New York, NY, April 19, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that on April 19, 2022 it entered into a definitive asset purchase agreement with Parabolic Tech DMCC (“Parabolic Technologies”), www.parabolictech.io, for the sale of its “Beyond Blockchain” business and assets, and simultaneously closed the transaction.
Under the terms of the asset purchase agreement, GTII received $25,000 in cash at the closing, with additional consideration to be paid, post-closing, as described below. Parabolic Technologies acquired all of the Beyond Blockchain assets and assumed all outstanding liabilities of the Beyond Blockchain business. In addition,
- Parabolic Technologies will issue GTII an equity interest equal of 10% of the first subsequent new Token allocation it receives and launches on the exchange;
- Parabolic Technologies will issue GTII an equity interest of 10% of all tokens issued by Parabolic Technologies in connection with its own initial proprietary token offering; and
- Parabolic Technologies will distribute a third-party crypto dividend to GTII shareholders, as of the record date of April 29, 2022 (the “Crypto Dividend”).
The Crypto Dividend described above will be GTII’s first cryptocurrency dividend.
David Reichman, Chairman and CEO of GTII stated, “We are extremely pleased that we were able to quickly turn around the closing of the sale of our Beyond Blockchain business. The sale of this business line to Parabolic Technologies will allow GTII to participate indirectly in Beyond Blockchain’s potential as the daily operations will now be turned over to Parabolic Technologies whose principals have experience and relationships in the crypto space.
Tommy Wang, Parabolic Technologies Strategic Advisor stated, “We are excited to deliver the global bridge of liquidity & transparency through technology for our valued customers .”
About 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/.
Please follow our Company at: www.otcmarkets.com/stock/GTII or at 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
Info@gtii-us.com
