(Corrected) Global Tech Industries Group, Inc. acquires AI Commerce Group, LLC., through a binding Membership Interest Purchase Agreement

New York, NY, Aug. 21, 2023 (GLOBE NEWSWIRE) -- (GTII: OTC) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced today that it has signed a Membership Interest Purchase Agreement (“MIPA”) with AI Commerce Holdings, LLC., (“AI Holdings”) to acquire all the membership interest, including the assets and operations of MIPA, from the members of AI Commerce Group, LLC, (“AI Group”), a privately held Puerto Rico company in the business of acquiring and operating ecommerce websites and brands to make them more efficient. The new company would become part of GTII through the incorporation of a new, wholly owned subsidiary.

AI GROUP was incorporated to take advantage of the inefficiencies in ecommerce by using AI technologies. The team is made up of experts in digital marketing, ecommerce, sourcing and procurement, and banking.

David Reichman, Chairman & CEO of GTII, stated, “This is a very important day for the company and its shareholders, as management has successfully negotiated an agreement that may put us squarely in the burgeoning AI business sector. We are looking forward to working with AI Group to bring its assets and operations into the public sector.”

About 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/.

About AI Commerce Holding, LLC. AI Commerce group is the next generation of e-commerce using technology and artificial intelligence to improve efficiencies in all stages in direct to retail brands. We provide brands and companies that need expertise, technology, and capital to help reach their full potential. The team is comprised of seasoned veterans in e-commerce, sourcing, logistics, digital marketing, and banking. Please visit https://aicommercegroup.com to learn more.

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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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Global Tech Industries Group, Inc.
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