New York, NY, April 21, 2021 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (GTII:OTCQB) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today a clarification regarding its recently distributed warrants that are held in retirement accounts.
Questions have arisen as to whether shareholders who hold their warrants through an IRA or other retirement account must take a distribution from their retirement account in order to directly register their warrants with Liberty Stock Transfer, Inc., the transfer agent, or exercise their warrants. The Company does not believe it is necessary for such shareholders to take a distribution in either situation.
In terms of registering warrants held in your retirement account directly with the transfer agent, such warrants should be able to be registered in the name of your bank/broker, as custodian for, and for the benefit of, your retirement account (e.g., Bank/Broker Name, Custodian FBO John Smith Roth IRA), without triggering a distribution from your retirement account. The exact account name language used from broker-to-broker to reflect the custodial aspects of retirement accounts may vary, but the concept remains the same.
Regarding the exercise of warrants held in a retirement account, shareholders should be able to instruct their bank/broker, as custodian of their retirement account, to exercise the warrants, and the transfer agent will then be able to issue the common shares in the name of your bank/broker, as custodian for, and for the benefit of, your retirement account (e.g., Bank/Broker Name, Custodian FBO John Smith Roth IRA), also without triggering a distribution from your retirement account.
Shareholders should coordinate either process directly with their bank/broker. Shareholders who cannot satisfactorily resolve these issues with their bank/broker can also contact the transfer agent, who may be able to help coordinate efforts and clarify issues with your bank/broker.
Nothing contained herein should be considered tax advice from the Company. Always consult your personal financial and legal advisor for specific advice regarding tax implications.
About Global Tech Industries Group, Inc.: GTII, a publicly traded Company incorporated in the state of Nevada, specializes in the pursuit of acquiring new and innovative technologies.
Please follow our Company at: www.otcmarkets.com/stock/GTII
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Blaine Riley – br@intlmonetary.com
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