New York, New York, Feb. 16, 2021 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, a development stage company, focused on acquiring new and innovative technologies in diverse industries, has successfully completed the first round of mutual due diligence with Gold Transactions International, Inc. (“GTI”). GTII has commenced its review of GTI’s operations and its relationships with several private entities involved with GTI’s gold purchasing operations in foreign countries, including its gold refineries and storage facilities located in Dubai. GTI affiliates are registered members of the Dubai Multi Commodities Centre (“DMCC”), headquartered in Dubai. The DMCC is a Dubai government organization established in 2002 as a free-trade zone to enhance commodity trade flows. Membership in the DMCC allows GTI affiliates to transport, store, assay and refine gold purchased in that part of the world. It also provides the necessary facilities to transfer and sell the refined gold to its customers. The DMCC is the fastest-growing trade zone in the world, employs 60,000 people, is home to 18,000 registered companies, including many large and well-known U.S. companies, and represents 180 other countries around the globe. Information on the DMCC can be found at www.dmcc.ae.
The expected closing date of the final, binding acquisition agreement, defining the terms of the acquisition of GTI by GTII, including an assessment of its assets and operations going forward, is still anticipated to be completed by February 28, 2021. www.otcmarkets.com/stock/gtii
GTII’s Chief Executive Officer, Mr. David Reichman stated, “Our GTII team is satisfied with the content and timing of our first round of mutual due diligence. We had an informative call with the President of the GTI affiliate in Dubai and have since exchanged documentation that puts us in a position to take our relationship to the next level. We are pleased to announce that all is moving forward as planned”.
GTI’s Chief Executive Officer, Tsuimei Wang added, “As a CPA, I have had a relationship with GTII personnel for 10 years and am well versed in GTII’s business model. GTI is fortunate to have an opportunity to combine our efforts with GTII’s experienced management team to expand our operations and influence. GTI’s next evolutionary step was to find a partner to assist us in increasing our purchasing power here in the U.S. and in other parts of the world, and we believe GTII is that partner. Our due diligence is moving forward smoothly, and the closing of our agreement is on schedule.
About Global Tech Industries Group, Inc.: GTII, a publicly traded company incorporated in the state of Nevada, is a development stage company, 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.
Blaine Riley – br@intlmonetary.com
International Monetary
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