GLOBAL TECH INDUSTRIES GROUP, INC. UPDATES SHAREHOLDERS ON CLASSROOM SALON, LLC AND TRENTO RESOURCES AND ENERGY CORP.

Rhea-AI Summary

Global Tech Industries Group, Inc. (OTCQB: GTII) announced an extension of negotiations with Classroom Salon, LLC for 30 days, aiming to finalize a purchase agreement by December 30, 2021. Additionally, GTII is in discussions to appoint an independent accounting and auditing firm to audit Trento Resources and Energy Corp projects in Chile and Argentina, with updates to shareholders expected upon retention of the firm.

Positive

• Negotiation extension with Classroom Salon indicates progress towards a potential acquisition.
• Engagement of independent auditing firm for Trento projects may enhance transparency and investor confidence.

Negative

• No definitive agreement with Classroom Salon yet, indicating uncertainty in the acquisition process.
• Ongoing development stage incurs significant expenses, with no assurance of profitability.

New York, NY, Nov. 22, 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 extended, for thirty (30) days, the negotiation period with Classroom Salon, LLC (“Classroom Salon”) to December 30, 2021. GTII and Classroom Salon have reached an agreement in principle and anticipate execution of a definitive purchase agreement by December 30, 2021.

Additionally, regarding the Trento Resources and Energy Corp (“Trento”) project, GTII is engaged in discussions to retain an independent accounting and auditing firm, subject to the Public Corporations Accounting Oversight Board (“PCAOB”), to conduct an audit of Trento’s mining projects in Chile and Argentina. GTII will provide an update to shareholders when an accounting firm has been retained.

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

What is the latest news from Global Tech Industries Group, Inc. (GTII)?

GTII has extended negotiations with Classroom Salon until December 30, 2021, and is discussing an independent audit for Trento's projects.

What does the negotiation with Classroom Salon mean for GTII?

It signifies potential growth through acquisition, though no agreement is finalized yet.

What are the financial implications of the Trento project for GTII?

An independent audit could improve transparency, but ongoing developmental costs pose financial risks.

When will GTII finalize its agreement with Classroom Salon?

The target date for a definitive purchase agreement is December 30, 2021.

How will the independent audit affect GTII and its investors?

It may enhance trust in Trento's operations, but also highlights financial scrutiny during GTII's development phase.