New York, NY, Sept. 09, 2021 (GLOBE NEWSWIRE) — Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that its Board of Directors has approved the evaluation of a full spin-off of its health services subsidiary, Global Tech Health, Inc.
Bronx Family Eyecare, Inc., which is engaged in the business of full-scope optometry with 4 retail locations and a fabrication facility in New York City, My RetinaDocs LLC, which is the developer and operator of a HIPAA-compliant telemedicine software as a service (SaaS) company enabling on-site and off-site testing in optometric and ophthalmic examinations , and Eyecare and Eyewear Inc., which is a mobile testing solution company geared towards diagnosing diseases of the eye will become subsidiaries of Global Tech Health upon consummation of their acquisition agreements with GTII and prior to the spin-off.
The intended spin-off dividend would be made to GTII shareholders on a pro-rata basis, as of a to-be-determined record date, with each shareholder receiving one share of Global Tech Health for each share of GTII held, as of the record date. The Company also intends to cause Global Tech Health to register its shares with the SEC.
David Reichman, CEO of GTII, commented, “As we continue to evaluate the Company’s various transactions, we believe the Company would operate more efficiently if Global Tech Health pursues a separate and industry-specific strategy that will allow it to focus its resources wholly on its market sector, establish its own distinct investment identity, and align its risk-profile to its specific operations. We believe spinning-off Global Tech Health accomplishes these goals and offers our shareholders an opportunity to participate in any increased value in Global Tech Health that may result from doing so.” Reichman added “Management will continue to evaluate the various business sectors in which the Company is engaged, including emerging internet technologies held and developed by Ludicrous, Inc., as well as waste disposal technology held in BioEnergy Applied Technologies, Inc. We believe they may best be monetized by spinning them out privately to our shareholders.”
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.
Mike King
Princeton Research, Inc.
3887 Pacific Street, Las Vegas, NV
702.338.2700