Global Tech provides the protective umbrella of a publicly listed and fully compliant SEC-audited company to acquisition candidates. We can deliver the means through incubation for private companies to become public entities in good standing.
Global Tech Industries Group, Inc. Executes Employment Agreement with Mr. Luke Rahbari
New York, NY, July 12, 2024 (GLOBE NEWSWIRE) -- (OTC: GTII) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced that the Company signed an employment agreement (the “Agreement”) on July 2, 2024 with Mr. Luke Rahbari appointing him as Chief Operating Officer. Pursuant to the terms of the Agreement, Mr. Rahbari shall assume the role of Chief Executive Officer effective as of August 1, 2024, subject to certain conditions as set forth in the Agreement and the approval by the Company’s board of directors.
Planning for this strategic initiative began in December 2023, when the Company first engaged Mr. Rahbari as a business consultant, tasked with, among other initiatives, constructing a viable succession plan for senior management aimed at positioning the Company for future success.
David Reichman, Chairman & CEO, stated, “We are thrilled to officially welcome Luke Rahbari to our team as Chief Operating Officer. With extensive experience and a proven track record of operational excellence, Mr. Rahbari brings invaluable expertise that will drive GTII’s growth and development. One of Mr. Rahbari’s key responsibilities will be to develop a comprehensive succession plan, ensuring a smooth and strategic transition for our management team in the future. This appointment underscores our commitment to long-term success and stability, and we are confident that Mr. Rahbari will play a pivotal role in achieving our strategic objectives.”
About GTII: GTII is incorporated in the State of Nevada, specializing in the pursuit of acquiring new and innovative technologies. For more information, please visit https://gtii-us.com/, and you may follow our Company at: www.otcmarkets.com/stock/GTII.
Please follow our Company at: www.otcmarkets.com/stock/GTII
Safe Harbor Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company’s future financial and operating performance. All statements, other than statements of historical facts, included herein are “forward-looking statements” including, among other things, statements about the Company’s beliefs and expectations. These statements 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 (the “SEC”). Potential risks and uncertainties include, but are not limited to, risks discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 16, 2024, the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, filed with the SEC on November 14, 2023, and in the Company’s other filings with the SEC at www.sec.gov. 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.
Words 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.
Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com
Global Tech Industries Group, Inc. (GTII) Provides Shareholders with Updates on 2022 and 2023 Audits and 2024 Q1 10Q Filing
New York, NY, June 20, 2024 (GLOBE NEWSWIRE) -- (OTC: GTII) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, updated its shareholders regarding the delayed 2024 first quarter report on Form 10-Q, and the reaudit of its financial statements for the fiscal years ended December 31, 2022 and 2023.. As previously reported by the Company, the Company’s financial statements for these years were previously audited by BF Borgers CPA PC (“BF Borgers”). However, on May 3, 2024, the Securities and Exchange Commission (“SEC”) charged firm BF Borgers and its owner with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (“PCAOB”) standards in its audits and reviews, which were incorporated in more than 1,500 SEC filings from January 2021 through June 2023.
Accordingly, the Company was required to retain a new PCAOB certified auditor, and reaudit its fiscal years ended 2022 and 2023 financial statements. On May 7, 2024, the Company retained a new PCAOB certified auditor, FORTUNE CPA (“Fortune”).
Fortune began its work shortly thereafter, and informed the Company that they would begin work on the fiscal year ended 2022 audit, followed by fiscal year ended 2023 audit, and then complete the first quarter 2024 quarterly report on Form 10-Q
GTII had, up until the retention of BF Borgers as its auditor in March of 2023, been successful in maintaining its compliance with accepted PCAOB rules and standards, working with several different PCAOB auditing firms over the years.
David Reichman, Chairman and CEO, stated, “GTII welcomes Fortune as our new auditor. We are working diligently with Fortune to complete the reaudits in an efficient and timely manner, and we look forward to the completion of them soon. As to BF Borgers, the Company’s former auditor, GTII is vigorously pursuing a refund of all fees paid."
About GTII: GTII is incorporated in the State of Nevada, specializing in the pursuit of acquiring new and innovative technologies. For more information, please visit https://gtii-us.com/, and you may follow our Company at: www.otcmarkets.com/stock/GTII.
