Global Tech Industries Group, Inc. Bids $100 Million in Stock for Acquisition of Creatd

Published on January 09, 2023

New York, NY, Jan. 10, 2023 (GLOBE NEWSWIRE) -- (GTII: OTCQB) Global Tech Industries Group, Inc. (“GTII”), and Creatd, Inc. (CRTD: OTCQB) ("CRTD"), today announced that they have executed a binding Letter of Intent (“LOI”) regarding the acquisition of Creatd by GTII for $100 million of GTII restricted shares of common stock. Final acquisition terms will be subject to due diligence, regulatory approval, and approval of the boards and shareholders of both parties. As part of the LOI, Creatd has committed to a 30- day halt to any discussions with other potential acquirers. As due diligence and negotiations continue, Creatd intends to complete the spinoff of its media subsidiary, OG Collection Inc.

Commenting on the bid for Creatd Inc, GTII chairman David Reichman said, “We have always been committed to acquiring innovative technology. Creatd’s flagship product, Vocal, is a homebase to the creative community and a scalable business model that we believe is a big step forward in a broader strategy to increase shareholder value.”

Chairman and CEO of Creatd, Jeremy Frommer added, “There are two elements to this merger, fundamental and technical. The opportunity to advance the Creatd business model and scale revenues coupled with the unique technical position we find our two public companies in, is a momentous opportunity. At the time of closing of any proposed transaction, GTII share delivery to Creatd shareholders will only occur in instances of registered ownership with the transfer agent or DTC."

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