Global Tech Industries Group Inc (GTII)

[Wobby]

GLOBAL TECH INDUSTRIES GROUP, INC. SUBMITS PROSPECTUS SEEKING TO REGISTER 26,000,000 CRYPTOCURRENCY TOKENS FOR DIVIDEND DISTRIBUTION OF FINE ART HOLDINGS

https://finance.yahoo.com/news/global-tech-industries-group-inc-004400354.html

New York, NY, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today it has submitted, to the Securities and Exchange Commission (the “SEC”), a FORM S-1 registration statement which, if approved, would allow the Company to distribute up to 26,000,000 newly minted and registered cryptocurrency tokens as a dividend to GTII shareholders.

Pending SEC approval, the Company would mint 1,000,000,000 cryptocurrency tokens (the “GFT Token”) on the Solana blockchain using the Solana Simple Ledger Protocol (“SLP”) token specification. The GFT Token will then be distributed as a dividend to its shareholders at a rate of one (1) GFT Token for every ten (10) shares of GTII common stock beneficially held as of a yet-to-be-determined record date.

The GFT Token, whose value would be pegged to the value of GTII’s fine art collection, will be distributed from GTII’s digital wallet directly to the digital wallets of eligible shareholders. The Company will retain all balance of the undistributed GTII Token in its digital wallet for future use.

GTII’s Chief Executive Officer, David Reichman, stated “This project has been in development for the last several months, but unlike other endeavors that have demanded our attention within the framework of a quick turnaround, this one has required a different, more laser-like kind of focus and attention. I am proud of the grit and tenacity exhibited by our technical team, as well as management and our other service providers who have brought this effort to this point. The learning curve was very steep, to say the least, and the job done by the entire team is something I’m very proud of. “