Global Tech Industries Group, Inc to attempt to enforce rights in contract dispute with Hong Kong partner
22 Maio 2017 - 11:00AM
Marketwired
Global Tech Industries Group, Inc to attempt to enforce rights
in contract dispute with Hong Kong partner
NEW YORK, NY-(Marketwired - May 22, 2017) - GLOBAL TECH
INDUSTRIES GROUP, INC. (OTC PINK: GTII), a Nevada Corporation Inc.,
and its subsidiary G T International Group, Inc., having previously
executed a binding Stock Purchase Agreement on December 30, 2016 to
acquire 100% of Go F & B Holdings, Ltd., a Hong Kong SAR
Corporation and a subsidiary of GoFun Group, Ltd. Corporation, (a
BVI Corporation), have been forced by the actions of the management
of Go F & B Holdings Ltd to file suit in the United States
District Court for the Southern District of New York, case #
17-CV-03727, (https://goo.gl/Js7HYa) in regard to the contract
entered into on December 30, 2016. GTII's suit specifically
addresses the issues of contract breach, specific performance,
indemnification and fraud.
At the time of entering the contract, Go F & B Holdings
Ltd., purported to own and operate three restaurants, and a Central
Kitchen for an Online-to-Offline food delivery business. Cheung Yee
Man, Elaine a/k/a Elaine Cheng and, Tam Yiu Chuen a/k/a Sam Tam on
behalf of unnamed "unit shareholders", executed and signed the
Agreement on December 30, 2016 at their corporate offices in the
Austin Tower in Hong Kong SAR. A senior member of their staff, Fong
Yat Sing, Vitus, a/k/a Victor Fong, also signed the agreement, as
did the Chairman of Global Tech, Mr. David Reichman. Fong Yiu Yuen,
Joseph a/k/a Joseph Fong, the project leader throughout the
acquisition & negotiation was also present, as well as Angie
Liu, executive assistant to Sam Tam, and witnessed the execution of
the agreement, but was not a signatory.
Go F&B ceased making payments under the agreement in
February, 2017 and has not been heard from since that time, at
which time several demands were made by GTII relating to the
matter. Go F&B's failures include not complying with document
and corporate material production, failing to provide consolidated
financial information, and not complying with the payment schedule
laid out in the agreement. Finally, Go F & B did not submit for
inclusion in GTII's filings the 2016 PCAOB compliant audit as
stipulated, which resulted in GTII having to file its annual report
Form, 10-K without Go F & B's numbers.
GTII's counsel, Warren R. Markowitz, Esq at The Markowitz Law
Firm intends to aggressively pursue all remedies at its disposal,
and available to it in this matter.
http://www.WarrenMarkowitzEsq.com
GLOBAL TECH INDUSTRIES GROUP, INC. is a publicly traded holding
company, with subsidiaries and affiliates that hold intellectual
properties, proprietary systems, and trade secrets in the
bioscience, clean tech, and global health technologies, as well as
previous interests in the Oil & Gas businesses.
This press release includes "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. In addition to statements which explicitly describe such
risks and uncertainties, readers are urged to consider statements
labeled with the terms "believes", "belief", "expects", "intends",
"anticipates", "will", or "plans" to be uncertain and forward
looking. The forward-looking statements contained herein are also
subject generally to other risks and uncertainties that are
described from time to time in the company's reports and
registration statements filed with the Securities and Exchange
Commission.
For more information on GLOBAL TECH contact: Mr. Mike King
Princeton Research Inc. 702.650.3000 mike@princetonresearch.com
Global Tech Industries (PK) (USOTC:GTII)
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