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Global Tech Industries Group Inc (OTCMKTS: GTII) Surging Northbound as Short Covering Intensifies

Global Tech Industries Group Inc (OTCMKTS: GTII) was up over 50% on Thursday trading $7.5 million in dollar volume and hitting a high of $1.78 on the day….

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This article was originally published by Microcap Daily

Global Tech Industries Group Inc (OTCMKTS: GTII) was up over 50% on Thursday trading $7.5 million in dollar volume and hitting a high of $1.78 on the day. GTII is quickly becoming known as the OTC version of Gamestop or AMC with 1 short that is short a massive 100 million shares with little chance to cover here. The short needs GTII to trade 100s of millions of shares and there is little chance it will trade that kind of volume at current price levels. 

The buzz on GTII is quickly gaining traction as the stock posted its highest volume day in months on Thursday. There is little change the short will be able to cover such a massive position and once the upside momentum intensifies, they will be in serious trouble. The otc needs its very own AMC Gamestop type massive short covering rally. GTII OS is 257,463,289, 193,036,390 of which are restricted. With a rapidly growing shareholders list, investors are gearing up for a major fight. 

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Global Tech Industries Group Inc (OTCMKTS: GTII) sets the stage and develops the assets to stimulate innovation and growth in emerging businesses on a global basis. The company works across various and diverse industry sectors attempting to find potential partners and assisting them in animating their business plans. Although Global Tech’s staff is limited, it continues to monitor new developments and any emerging technologies that it deems in line with its stated mission as an early-stage company, of acquiring new and innovative technologies in diverse industries. With the acquisition of BAT, Global Tech acquired fifteen (15) intellectual properties pertaining to the construction of the mobile configuration and operation of the glyd-arc medical waste destruction unit, as well as an enhanced configuration and novel method for coal gasification. There is currently no use or activity involving the intellectual properties of the Company, and accordingly, there is no recorded value assigned to these assets. 

GTII is in the process of animating a digital platform, formed together with Alt5 Sigma, for the purpose of acquiring fine art and other collectibles that will be tokenized and eventually issued to its shareholders as Tokenized value dividends. This undertaking signifies a new and revolutionary method for offering value to GTII shareholders and as a way of participating in the shared ownership of fine art and collectibles using Non-fungible tokens. 

The Company acquired ‘Quatre femmes nues et tete sculptee’ by Pablo Picaso which executed in 1934 on Montval laid paper and published by A. Vollard, Paris, in 1939. It is signed in pencil, from the edition of 260 and numbered ‘347’ in the Henri Petiet inventory system in the lower left corner. Picasso’s signature can be seen in the lower right corner. This purchase will function as the cornerstone of GTII’s digital fine art and collectibles platform and be the first of several potential acquisitions. The move to purchase such a celebrated and valuable piece of fine art demonstrates GTII’s commitment to the digital platform undertaking. 

Earlier this year GTII announed in light of the apparent consistent naked short selling of the Company’s shares, including Monday’s high-volume short selling at the market close ( https://shortvolume.com/?t=gtii ), the Company has taken, and intends to take, certain actions in an attempt to protect the interests of our shareholders. First, the Company has contacted FINRA and requested that they fully investigate the matter. The Company intends to cooperate with FINRA in that regard. Second, the Company will be contacting market makers in the Company’s shares and requesting that each of them review (1) their quoting and trading activity in GTII to determine whether they have been engaging in “bona fide market making” and (2) their firm’s current policies and procedures to ensure they are sufficient to assess whether their firm’s quoting and trading activity in GTII comport with its “bona fide market making” obligations. 

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On September 14 GTII announced it has entered into a Share Exchange Agreement with Wildfire Media Corp. and the shareholders of Wildfire Media Corp. Wildfire Media is a legal marketing company in the business of supporting law firms with client acquisition research, data-driven marketing, media planning and analysis and client retention services. 

Under the terms of the agreement GTII will, at the closing, issue to the Wildfire Shareholders 100 million restricted common shares in exchange for all outstanding shares of Wildfire Media. The closing of the transaction is subject to customary conditions to closing, as well as certain conditions specific to the transaction, including, without limitation, Wildfire Media providing GTII with audited financial statements and GTII concluding a due diligence review that is satisfactory in all respects to GTII. 

The Wildfire Shareholders have a post-closing “earn-out” opportunity for 100 million additional restricted GTII common shares if Wildfire Media achieves $25 million in gross revenue, as well as $85 million in receivables. 

The Acquisition Shares and the Earn-Out Shares shall be subject to a lock-up agreement pursuant to which the Wildfire Shareholders agree not to sell or transfer the shares until the expiration of the 1-year buy-back period, except as may be otherwise provided in the lock-up agreement. TII intends to file a Current Report on Form 8-K regarding the Share Exchange Agreement, which will contain further details regarding the agreement. 

Wildfire Media licenses the 1-800-LAW-FIRM and other brands to a national network of law firms committed to protecting the rights of clients in areas as diverse as consumer protection, environmental hazards, civil rights, and criminal defense among other areas. Founded in 1996, Wildfire Media provides performance-based marketing and technology solutions that enable law firms to concentrate on what they do best. Wildfire Media has established a Legal Support Organization (LSO) so that law firms are equipped to combine advances in the latest technologies along with best operational practices, both provided by our LSO. 

David Reichman, Chairman and CEO of GTII stated, “When it comes to the potential impact to GTII and its shareholders of this long anticipated and negotiated agreement and partnership with Wildfire, I will say that this may be the most significant in the history of this company. We have been careful, we have been diligent, and we believe that this arrangement brings us closer than ever before to our long-stated goal of up listing to a national exchange, acquiring operations that bring substantial revenue to our bottom line, and delivering value to our shareholders at an entirely new level”.

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GTII rocketed up more than 50% on Thursday on just over $7.5 million in dollar volume as the stock is quickly becoming among the most talked about stocks in small caps. Currently there is a single short on GTII that is 100 million shares short and is about to be in serious trouble. The short needs GTII to trade 100s of millions of shares and there is little chance it will trade that kind of volume at current price levels. The buzz on GTII is quickly gaining traction as the stock posted its highest volume day in months on Thursday. There is little change the short will be able to cover such a massive position and once the upside momentum intensifies, they will be in serious trouble. The otc needs its very own AMC Gamestop type massive short covering rally. GTII OS is 257,463,289, 193,036,390 of which are restricted. With a rapidly growing shareholders list, investors are gearing up for a major fight. We will be updating on GTII when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with GTII.

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Disclosure: we hold no position in  GTII either long or short and we have not been compensated for this article

The post Global Tech Industries Group Inc (OTCMKTS: GTII) Surging Northbound as Short Covering Intensifies first appeared on Micro Cap Daily.

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