THOMASVILLE, GA, Sept. 20, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - GGTOOR, Inc. (OTCMKTS:GTOR) (“GGTOOR, Inc.”, “GTOR”, or the “Company”), an emerging leader in the eSports markets, is pleased to announce that SEC has accepted our offer of settlement in connection with alleged violations of Section 5 arising from our most recent Regulation A Offerings. The fifteen-month investigation ended the evening of September 18, 2023, when the SEC released its order which requires the Company not to violate section 5 in the future and to pay a fine of $40,000. Shareholders can find the Administrative Proceeding File No. 3-21674 at the following link: https://www.sec.gov/files/litigation/admin/2023/33-11236.pdf
John V Whitman Jr. had this to say: “I apologize to our shareholders for being silent for an extended period of time. Based on advice from counsel and because the SEC investigation was Non-Public, I was asked to remain silent. I am pleased the SEC has accepted our offer of settlement and this extended ordeal is over. My focus can now be directed to advancing GGTOOR. Shareholders can expect additional communication from the Company in the form of press releases on a periodic basis."
The Company will be issuing more press releases in the weeks to come, but for the next month, management will be concentrating on finalizing funding for GGTOOR MEDIA and revising our gaming tournaments. Although no final decisions have been made, shareholders can expect fewer tournaments, but larger prize pools. The days of the Company holding FREE tournaments are not over, but they will be few and far between. FREE tournaments are not a business model that is sustainable. Pay to Play, Subscription model and sponsored tournaments will be the new direction for the eSports side of GGTOOR. The Company is still very high on its relationship with TCG World and GGTOOR CITY within TCG World. Shareholders can expect the Company to expand offerings of its virtual properties to include payments in the form of cash, finance, leasing, and JV Partnerships. The Company still believes in the Metaverse but is aware it needs to adapt to the changing environment.
Audits will begin once funding has been secured and it is the intent, as previously stated, for the Company to become fully reporting. Management has consulted with several CPA firms and has concluded until it has a history of closing sales of its virtual properties in TCG World, it will not increase the balance sheet value from the current $0.01 per parcel. This will not only be much safer in terms of accurately reporting to the public the actual value of these parcels, but it will reduce audit costs drastically. More to Come!
About GTOR
GGTOOR, Inc. is engaged in the business of eSports. The Company is aggressively entering the Metaverse by having purchased enough virtual land, 4,144 parcels, to form its own virtual city that will be called GGTOORCITY. The Company has held over two hundred sixty video game tournaments and has given away over $100,000 in cash and prizes. GGToor.com is continually being customized and upgraded, with the goal of becoming one of the most comprehensive gaming portals in the world. The Company is now accepting subscriptions from players, gamers, and tournament organizers. To register logon to https://GGToor.com/home.php .
Forward-Looking Statements. This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology. These statements are based on and reflect our current expectations, estimates, assumptions and/ or projections as well as our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither predictions nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and assumptions that could cause our actual results to differ materially from those indicated by those statements. There can be no assurance that our expectations, estimates, assumptions and/or projections, including with respect to the future earnings and performance or capital structure of GGTOOR, Inc.
For Additional Information Contact:
John V Whitman Jr.,
John@GGToorcorp.com
https://GGToorcorp.com/
https://GGToor.com/home.php
