NEW YORK, NY, June 14, 2024 (GLOBE NEWSWIRE) — (OTC: GTII) Global Tech Industries Group, Inc. (“GTIIGTII (www.gtii-us.com) today announced that GTII's management is taking action in response to certain recent social media activity regarding short positions and other trading activity in the company's securities.
In this regard, GTII has filed a Freedom of Information Act (FOIA) request with the U.S. Securities and Exchange Commission regarding backtesting fees that the National Securities Clearing Corporation (NSCC) has indicated it will impose on Alpine Securities in connection with GTII's concentrated short positions, and GTII has also been in contact with the NSCC regarding this matter.
Luke Ravalli, Chief Operating Officer “GTII's management remains unwavering in its commitment to safeguarding shareholder interests and driving sustainable value creation. Our management is committed to implementing strategic initiatives and sound governance practices that will ensure long-term growth and profitability. We would like to reiterate to all shareholders that GTII's management takes the integrity of GTII's trading activities very seriously. Management is committed to upholding the highest standards of compliance and transparency. If there are any indications of trading activities that are not in line with regulatory requirements, the Company will take immediate and thorough measures to investigate and address such matters. Ensuring fair and compliant trading practices is paramount to maintaining the trust and confidence of our shareholders and the market.”
About GTII: GTII is a publicly traded company incorporated in Nevada that specializes in acquiring new and innovative technologies. For more information, please visit https://gtii-us.com/. You can also follow us at: www.otcmarkets.com/stock/GTII
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This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company's future financial and operating performance. All statements contained herein, other than statements of historical fact, are “forward-looking statements” and include, among other things, statements regarding the Company's beliefs and expectations. These statements are based on current expectations, projections and assumptions that involve risks and uncertainties that may cause actual results and outcomes to differ materially from those anticipated or expected, including statements regarding the Company's financial performance, expected earnings, dividends and the amount and timing of expected earnings related to future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in the Company's filings and reports with the U.S. Securities and Exchange Commission (“SEC”). Actual results and the timing of certain events may differ materially from those anticipated or anticipated in the forward-looking statements due to a number of factors described from time to time in filings with the SEC. We may not be able to sustain growth or achieve profitability due to many factors, including, among others, the risk that we will not be able to find and acquire businesses and assets that will enable us to generate revenues. Potential risks and uncertainties include, but are not limited to, the risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 16, 2024, our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, filed with the SEC on November 14, 2023, and our other filings with the SEC available at www.sec.gov. We have incurred and will continue to incur significant expenses during the development phase, and there can be no assurance that we will generate sufficient revenues to offset these expenses, either in the near or long term. New lines of business may expose us to additional legal and regulatory costs and unknown risks, 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
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