New York, NY, June 13, 2023 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced today that it has signed a non-binding and preliminary Memorandum of Understanding (“MOU”) with AI Commerce Holdings, LLC, (“AI Holdings”) a private company based in San Juan, Puerto Rico, to commence the mutual due diligence process with the objective of negotiating a definitive agreement for the purchase of AI Commerce Group, LLC (“AI Group”) by GTII. AI Group is in the business of acquiring online brands and businesses that need additional resources and knowledge to get to the next level of sales and revenue. AI Group uses technology and artificial intelligence to improve efficiencies at all stages of the direct-to-retail business. It provides brands and businesses with the technical help and expertise they need to reach their full potential. By collaborating with entrepreneurs to bring to market products that not only serve consumers but also contribute to the betterment of society, AI Group uses the scale of its operations to negotiate superior deals with suppliers, thus providing cost savings it can pass on to consumers. The AI Group team is comprised of seasoned veterans in e-commerce, sourcing, logistics, digital marketing, and banking.
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/
Please follow our Company at: www.otcmarkets.com/stock/GTII
About AI Commerce Group, LLC: AI Commerce Group, LLC (“AI Group”) is a private company based in San Juan, Puerto Rico in the business of acquiring online brands and businesses.
Please follow AI Group at: www.aicommercegroup.com
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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.
511 Sixth Avenue, Suite 800
New York, NY 10011
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