Global Tech Industries Group, Inc. (OTCPK:GTII) signed a non-binding Letter of Intent to acquire Wildfire Media Corp. on March 9, 2022. Global Tech Industries Group, Inc. entered into a Share Exchange Agreement to acquire Wildfire Media Corp.

for $270 million on September 4, 2022. 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 Wildfire Shareholders have a post-closing “earn-out” opportunity for 100 million additional restricted GTII common shares (the “Earn-Out Shares”) if Wildfire Media achieves $25 million in gross revenue, as well as $85 million in receivables.

The expectation is for GTII to acquire a 100% interest in Wildfire Media Corp for a yet-to-be-determined number of the company's common shares, and subject to a verification of assets, and liabilities, as well as a PCAOB-compliant audit of Wildfire Media Corp books for the calendar years ending December 31, 2021 and December 31, 2020, as well as other mutual due diligence, and a proposed business plan with its related budget in a form sufficient to GTII. A definitive purchase agreement is anticipated within 90 days. The acquisition is expected to be mutually accretive.

Global Tech Industries Group, Inc. entered into a term sheet with Wildfire Media Corp. on May 23, 2022. Pursuant to the term sheet, the parties are anticipating a purchase price of $100-$120 million for a 100% interest in Wildfire Media, which would be paid in restricted shares of GTII common stock once a third-party valuation has been obtained.

Wildfire Media will pay for and provide an audit of its books for the periods ended December 31, 2020, December 31, 2021, and all applicable stub periods, which complies with PCAOB requirements and is acceptable to GTII as a closing condition. 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. Extends closing date to March 31, 2023.

UHY, LLP acted as accountant to Global Tech Industries Group, Inc.