Gold Transactions International, Inc. (“GTI”), with the assistance of a private network, purchases gold from artisan miners throughout the world and transports, assays, refines and sells the gold in the DMCC, a free trade zone in Dubai. This private network of security firms and gold buyers provides GTI with access to small gold operations in the regions within reasonable shipping distance to Dubai. GTI’s private network entities are members of the DMCC, giving them access to multiple refineries and secured gold vaults. It is worth noting that he DMCC processes and trades one fourth of the world’s gold supply.
On February 28, 2021, the Company signed a binding stock purchase agreement with GTI, a privately held Utah corporation. GTI acquired a license from a private Nevada Corporation which operated, via a joint venture, in the business of buying and selling gold on a global basis through a private network of companies. The license agreement gives GTI access to the private network, and an exclusive right to market and promote the gold buy/sell program to expand the buying power of the network. On June 1, 2022, the Company and GTI signed an amendment to the stock purchase agreement that allowed the transactions contemplated in the Agreement to close and GTI is currently a wholly owned subsidiary of the Company.