GlobalTech Corporation (OTC: GLTK), a U.S.-based technology holding company focused on artificial intelligence, big data, and emerging technologies, announced it has entered a definitive agreement to acquire a 51% interest in 123 Investments Limited, which operates as the premium UK footwear brand Moda in Pelle. The acquisition targets a company that generated approximately $37 million in net revenue last year, positioning it as a significant addition to GlobalTech's portfolio. According to the company, this transaction is expected to create a new revenue stream, enhance GlobalTech's operational presence in the United Kingdom, and improve e-commerce capabilities through the integration of its Thrivo AI technology. The closing of the deal is anticipated within the next 30 days, pending customary closing conditions.
The financial structure of the acquisition involves purchasing the majority stake through a combination of common stock and Convertible Series A Preferred Stock. This preferred stock is designed to convert to common stock upon the company's uplisting to the Nasdaq Capital Market or under other specified conditions, and it carries no dividends. CEO Dan Green stated that the acquisition aligns with GlobalTech's broader value-creation strategy and will facilitate the deployment of technology across both entities. This move underscores GlobalTech's approach to leveraging strategic investments to drive innovation and operational synergies in the digital economy.
For investors seeking detailed information, the full press release is available at https://ibn.fm/0LUTU. Additional news and updates related to GlobalTech are accessible through the company's newsroom at https://ibn.fm/GLTK. The announcement was distributed via AINewsWire, a specialized communications platform focusing on artificial intelligence advancements, which is part of the Dynamic Brand Portfolio at IBN. AINewsWire provides comprehensive corporate communications solutions, including press release enhancement and social media distribution, to help companies reach wide audiences. More details about their services can be found at https://www.AINewsWire.com, with full terms of use and disclaimers available at https://www.AINewsWire.com/Disclaimer.
