New York, NY, May 26, 2022 (GLOBE NEWSWIRE) — Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that it has entered into a term sheet with Wildfire Media Corp., owner of the 1-800-LAW-FIRM brand (“Wildfire Media”), which outlines certain additional terms of the proposed acquisition of Wildfire Media by GTII.
Pursuant to the term sheet, the parties are anticipating a purchase price of $100-$120 million for a 100% interest in Wildfire Media, which would be paid in restricted shares of GTII common stock once a third-party valuation has been obtained. Wildfire Media will pay for and provide an audit of its books for the periods ended December 31, 2020, December 31, 2021, and all applicable stub periods, which complies with PCAOB requirements and is acceptable to GTII as a closing condition.
Definitive agreements are expected following GTII’s review of Wildfire Media’s updated and audited financial statements for the applicable periods and completed its due diligence.
David Reichman, Chairman and CEO of GTII stated, “When we started our discussions with Wildfire Media and 1-800-LAW-FIRM back in early March, we saw an opportunity to partner with an organization in the business of further expanding access to individuals, small businesses and other going concerns in need of legal advice and support; fast forward to today and I can see that 1-800-LAW-firm is developing a keen understanding of what it takes to partner with a public entity such as GTII, who can provide them the expertise, experience and public access that should support their continued growth and expansion.”
Ari Kresch, Chief Executive Officer and Founder of Wildfire Media/1-800-LAW-FIRM stated, “We have made progress this year in multiple areas, including the due diligence process with GTII, and we remain confident in the long-term opportunities and growth that we believe our Legal Service Organization model will unlock. Our group continues to expand our range of services offered to our client law firms across the country. We provide a range of services to our client firms.”
About Wildfire Media Corp./1-800-LAW-FIRM:
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About Global Tech Industries Group, Inc.: 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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