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SANTA MONICA, Calif., Oct. 07, 2019 (GLOBE NEWSWIRE) -- GBT Technologies Inc. (OTC PINK: GTCH) ("GBT”, or the “Company”), a company specializing in the development of Internet of Things (IoT) and Artificial Intelligence (AI) enabled networking and tracking technologies, including its GopherInsight™ wireless mesh network technology platform for both mobile and fixed solutions, announced that it has concluded a sale of its ECS Prepaid Financial Services business.
GBT is a technology company that also monetizes buying and selling platforms which assist in funding and advancing the Company’s core technologies.
The sale of ECS platform will allow GBT to focus its resources on the technological and patented and patent-pending technology platform highlighted by its GopherInsight, gNET Wireless Mesh Network platform and its Avant! AI management system.
"It is still our strategic goal to launch our world-class products and software with a focus on organic growth as well as growth through strategic customer partnerships and merger and acquisition activity. The sale will allow our human resources to focus on the license of our core technology to third parties, as we began with the announced GuardianOrb pet-tracking technology agreement with our partner Shadalane,” said Douglas Davis, GBT’s Chief Executive Officer. “Unfortunately, the recent litigation has brought our other customer pilot projects, M&A activity and discussions with technology partners to a halt, so we intend to continue to explore various resolutions to continue moving GBT forward,” continued Mr. Davis.
About GBT Technologies Inc.
GBT Technologies Inc. (OTC PINK: GTCH) (“Gopher”) (http://gopherprotocol.com/) is a development-stage company which considers itself a native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence (AI) enabled mobile technology platforms. Gopher has a portfolio of Intellectual Property that, when commercialized, will include smart microchips, mobile and security applications and protocols, and supporting cloud software. Gopher’s system envisions the creation of a global mesh network. The core of the system will be its advanced microchip technology that can be installed in any mobile or fixed device worldwide. Gopher envisions this system as a low-cost, secure, private mesh network between any enabled devices, providing shared processing, advanced mobile database management/sharing and enhanced mobile features as an alternative to traditional carrier services.
About Surge Holdings, Inc:
Surge Holdings, Inc. is a retail supply chain company that provides a virtual distribution hub for retailers, as well as offer telecom services for low income customers and financial payment services for the unbanked and under-banked. Surge products are delivered through a nationwide network of convenience stores and corner markets connected to the recently launched SurgePays™ Network. This retail platform is designed to transform the traditional supply chain by providing local retailers seamless access to global products and to empower the corner store to select, order and fulfill delivery of wholesale goods from around the country. This platform also provides manufacturers a cost-effective and efficient platform to access local retailers. For more information on Surge Holdings and its subsidiaries, please visit: https://surgeholdings.com.
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Doug Davis, CEO
GBT Technologies Inc.