New York, NY, Aug. 19, 2024 (GLOBE NEWSWIRE) -- (GTII: OTC) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced today that the AI Commerce Group (“AI”), an acquisition target that entered into a Membership Interest Purchase Agreement (“MIPA”) with the Company in August of 2023 has not fulfilled its promised deliverables, and is in breach of the agreement. Therefore, in accordance with the terms of the Escrow Agreement entered into by the parties on August 18, 2023, which held twenty million (20,000,000) shares of the Company’s common stock to be dispersed to the members of AI upon their successful fulfillment of the agreement, the Company has instructed the Escrow Agent to return the twenty million (20,000,000) shares of GTII common stock back to the Company treasury.
As such the transaction, having been breached by AI, is terminated. The AI Commerce Group no longer has any potential interest in the GTII Common Stock under the agreements.
GTII: 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/
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com
