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.
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