Global Tech Industries Group, Inc. (OTCMKTS:GTII) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On March 21, 2021, Global Tech Industries Group, Inc., (“GTII” or the “Company”), a Nevada corporation, signed a binding, letter agreement (the “Agreement”) with Bronx Family Eye Care, Inc. (“BFE”), a New York corporation, engaged in the business of full scope optometry at its four primary locations, three of which are in the Bronx, one of which is in Manhattan, New York, as well as at a fabrication facility in the Bronx. The Agreement was signed and closed electronically on March 21, 2021. The two companies agreed to engage in a business combination such that BFE will become a wholly owned subsidiary of GTII, and the shareholders of BFE (the “BFE shareholders”) will acquire two million six hundred fifty thousand (2,650,000) shares of the common stock of GTII (the “GTII Common Stock”), subject to the terms and conditions set forth in the Agreement herein. Further, the completion of a two-year audit of BFE, inclusive of the starting balance sheet as of January 1, 2021 (the “Audited Financial Statements”), by an auditor that is subject to the public corporation accounting oversight board (“PCAOB”), acceptable to GTII shall be a condition precedent to GTII’s obligation (but not to BFE’s obligation) to Close the Transaction, waivable by GTII in its sole and absolute discretion. As such, this Agreement is legally binding on the parties and will be in full force and effect as of the date on which it is executed by duly authorized representatives of both GTII and BFE. This definitive, binding Agreement is intended by both parties to close within thirty (30) days of the date by which the Agreement was executed.
Item 2.01 Completion of Acquisition or Disposition of Assets.
Reference is hereby made to Item 1.01 for description and copy of the Agreement.
Item 9.01 Financial Statements and Exhibits.
|Letter Agreement, dated March 21, 2021 by and between Global Tech Industries Group, Inc. and Bronx Family Eye Care, Inc.|
|Page of 4|
About Global Tech Industries Group, Inc. (OTCMKTS:GTII)
Global Tech Industries Group, Inc., formerly Tree Top Industries Inc., is a development-stage company. The Company is engaged in acquiring companies and technologies using various business paradigms, including exchange of stock, joint venture and other partnership configurations. The Company is involved in producing oil from its oil and gas operations in the State of Kansas. The Company holds working interest in the Ownbey Oil and Gas leases in Chautauqua County Kansas. The lease has approximately 13 working wells out of a total of over 30 wells. The Company owns intellectual properties pertaining to the construction of the mobile configuration and operation of the glyd-arc medical waste destruction unit, as well as configuration and method for coal gasification. Its subsidiaries include NetThruster, Inc., BioEnergy Applied Technologies Inc., GoHealthMD, Inc., MLN, Inc., Eye Care Centers International, Inc., TTI Strategic Acquisitions and Equity Group, Inc. and TTII Oil & Gas, Inc.