New York, NY, Dec. 27, 2022 (GLOBE NEWSWIRE) —
: OTCQB) Global Tech Industries Group, Inc. (“
, and Creatd, Inc. (CRTD: OTCQB) (“Creatd”), today announced that they have formally begun discussions to explore synergies, including a potential merger. Final agreements will be subject to financing, due diligence, breakup fees, and regulatory approval, as well as by the boards and shareholders of both parties. Both companies expect that their stocks will be retired and exchanged for shares in a NewCo with a new CUSIP, with the intent to eventually be listed on a national exchange. Creatd intends on completing its spinoff of its media subsidiary OG Collection Inc. GTII remains committed to its acquisition of 1-800-Law-Firm (“1-800”), pending due diligence and 1-800’s audit.
CRTD Chairman and CEO Jeremy Frommer
, “I believe we have a compelling opportunity to combine these two companies. I am particularly excited by the idea that this may be a unique situation where, both technically and fundamentally, the whole is greater than the sum of its parts. I look forward to working with David and his team.”
“We view this potential combination as a bold move toward creating more value for our shareholders. Jeremy and his team bring the knowledge and wherewithal to help GTII meet its long stated goal of being listed on a national exchange.”
Creatd, Inc. (OTCQB: CRTD) is a company with a mission to provide economic opportunities to creators and brands by multiplying the impact of platforms, people, and technology. Creatd’s pillars work together to create a flywheel effect, supporting our core vision of creating a viable and safe ecosystem for all stakeholders in the creator economy.
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GTII is a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.
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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.
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Global Tech Industries Group, Inc.
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