Global Tech Industries Group (OTCMKTS:GTII) has its eyes on a new AI tech agreement opportunity that has the potential to take the business to a whole new level.
Global Tech Industries Group announced on Tuesday that it has signed a non-binding and preliminary Memorandum of Understanding with AI Holdings, a private company based in San Juan, Puerto Rico, to commence the mutual due diligence process with the objective of negotiating a definitive agreement for the purchase of AI Group by GTII.
“AI Group is in the business of acquiring online brands and businesses that need additional resources and knowledge to get to the next level of sales and revenue.
AI Group uses technology and artificial intelligence to improve efficiencies at all stages of the direct-to-retail business.
It provides brands and businesses with the technical help and expertise they need to reach their full potential.
By collaborating with entrepreneurs to bring to market products that not only serve consumers but also contribute to the betterment of society, AI Group uses the scale of its operations to negotiate superior deals with suppliers, thus providing cost savings it can pass on to consumers.
The AI Group team is comprised of seasoned veterans in e-commerce, sourcing, logistics, digital marketing, and banking,” the press release read.
As we know, AI is the next big thing as tools such as ChatGPT prove to have a massive demand for its utility.
“Based on the report, this agreement aligns well with GTII’s mission of investing in emerging technologies that have significant growth potential.
The acquisition would be an opportunity for them to diversify their portfolio into the e-commerce space,” says CompsMag.
Other GTII News and Updates
Global Tech Industries Group, Inc. said in late May that it will be explaining illegal trading of its stock in the company’s latest lawsuit.
The Nevada corporation announced in February that its board of directors has authorized management to move forward with appropriate legal action in connection with what it believes to be illegal trading activity in the Company’s shares.
A document by Warshaw Burstein, LLP published in May writes to Judge Marrero regarding the exchange of letters between the plaintiff and defendant.
“The parties have exchanged letters regarding a potential motion to dismiss the Complained, filed March 13, 2023, and GTII now seeks to leave to file an amended complaint by July 7, 2023,” the letter stated.
“GTII intends to file an amended complaint that explains — with more clarity and specifically — the method, means, mechanics, and motivation of Defendant’s schemes to manipulate the share price of GTII’s common stock downward, as well as the manner through which such manipulation harmed GTII.
The additional time sought by GTII is necessitate by both the complexity of the claims, in order to fully address the issues raised by defendants in their pre-motion letter so that no further amendment will be necessary; and certain medical issues that I am currently experiencing and medical treatment that I expect to receive in the month of June.
We have met and conferred with counsel for defendants who don’t object and take no position on GTII’s request for leave to file an Amended Complaint by the proposed deadline.”
GTII stock is currently trading at $0.81 and is down more than -23% this year-to-date.
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