GLOBAL TECH INDUSTRIES GROUP, INC. ANNOUNCES THE OFFERING OF WARRANTS TO PURCHASE THE COMPANY’S COMMON STOCK
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New York, New York, March 22, 2021 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or the “Company”) announced today that its Board of Directors approved the declaration by management of a Warrant to holders of its common stock to purchase additional shares of stock.
Holders of the Company’s common stock will receive 1/10th of a warrant for each share of common stock held as of the record date, and each warrant will entitle the holder to purchase one share of the Company’s common stock for a purchase price of $2.75 per share. The Company intends to distribute the warrants on or about April 8, 2021 to shareholders of record as of April 1, 2021. The warrants will have a term of two years.
David Reichman, Chief Executive Officer of GTII, commented, "The Board recognizes the importance of its shareholders and has declared this warrant in order to return a portion of the Company’s future value to all of our shareholders in a manner that gives them the opportunity to participate in the Company’s potential future growth.”
The Company will also be filing a Current Report on Form 8-K which will contain further details regarding the warrants and the warrant agreement pursuant to which the warrants will be distributed.
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.
Please follow our company at: www.otcmarkets.com/stock/GTII
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.
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