- Acquisition of Classroom Salon aims to enhance educational tools, improving learning outcomes.
- Combining GTII's resources with Classroom Salon's technology could create significant synergies.
- The partnership aligns with GTII's mission to innovate in the education sector.
- Issuance of 10 million shares may result in shareholder dilution.
- Integration of Classroom Salon's technology poses potential operational challenges.
New York, NY, Dec. 18, 2021 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today it has executed a member unit purchase agreement to acquire
Classroom Salon Holdings is a Delaware limited liability company formed for the purpose of acquiring Classroom Salon, LLC. The acquisition is expected to occur within thirty (30) days. Classroom Salon utilizes interfaces, workflows and algorithms that offer educators unique tool sets to teach and assess course work. The software was developed in partnership with Carnegie Mellon University.
Classroom Salon’s software uses algorithms aimed at observing and understanding students’ reactions as they study materials. Analyzing 180 different actions such as mouse scrolling, time spent reading certain passages, clicks and many of the custom interface tools such as highlighters. The results are analyzed and provide educators a tool in understanding students’ areas of interest and areas which students need more educational focus.
In consideration of the acquisition of Classroom Salon Holdings, GTII will issue ten million (10,000,000) shares of the Company’s common stock.
David Reichman, Chairman of GTII stated “The signing of this agreement means something very personal to me, both as Chairman and a long-standing shareholder in the Company. Our management team has been able to combine and synergize our obligation to ‘work smart’ for our shareholders with our desire to ‘do good’ on their behalf. These new workflows will allow students from anywhere, even those with limited means, to access some of the latest learning tools and technologies on the horizon today. I believe this is a great day for GTII.”
Tommy Wang, Managing Member on Behalf of Classroom Salon holdings, added, “We believe in David and GTII’s ability to take our many years of development to the next level. The consideration of common stock is evidence of our conviction in GTII. Together we can create a shift in both GTII as well as the American educational environment.”
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.
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FAQ
What is the purpose of GTII's acquisition of Classroom Salon Holdings?
How many shares will GTII issue in connection with the Classroom Salon acquisition?
When is the expected completion date for the Classroom Salon acquisition?
What potential risks does GTII face with the Classroom Salon acquisition?
How could Classroom Salon's technology impact GTII's business?
