New York, NY, Oct. 06, 2022 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced today that, in response to inquiries from the OTCMarkets, it will summarize its understanding of recent activity in its stock over the past several weeks, as follows:
While the Company has no way of knowing why the market reacted as it has in the last several weeks, it believes it is mostly due to the fact that, as the market price became closer to and then passed the strike price of $2.75 to purchase Warrants, more buyers entered the market. The company distributed Warrants to its shareholders last April 6, 2021, which allowed shareholders to exercise one Warrant for every ten shares of stock held. As the Company’s float is over forty million shares, this could account for the increased activity, although, as the Company clearly disclosed last year, the Warrants did not transfer with the underlying shares of common stock after the record date. The Company also recently announced that on September 14, 2022, it signed a binding Stock Purchase Agreement (“SPA”) with Wildfire Media, Corp (“Wildfire”). The Company and Wildfire first signed a non-binding Letter of Intent (“LOI”) on March 2, 2022. The due diligence has been progressing since then.
The company’s directors, some of whom are officers, recently sold stock under a 10B5 plan, which was first discussed at the board level on August 19, 2021. The board tasked two directors to find and construct an appropriate compensation plan for them, as they had been operating as board members without being paid any cash fees for the last ten years. The 10B5 plan was finalized and signed by the board on June 23, 2022, and allows for the sale of 1% of each directors’ holdings, spread over the course of one year on a monthly basis. The paperwork and documentation for the 10B5 plan was recently completed, and the first sale occurred in October 2022.
The Company has not retained any new investor relations service providers, public relations firms, or marketing companies in the last three months.
The Company recently answered questions posed to them by FINRA regarding the recent market activity. The Company has disclosed all the information it held regarding the recent market activity.
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/.
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.
Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011