Global Tech Industries Group, Inc. returns AI Commerce stock back to the Company Treasury

GlobeNewswire08-19

New York, NY, Aug. 19, 2024 (GLOBE NEWSWIRE) -- (GTII: OTC) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced today that the AI Commerce Group (“AI”), an ...

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(“GTII” or “The Company”), www.gtii-us.com, announced today that the AI Commerce Group (“AI”), an ...</p>\n\n<a href=\"https://finance.yahoo.com/news/global-tech-industries-group-inc-155000182.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GTII","symbol_name":"Global Tech Industries Group, Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/global-tech-industries-group-inc-155000182.html","article_id":"2460051389","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/tCyewySG4E8j2qzDPtVAYA--~B/aD0xMjA7dz0yMDc7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/globenewswire.com/063f627624b12d7b7bc6bf52c109506a"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2460051389","pubTimestamp":1724082600,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"New York, NY, Aug. 19, 2024  --  Global Tech Industries Group, Inc. ,www.gtii-us.com, announced today that the AI Commerce Group , an acquisition target that entered into a Membership Interest Purchase Agreement  with the Company in August of 2023 has not fulfilled its promised deliverables, and is in breach of the agreement. Therefore, in accordance with the terms of the Escrow Agreement entered into by the parties on August 18, 2023, which held twenty million  shares of the Company’s common stock to be dispersed to the members of AI upon their successful fulfillment of the agreement, the Company has instructed the Escrow Agent to return the twenty million  shares of GTII common stock back to the Company treasury.As such the transaction, having been breached by AI, is terminated. 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(“GTII” or “The Company”), www.gtii-us.com, announced today that the AI Commerce Group (“AI”), an acquisition target that entered into a Membership Interest Purchase Agreement (“MIPA”) with the Company in August of 2023 has not fulfilled its promised deliverables, and is in breach of the agreement. Therefore, in accordance with the terms of the Escrow Agreement entered into by the parties on August 18, 2023, which held twenty million (20,000,000) shares of the Company’s common stock to be dispersed to the members of AI upon their successful fulfillment of the agreement, the Company has instructed the Escrow Agent to return the twenty million (20,000,000) shares of GTII common stock back to the Company treasury.\nAs such the transaction, having been breached by AI, is terminated. The AI Commerce Group no longer has any potential interest in the GTII Common Stock under the agreements.\nGTII: 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/\nSafe Harbor Forward-Looking Statements:\nThis 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.\nWords such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.\nGlobal Tech Industries Group, Inc.511 Sixth Avenue, Suite 800New York, NY 10011Info@gtii-us.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2460051389"}