New York, NY, July 12, 2024 (GLOBE NEWSWIRE) -- (OTC: GTII) Global Tech Industries Group, Inc. (“GTII” or “The Company”), www.gtii-us.com, announced that the Company signed an employment agreement (the “Agreement”) on July 2, 2024 with Mr. Luke Rahbari appointing him as Chief Operating Officer. Pursuant to the terms of the Agreement, Mr. Rahbari shall assume the role of Chief Executive Officer effective as of August 1, 2024, subject to certain conditions as set forth in the Agreement and the approval by the Company’s board of directors.
Planning for this strategic initiative began in December 2023, when the Company first engaged Mr. Rahbari as a business consultant, tasked with, among other initiatives, constructing a viable succession plan for senior management aimed at positioning the Company for future success.
David Reichman, Chairman & CEO, stated, “We are thrilled to officially welcome Luke Rahbari to our team as Chief Operating Officer. With extensive experience and a proven track record of operational excellence, Mr. Rahbari brings invaluable expertise that will drive GTII’s growth and development. One of Mr. Rahbari’s key responsibilities will be to develop a comprehensive succession plan, ensuring a smooth and strategic transition for our management team in the future. This appointment underscores our commitment to long-term success and stability, and we are confident that Mr. Rahbari will play a pivotal role in achieving our strategic objectives.”
About GTII: GTII is incorporated in the State of Nevada, specializing in the pursuit of acquiring new and innovative technologies. For more information, please visit https://gtii-us.com/, and you may follow our Company at: www.otcmarkets.com/stock/GTII.
Please follow our Company at: www.otcmarkets.com/stock/GTII
Safe Harbor Forward-Looking Statements:
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 under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and are relating to the Company’s future financial and operating performance. All statements, other than statements of historical facts, included herein are “forward-looking statements” including, among other things, statements about the Company’s beliefs and expectations. These statements 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 (the “SEC”). Potential risks and uncertainties include, but are not limited to, risks discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on April 16, 2024, the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, filed with the SEC on November 14, 2023, and in the Company’s other filings with the SEC at www.sec.gov. 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.
511 Sixth Avenue, Suite 800
New York, NY 10011
Info@gtii-us.com
