THOMASVILLE, GEORGIA, September 20, 2023 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- GGTOOR, Inc., (OTCMKTS:GTOR) (“GGTOOR, Inc.,”, “GTOR”, or the “Company”), an emerging leader in the eSports markets, is pleased to announce the Company, the SEC has accepted our offer of settlement in connection with alleged violations of Section 5 arising from our most recent Regulation A Offerings! The fifteen month investigation ended the evening of September 18, 2023, when the SEC released the settlement which calls for the Company not to violate section 5 in the future and to pay a fine of $40,000. Shareholders can find the Administrative Proceeding File No. 3-21674 at the following link: https://www.sec.gov/files/litigation/admin/2023/33-11236.pdf
John V Whitman Jr. had this to say, “I apologize to our shareholders for being silent for an extended period of time. Based on advice from counsel and because the SEC investigation was Non-Public, I was asked to remain silent. I am pleased the SEC has accepted our offer of settlement and my focus can now be directed to advancing GGTOOR.
The Company will be issuing more press releases in the weeks to come, but for the next month, management will be concentrating on finalizing funding for GGTOOR MEDIA and revising our gaming tournaments. Although no final decisions have been made, shareholders can expect fewer tournaments, but larger prize pools. The days of the Company holding FREE tournaments are not over, but they will be few and far between. FREE tournaments are not a business model that is sustainable. Pay to Play, Subscription model and sponsored tournaments will be the new direction for the eSports side of GGTOOR,. The Company is still very high on its relationship with TCG World and GGTOOR CITY within TCG World. Shareholders can expect the Company to expand offerings of its virtual properties to include payments in the form of cash, finance, leasing, and JV Partnerships. The Company still believes in the Metaverse but is aware it needs to adapt to the changing environment.
Audits will begin once funding has been secured and it is the intent, as previously stated, for the Company to become fully reporting. Management has consulted with several CPA firms and has concluded until it has a history of closing sales of its virtual properties in TCG World, it will not increase the balance sheet value from the current $0.01 per parcel. This will not only be much safer in terms of accurately reporting to the public the actual value of these parcels, but it will reduce Audit costs drastically. More to Come!