New York, NY, Oct. 30, 2022 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced today that it received an inquiry from FINRA regarding the chronology of events leading up to its recent announcement, on September 27, 2022, to lower the strike price for its outstanding Warrants, distributed last year. GTII decided against lowering the price three days later after it became apparent that its perceived value to its shareholders was incorrect and that the new strike price, which could restrict new shares for another six months, might be punitive to them. GTII received notice of the inquiry from FINRA, via an email to the Chairman, Mr. David Reichman, on October 20, 2022. The Company worked diligently to answer the inquiry in a timely manner and was able to complete the upload of information on Friday, October 28, 2022.
The Company also wanted to inform its shareholders that Wildfire Media Corp (“Wildfire”) has retained UHY Advisors, LLP, a PCAOB auditing firm based in Sterling Heights MI, to commence the required two-year PCAOB audit. The audit is a due diligence closing condition for the acquisition of 1-800-Law-Firm (“1-800”) to move forward. Wildfire hopes to be finished before the end of the year.
Ray Bonkowski, Chief Operating Officer of 1-800-Law-Firm (“1-800”) stated, ‘We are almost finished with the updates and adjustments required for the audit to be completed in good order. 1-800 has been on the move this fall, attending the Mass Torts Made Perfect Conference in October, one of the biggest such conferences in our industry, where we met with our existing client base as well as several new prospects and potential clients. We came back ready to finalize our 2023 budget, as we updated our current agreements and brought home a number of new ones. We are beginning to work on our conference schedule for 2023 and believe we are well positioned to have our most successful year yet’.
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/.
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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