GLOBAL TECH INDUSTRIES GROUP, INC. SUBMITS PROSPECTUS SEEKING TO REGISTER 26,000,000 CRYPTOCURRENCY TOKENS FOR DIVIDEND DISTRIBUTION OF FINE ART HOLDINGS
Global Tech Industries Group, Inc. (OTCQB: GTII) announced the filing of a FORM S-1 registration with the SEC to distribute up to 26 million cryptocurrency tokens as a dividend to shareholders. Pending approval, shareholders will receive 1 GFT Token for every 10 shares held. The tokens, based on the value of GTII's fine art collection, will be minted on the Solana blockchain. GTII plans to retain undistributed tokens for future use, showcasing its innovative approach to shareholder value.
- Potential dividend distribution of 26 million cryptocurrency tokens to shareholders.
- GFT Token value pegged to GTII's fine art collection may enhance investor interest.
- Uncertainty surrounding SEC approval for the token distribution.
- No assurance of achieving profitability amidst high developmental expenses.
New York, NY, Dec. 08, 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 submitted, to the Securities and Exchange Commission (the “SEC”), a FORM S-1 registration statement which, if approved, would allow the Company to distribute up to 26,000,000 newly minted and registered cryptocurrency tokens as a dividend to GTII shareholders.
Pending SEC approval, the Company would mint 1,000,000,000 cryptocurrency tokens (the “GFT Token”) on the Solana blockchain using the Solana Simple Ledger Protocol (“SLP”) token specification. The GFT Token will then be distributed as a dividend to its shareholders at a rate of one (1) GFT Token for every ten (10) shares of GTII common stock beneficially held as of a yet-to-be-determined record date.
The GFT Token, whose value would be pegged to the value of GTII’s fine art collection, will be distributed from GTII’s digital wallet directly to the digital wallets of eligible shareholders. The Company will retain all balance of the undistributed GTII Token in its digital wallet for future use.
GTII’s Chief Executive Officer, David Reichman, stated “This project has been in development for the last several months, but unlike other endeavors that have demanded our attention within the framework of a quick turnaround, this one has required a different, more laser-like kind of focus and attention. I am proud of the grit and tenacity exhibited by our technical team, as well as management and our other service providers who have brought this effort to this point. The learning curve was very steep, to say the least, and the job done by the entire team is something I’m very proud of. “
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.
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.
Mike King
Princeton Research, Inc.
3887 Pacific Street, Las Vegas, NV
702.338.2700
FAQ
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