Global Tech Industries Group, Inc. Closes Sale of its Beyond Blockchain Business and Announces its Upcoming First Crypto Dividend
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/.
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011