Global Fiber Technologies, Inc., Closes its First Round of Inventory Financing

Rhea-AI Summary

Global Fiber Technologies (OTC PINK: GFTX) announced its first inventory financing round, enabling its Authentic Heroes subsidiary to produce 250,000 vinyl records for retail demand. President Chris Giordano highlighted strong interest from brick-and-mortar stores, which positions the company to take purchase orders from major retailers. Collaborating with Maestro Entertainment, which offers a catalog of 17,000 Master Recordings, and InvenTel, known for extensive distribution, provides a significant opportunity in the vinyl market. A second financing round is underway to double inventory for the 'Old is Gold' label, anticipating high demand.

Positive

• Secured first inventory financing round to produce 250,000 vinyl records.
• Strong interest from brick-and-mortar stores, indicating potential sales growth.
• Partnership with Maestro Entertainment and InvenTel enhances distribution capabilities.
• A second financing round planned to double inventory for anticipated high demand.

Negative

• None.

Somerville, NJ, June 22, 2022 (GLOBE NEWSWIRE) -- Global Fiber Technologies (OTC PINK: GFTX) ir.globalfibertechnologies.com has secured its first round of inventory financing that will allow its Authentic Heroes subsidiary to create t250,000 vinyl records to meet initial demand for its music in several brick and mortar stores.

Chris Giordano President and Chairman of Global Fiber Technologies, Inc. stated; "Our initial march into the world of music entertainment has been met with incredible enthusiasm. Brick and mortar stores have shown very strong interest in our portfolio of music. Closing the first round of inventory financing has now given us the ability to start taking "purchase orders" from both mass merchandisers and specialty retail stores.

By combining the strengths of two of our joint venture partners Maestro Entertainment and InvenTel, https://inventel.tv/ allowed us an extraordinary opportunity for 2022 and the ability to establish a substantial footprint in the vinyl record industry going forward.

Maestro Entertainment has a catalog of 17,000 Master Recordings from hundreds of artists and currently streams its music on Sony's "The Orchard".

InvenTel the primary "As Seen on TV" company has massive distribution with products in over 150,000 stores and a customer list of over 100,000,000 people.

Creating a marriage between the parties to was essential. The ability to distribute vinyl records into major retailers is a potential home run for us which could produce millions of dollars in sales in 2022 and beyond.

We are in the process of closing a second round of inventory financing in the coming weeks which will allow us to double our vinyl inventory for the what the company feels will be very strong demand for our initial release of music sold under the Label "Old is Gold".

We look forward to keeping you apprised of our progress in the coming weeks as we march towards becoming a force in the music business.

Safe Harbor Act
Forward-Looking Statements: This release contains statements that constitute 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. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Global Fiber Technologies, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements including those relating to the Company's financing being adequate for the Company to place its products in retail stores, execute its acquisition strategy, and to launch its growth and expansion plans, among others, are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Global Fiber Technologies, Inc.'s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. No information in this press release should be construed in any way whatsoever as an indication of Global Fiber Technologies Inc.'s future revenues, financial performance or stock price. More information about the potential factors that could affect the business and financial results is and will be included in Global Fiber Technologies, Inc., filings with the Securities and Exchange Commission at www.sec.gov.

Contact:

(732) 695-4389
chrisg@ecotek360.com

FAQ

What recent financing has Global Fiber Technologies (GFTX) secured?

Global Fiber Technologies secured its first round of inventory financing to produce 250,000 vinyl records.

What is the significance of the partnership with Maestro Entertainment for GFTX?

The partnership allows GFTX to access a catalog of 17,000 Master Recordings, enhancing its entry into the music market.

How many vinyl records is GFTX planning to produce for initial demand?

GFTX plans to produce 250,000 vinyl records to meet initial demand in retail stores.

What label will GFTX's initial music release fall under?

The initial music release by GFTX will be sold under the label 'Old is Gold'.

When does GFTX expect to close its second round of inventory financing?

GFTX is in the process of closing its second round of inventory financing in the coming weeks.