New York, NY, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) ("GTII" or the "Company"), , a Nevada corporation, announced today that it has entered into a Share Exchange Agreement with Wildfire Media Corp. ("Wildfire Media") and the shareholders of Wildfire Media Corp. (collectively, the "Wildfire Shareholders"). 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 (the "Acquisition 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 (the "Earn-Out 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.
GTII intends to file a Current Report on Form 8-K regarding the Share Exchange Agreement, which will contain further details regarding the agreement.
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".
Ari Kresch, Chief Executive Officer, and Founder of Wildfire Media stated, We are excited to be joining the GTII family of progressive companies that share our vision of making quality legal services more efficient and accessible to the public. It is our opinion that the legal industry has been dominated by law firms' self-interest for over 100 years, rather than deploying tried and tested business models used in other regulated industries such as medicine and dentistry. It's been an exciting couple of months working with David and his team as we look forward to being an integral part of the team that brings our vision of a national Legal Support Organization (LSO) to life.
About Wildfire Media Corp.:
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.
About Global Tech Industries Group, Inc.:
GTII is a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies. Visit GTII here
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