New York, NY, Oct. 05, 2021 (GLOBE NEWSWIRE) — Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation that seeks to acquire new and innovative technologies in diverse industries, announced today that it has signed a non-binding Letter of Intent (“LOI”) with Classroom Salon, (“CS”), www.classroomsalon.com a limited liability company organized under the laws of the state of Pennsylvania. The intent of the LOI is to work to define the terms of an acquisition of the outstanding equity of CS by GTII, which would include all of CS’ assets and liabilities as set out in the agreement.
CS uses interfaces, workflows, and proprietary 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. It has created a new environment for managing the complexities of online discussions, as its platform has comprehensive dashboards and can provide visualizations of community-driven annotation around semantic similarities. Further, the technology can also facilitate capturing and indexing video and text from any source to make for easy retrieval and collaboration between multiple partners and platforms.
CS is also looking to build out a roadmap for incorporating various blockchain technologies, like student digital IDs and NFTs as proof of certifications, into the software.
David Reichman, Chairman and CEO of GTII stated, “Classroom Salon is one of those rare opportunities that a company like ours will always endeavor to engage with, even if the learning curve is initially a steep one. Our technical team has already put together a plan to study the synergies between CS’ learning platforms and the blockchain technologies we have been working with for some time now. I am confident that our team can find a way to create something new and brilliant from this potential union.”
Dr. Andy Gunawardena, Founder, Chief Scientist and Chief Technology Officer, former Computer Science Professor at CMU and Princeton added, “Classroom Salon combines the power of human annotation and technology to provide amazing insights into our group thinking and enable context-rich deep online conversations”
Safe Harbor Forward-Looking Statements:
This press release may contain forward looking statements that are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to the risk that we will not be able to find and acquire businesses and assets that will enable us to become profitable. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings. We have incurred and will continue to incur significant expenses in our development stage, noting that there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. New lines of business may expose us to additional legal and regulatory costs and unknown exposure(s), the impact of which cannot be predicted at this time.
Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,” “objective,” “likely” or similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of this press release. Unless legally required, we undertake no obligation to update, modify or withdraw any forward-looking statements, because of new information, future events or otherwise.
Princeton Research, Inc.
3887 Pacific Street, Las Vegas, NV