GLOBAL TECH INDUSTRIES GROUP, INC., AND GOLD TRANSACTIONS INTERNATIONAL, INC. EXECUTE STOCK PURCHASE AGREEMENT
New York, New York, March 02, 2021 (GLOBE NEWSWIRE) — (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, a Nevada Corporation, focused on acquiring new and innovative technologies in diverse industries, and Gold Transactions International, Inc. (“GTI”), a Utah corporation involved in the business of buying and selling gold on a global basis, executed a stock purchase agreement, hitting the February 28, 2021 deadline established in the Letter of Intent signed between the two companies on February 6, 2021. Gold Transactions International, Inc., with the assistance of a private network, purchases gold from artisan miners throughout the world and transports, assays, refines and sells the gold in the DMCC, a free trade zone in Dubai. This private network of security firms and gold buyers provides GTI with access to small gold operations in the regions within reasonable shipping distance to Dubai. GTI’s private network entities are members of the DMCC, giving them access to multiple refineries and secured gold vaults. The DMCC processes and trades one fourth of the world’s gold supply. See www.Dmcc.ae for more information on Dubai’s DMCC free trade zone.
GTII’s Chief Executive Officer, Mr. David Reichman stated, “I cannot say enough about our GTII team, starting with our President and officers, to our SEC legal counsel, advisors and other partners, who worked tirelessly with me for the last several weeks to bring this acquisition home. We believe the fit between our two companies to be synergistic. It is already evident that this combination is leading GTII to the next level of success, resulting in greater value for our shareholders.”
GTI’s Chief Executive Officer, Tsuimei Wang added, “GTI is excited for this new opportunity to achieve collaboration with GTII and expand our gold operations in the U.S. and Dubai. Our network of affiliates provides wonderful opportunities to expand not only our gold buying operations, but also the opportunity to be more involved in gold and other precious metal mining on U.S. soil. We believe, with the help of GTII’s management team and their resources, we will be able to find the capital needed to make it to the next level in our operating evolution.”
About Global Tech Industries Group, Inc.: GTII, a publicly traded company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.
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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.
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