New York, NY, Dec. 18, 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 executed a member unit purchase agreement to acquire 100% of Classroom Salon Holdings, LLC (“Classroom Salon Holdings”). GTII and Classroom Salon Holdings’ affiliate Classroom Salon, LLC (“Classroom Salon”) had previously extended the execution date for a definitive purchase agreement to December 30, 2021.
Classroom Salon Holdings is a Delaware limited liability company formed for the purpose of acquiring Classroom Salon, LLC. The acquisition is expected to occur within thirty (30) days. Classroom Salon utilizes interfaces, workflows and algorithms that offer educators unique tool sets to teach and assess course work. The software was developed in partnership with Carnegie Mellon University.
Classroom Salon’s software uses algorithms aimed at observing and understanding students’ reactions as they study materials. Analyzing 180 different actions such as mouse scrolling, time spent reading certain passages, clicks and many of the custom interface tools such as highlighters. The results are analyzed and provide educators a tool in understanding students’ areas of interest and areas which students need more educational focus.
In consideration of the acquisition of Classroom Salon Holdings, GTII will issue ten million (10,000,000) shares of the Company’s common stock.
David Reichman, Chairman of GTII stated “The signing of this agreement means something very personal to me, both as Chairman and a long-standing shareholder in the Company. Our management team has been able to combine and synergize our obligation to ‘work smart’ for our shareholders with our desire to ‘do good’ on their behalf. These new workflows will allow students from anywhere, even those with limited means, to access some of the latest learning tools and technologies on the horizon today. I believe this is a great day for GTII.”
Tommy Wang, Managing Member on Behalf of Classroom Salon holdings, added, “We believe in David and GTII’s ability to take our many years of development to the next level. The consideration of common stock is evidence of our conviction in GTII. Together we can create a shift in both GTII as well as the American educational environment.”
About Global Tech Industries Group, Inc.: GTII, a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.
Please follow our Company at: www.otcmarkets.com/stock/GTII
Safe Harbor Forward-Looking Statements:
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.
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.
Princeton Research, Inc.
3887 Pacific Street, Las Vegas, NV
The content is by GlobeNewswire. DKODING Media is not responsible for the content provided or any links related to this content. DKODING Media is not responsible for the correctness, topicality or the quality of the content.