Business
Global Tech Industries Group, Inc. executes Letter of Intent Regarding the Sale of Beyond Blockchain Business
Global Tech Industries Group, Inc. executes Letter of Intent Regarding the Sale of Beyond Blockchain Business.
About this update from Global Tech Industries Group, Inc.
[{"type":"text","content":"\n New York, NY, March 31, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that it has entered into a non-binding letter of intent with AT Gekko PR LLC (the “LOI”) regarding the sale of its “Beyond Blockchain” business. The LOI provides that in consideration of GTII’s sale of the assets of the Beyond Blockchain business to AT Gekko PR LLC (or its designated affiliate) GTII will receive: A 10% equity interest in the entity that acquires the Beyond Blockchain assets.Ten percent (10%) of all tokens received by the acquiring entity in connection with the first post-closing third-party token offering on the Beyond Blockchain platform.Five percent (5%) of all tokens issued by the acquiring entity in connection with its own initial proprietary token offering,$25,000 in cash to be paid at the closing. The parties will first work towards finalizing definitive purchase agreements for the acquisition, and, if successful, an anticipated closing sometime during Q2 2022. David Reichman, Chairman & CEO of GTII, stated: “GTII is excited to be working with this group of experts as we finalize our plan to distribute our digital dividends. It has been quite an experience for our team, and one that should allow us to execute our plan successfully now and in the future. Digital dividends remain a key focus in our effort to provide value to our shareholders.” Tommy Wang, Managing Partner of AT Gekko PR, LLC, added: “We have formed a team of blockchain and crypto experts that allow us to assist public companies in their efforts to issue digital dividends to their shareholders. This project is at the forefront of bringing together the digital asset space and shareholder value.” 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/. Please follow our Company at: www.otcmarkets.com/stock/GTII or at https://gtii-us.com/ Safe Harbor Forward-Looking Statements:This press release may contain forward looking statements that are based on current expectations, forecasts, and assumptions that involv...