New York, NY, Oct. 02, 2022 (GLOBE NEWSWIRE) — (WG II: OTCQB) Global Tech Industries Group, Inc. (“WG IIor “The Company”), www.gtii-us.com, today announced that management, after further market research and input from its legal team, has determined that it is in the best interests shareholders of the Company to retain the original exercise price of the warrants it distributed last year (the “Warrants”). This decision was made because the common stock underlying the Warrants has been registered with the Securities and Exchange Commission (the “SEC”) in a registration statement on Form S-1 (the “S-1 ”) which was declared effective on August 26, 2021 with an exercise price of $2.75. A change to this exercise price would require an amendment to S-1, which could result in common shares issued under a new exercise price not being registered at the time of issuance. Since the distribution of warrants was originally instituted to reward loyal shareholders and enable them to trade the registered ordinary shares underlying the warrants, the exercise price modification was discontinued and the Warrants will remain at the price as recorded for resale by the vendor named S-1 shareholders. Accordingly, such shareholders are eligible to exercise their warrants at the original exercise price and receive common stock registered for resale in S-1 by contacting Liberty Stock Transfer, Inc. (“Liberty”), the agent transfer of the company.
Please contact Liberty Stock Transfer, Inc. (“Liberty”) for further information at: [email protected],
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GTII is a publicly traded company incorporated in the State of Nevada, specializing in the pursuit of new and innovative technologies. Visit GTII here https://gtii-us.com/.
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This press release may contain forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual results and results to differ materially from those anticipated or expected, including statements relating the amount and timing of expected income related to our financial performance, expected income, distributions and future growth for the upcoming quarterly and annual periods. These risks and uncertainties are further defined in the Company’s filings and reports with the United States Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected or contemplated by forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other things, the Company may not be able to maintain its growth or achieve profitability due to numerous factors, including, but not limited to, the risk that we may not be able to find and acquire businesses and assets that will enable us to become profitable. Reference is hereby made to the cautionary statements set forth in the Company’s most recent filings with the SEC. We have incurred and will continue to incur significant expenditures in our development phase, noting that there is no guarantee that we will generate enough revenue to offset these costs in the short and long term. New lines of business may expose us to additional legal and regulatory costs and one or more unknown exposures, the impact of which cannot be predicted at this time.
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Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011