GLOBAL TECH INDUSTRIES GROUP, INC. ANNOUNCES SIGNING OF LETTER OF INTENT WITH CLASSROOM SALON

Rhea-AI Summary

Global Tech Industries Group (OTCQB: GTII) announced a non-binding Letter of Intent (LOI) to acquire Classroom Salon (CS). This acquisition aims to integrate CS's educational technology, which simplifies course management and enhances online discussions through innovative algorithms and interfaces. CS also plans to incorporate blockchain technologies, including digital IDs and NFTs. CEO David Reichman expressed confidence in the potential synergies between GTII and CS, while CS's founder highlighted the importance of technology in enhancing online education.

Positive

• GTII signed a non-binding LOI to acquire Classroom Salon, potentially expanding its technology portfolio.
• Classroom Salon's platform offers innovative tools for educational course management and online discussions.

Negative

• Acquisition is non-binding and may not lead to a finalized deal.
• Financial performance uncertainties exist as GTII is still in the development stage.

New York, NY, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation that seeks to acquire new and innovative technologies in diverse industries, announced today that it has signed a non-binding Letter of Intent (“LOI”) with Classroom Salon, (“CS”), www.classroomsalon.com a limited liability company organized under the laws of the state of Pennsylvania. The intent of the LOI is to work to define the terms of an acquisition of the outstanding equity of CS by GTII, which would include all of CS’ assets and liabilities as set out in the agreement.

CS uses interfaces, workflows, and proprietary algorithms, providing a tool to author, deploy, teach, and assess school courses, seminars and other study groups and then integrates them with other learning platforms at many educational levels. It has created a new environment for managing the complexities of online discussions, as its platform has comprehensive dashboards and can provide visualizations of community-driven annotation around semantic similarities. Further, the technology can also facilitate capturing and indexing video and text from any source to make for easy retrieval and collaboration between multiple partners and platforms.

CS is also looking to build out a roadmap for incorporating various blockchain technologies, like student digital IDs and NFTs as proof of certifications, into the software.

David Reichman, Chairman and CEO of GTII stated, “Classroom Salon is one of those rare opportunities that a company like ours will always endeavor to engage with, even if the learning curve is initially a steep one. Our technical team has already put together a plan to study the synergies between CS’ learning platforms and the blockchain technologies we have been working with for some time now. I am confident that our team can find a way to create something new and brilliant from this potential union.”

Dr. Andy Gunawardena, Founder, Chief Scientist and Chief Technology Officer, former Computer Science Professor at CMU and Princeton added, “Classroom Salon combines the power of human annotation and technology to provide amazing insights into our group thinking and enable context-rich deep online conversations”

Please follow our Company at: www.otcmarkets.com/stock/GTII
Please visit the Company website at: www.gtii-us.com
Please visit Classroom Salon at: www.classroomsalon.com

Safe Harbor Forward-Looking Statements:

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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Mike King
Princeton Research, Inc.
3887 Pacific Street, Las Vegas, NV
702.338.2700

FAQ

What is the recent LOI signed by GTII about?

GTII signed a non-binding Letter of Intent to acquire Classroom Salon, aiming to integrate its educational technology.

What technologies does Classroom Salon utilize?

Classroom Salon uses proprietary algorithms and interfaces to manage online courses and discussions.

How does GTII intend to utilize Classroom Salon's technology?

GTII plans to explore synergies between Classroom Salon's educational tools and its own blockchain technologies.

What are the potential risks associated with GTII's acquisition of Classroom Salon?

The acquisition is non-binding and there are uncertainties regarding GTII's financial performance during development.