We SuperGreen Energy Corp cancelled the acquisition of Global Tech Industries Group, Inc. in a reverse merger transaction.
January 30, 2022
Share
We SuperGreen Energy Corp entered into a binding letter of intent to acquire Global Tech Industries Group, Inc. (OTCPK:GTII) in a reverse merger transaction on July 30, 2021. We SuperGreen Energy Corp entered into definitive letter agreement to acquire Global Tech Industries Group, Inc. on August 23, 2021. The shareholders of WSGE will become the majority shareholders of GTII, owning that amount of newly-issued common stock of GTII to be mutually-agreed upon by the parties and memorialized in a stock purchase agreement. Under the terms of letter of intent, GTII and WSGE will work toward a definitive agreement whereby GTII would acquire 100% of WSGE for a mutually agreed upon number of shares of GTII's common stock. WSGE becoming a wholly-owned subsidiary of GTII at the closing of the transaction. The letter of intent will automatically terminate if a definitive agreement is not entered into within thirty days after the date of the letter of intent. The conditions for WSGE include the completion of a 2 year audit of WSGE, written verification of a substantial bona fide purchase order contract in an amount of no less than $50 million dollars, by a customer, awarded to SuperGreen, a substantial cash deposit by the customer to GTII's satisfaction, transfer of patents and other legal approvals. The transaction will be mutually beneficial for GTII and WSGE and their respective shareholders. The Closing is subject to customary and specific terms and conditions contained in the Letter Agreement. The transaction closing will occur on or before December 30, 2021.
We SuperGreen Energy Corp cancelled the acquisition of Global Tech Industries Group, Inc. (OTCPK:GTII) in a reverse merger transaction in January 2022.
Global Tech Industries Group, Inc. specializes in the pursuit of acquiring new technologies. The Company works across various and diverse industry sectors, attempting to find partners and assisting them in animating their business plans or facilitating them, through joint venture, or stock purchase, to spin out on their own. It also assists private companies, through incubation, to become public companies in their own right and in good standing. Its portfolio includes Classroom Salon and Gold Transaction International. Classroom Salon uses interfaces, workflows, and algorithms, providing a tool to author, deploy, teach, and assess school courses, seminars, and other study groups and then integrates them with other learning platforms at many educational levels. Gold Transaction International with the assistance of a private network, purchases gold from artisan miners throughout the world and transports, assays, refines and sells the gold in the Dubai Multi Commodities Centre (DMCC).