Please follow our Company at: www.otcmarkets.com/stock/GTII
Safe Harbor Forward-Looking Statements: This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company’s future financial and operating performance. All statements, other than statements of historical facts, included herein are “forward-looking statements” including, among other things, statements about the Company’s beliefs and expectations. These statements 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 (the “SEC”). Potential risks and uncertainties include, but are not limited to, risks discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 16, 2024, the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, filed with the SEC on November 14, 2023, and in the Company’s other filings with the SEC at www.sec.gov. 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.
Words 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.
Global Tech Industries Group, Inc.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.co
GLOBAL TECH INDUSTRIES GROUP, INC. UPDATES ITS SHAREHOLDERS ON RECENT MARKET ACTIVITY
GLOBAL TECH INDUSTRIES GROUP, INC. ANNOUNCES A CHANGE FROM THE BOARD DECISION REGARDING THE STRIKE PRICE FOR THE OUTSTANDING WARRANTS
GLOBAL TECH INDUSTRIES GROUP, INC. ANNOUNCES A CLARIFICATION OF THE BOARD DECISION TO SET A NEW STRIKE PRICE FOR THE OUTSTANDING WARRANTS
GLOBAL TECH INDUSTRIES GROUP, INC. ANNOUNCES A BOARD DECISION TO SET A NEW STRIKE PRICE FOR THE OUTSTANDING WARRANTS
We make it a priority to scout for, research, and acquire private companies that can deliver value to our loyal shareholders. Our process is careful and diligent, and we will persist in our efforts by acquiring operations that bring value to our portfolio or potential revenue to our bottom line.
GTII has a dedicated team of professionals that are on a continuous search tolook across various and diverse industry sectors to find potential partners. GTII is looking for synergies between the companies to uncover the best way to stimulate innovations and growth in an emerging business platform on a global stage.
Using all available communication tools to bring unknow businesses together to form a partnership with GTII. In the exploratory phase which follows the initial contact to find that common ground that is needed for GTII to assist in animating their business plans, through a joint venture, or stock purchase, to spinout on their own.
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GTII can assist private companies, through the incubation period, to become public companies in their own right and in good standing. There is a full disclosure of ideas, fact gathering and possibilities between both parties, and clearly defines all the information that is needed to take it from the exploratory discussion phase and move into the creative collaboration phase, which establishes the framework of the final working plan to get to the breakout phase and ultimately across the finished line.
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Once the hard work is done, there is a full review of the plan on how GTII will assist in taking this new partnership down the correct path to make sure that all the goals are met and there is a successful end. Then comes the preverbal “hand-shake”, and the partnership is formed
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Global Tech Industries Group, Inc. sets the stage and develops the assets to stimulate innovation and growth in cutting edge technologies and emerging businesses on a global basis. Our corporate mission is to facilitate, through the use of next generation technology, the delivery of alternative and innovative methods and systems that will lead to. Our corporate mission is to facilitate, through the use of next generation technology, the delivery of alternative and innovative methods and systems that will lead to healthier lifestyles and result in a more sustainable planet.
The shares were issued in accordance with the information of the holders. In some cases, if your shares were held in certificate form, your specific information was on file with the Transfer Agent, and the shares were therefore issued directly to you and should be in the records of the Transfer Agent.
If your shares are/were held at a brokerage firm at the time, then the shares were issued in accordance with how the shares appeared to be held, for example in “street name”. The procedures to resolve this matter will be directed through the brokerage firm, and you should check with the office there that handles such matters.
The Company’s counsel has provided a blanket opinion that addresses the dividend shares and has provided it to the Transfer Agent. If your shares are held by the Transfer Agent, then you need to contact the Transfer Agent in-order to move them where and how you wish.
If the shares are held in street name, you need to contact your broker and follow their procedures.
If your platform/broker is stating the shares of GTII are no longer trading on their platform, you need to contact their compliance/operations office and discuss the matter there. The company is not able to make decisions on their behalf, and such decisions are outside of the scope of the company’s authority.
Global Tech Industries Group is looking to expand their Board of Directors. If you feel that you have the qualifications and business background to sit on a Publicly Traded company's Board of Directors, please send your resume to info@ gtii-us.com