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.
formerly known as Tree Top Industries, Inc. (OTC: TTII), a Nevada
corporation, executed a stock purchase agreement (the Agreement),
which was signed and closed in Hong Kong, with GoFun Group, Ltd.
through its wholly owned subsidiary Go F B Holdings, Ltd. GoFun
Group, Ltd. is a privately held company running a casual dining
restaurant business, based in Hong Kong. to the Agreement, GTII
acquired all of the issued and outstanding capital stock of of
Sky Sovereign (FB) Ltd., Heartful Blessing Catering Investment
Ltd., Shichirin Food Beverage Corporation Ltd. and Go Inside
Kitchen Ltd. for up to 73% of the issued and outstanding shares
of GTII.
outstanding capital stock of Sky Sovereign (FB) Ltd., Heartful
Blessing Catering Investment Ltd., Shichirin Food Beverage
Corporation Ltd. and Go Inside Kitchen Ltd. Sky Sovereign (F B),
Ltd. is located in a shopping mall near a large stadium where
events are held on a regular basis. This business is dependent to
a large extent on the traffic around the stadium on any given
day. The Heartful Blessing Catering Investment Ltd. property is
located in To Kwa Wan which is a residential district with some
offices nearby. This is a traditional Hong Kong >
Go FB Holdings Ltd. (the Seller), a subsidiary of GoFun Group,
Ltd., for 10% of the issued and outstanding shares of common
stock of GTII, as of December 30, 2016. Additionally, the Seller
may acquire up to an additional 63% of the issued and outstanding
shares of common stock of GTII as of December 30, 2016, if
certain thresholds, as described in Exhibit 10.1, are met.
| Exhibit No. | Document Description | |
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10.1
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Stock Purchase Agreement, dated December 30, 2016, by and
among Global Tech Industries Group, Inc. through its subsidiary GT International, Inc. and GoFun Group, Ltd., through its subsidiary Go F B Holdings, Ltd. |
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11.1
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Audited Financial Statements of the Acquired Entities for
the Years ended December 31, 2015 and 2014, and Unaudited Financial Statements of the Acquired Entities for the Period ended September 30, 2016 |
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. GLOBAL TECH INDUSTRIES GROUP, INC. (OTCMKTS:GTII) Recent Trading Information
GLOBAL TECH INDUSTRIES GROUP, INC. (OTCMKTS:GTII) closed its last trading session up +0.180 at 0.590 with 28,955 shares trading hands.