Global Fiber Technologies Secures Second Round of Inventory Financing
Global Fiber Technologies (GFTX) has secured a second round of inventory financing to manufacture an additional 250,000 vinyl records, increasing its total inventory to 500,000 units. Due to rising interest from brick-and-mortar retailers, two major retailers have expressed intent to buy over half of the new inventory. The company anticipates revenue growth through its joint venture with InvenTel and new licensing opportunities. Plans for WEB 3.0 propositions, music NFTs, and the Metaverse further indicate potential for significant future revenue.
- Secured financing for 250,000 more vinyl records, boosting total inventory to 500,000.
- Strong interest from major retailers indicating intent to purchase over 50% of new inventory.
- Potential revenue growth from joint ventures and new licensing opportunities.
- Forward-looking statements indicate risks; actual results may differ materially from projections.
Somerville, NJ, June 30, 2022 (GLOBE NEWSWIRE) -- Global Fiber Technologies (OTC PINK: GFTX) ir.globalfibertechnologies.com has secured its second round of inventory financing for the creation of an additional 250,000 vinyl records, bringing the post manufactured inventory count to 500,000.
Chris Giordano President and Chairman of Global Fiber Technologies, Inc. stated; "The additional inventory is being created as a result of the very strong interest coming from brick and mortar. Without a significant marketing effort 2 major retailers have already indicated their intent to purchase more than half of the inventory being created. We now will begin the process of acquiring firm "purchase orders" from these two mass merchandisers and other retail and specialty retail stores in late July and August.
Manufacturing and self-distributing vinyl records into major retailers in conjunction with our joint venture with InvenTel, www.inventel.tv will represent a significant part of our future revenue and earnings.
The Vinyl opportunity, combined with several new licenses on the horizon utilizing our patented "Made from the Original" process to create, authenticated collectible clothing, should provide significant growth for years to come.
In addition, the future launching of our WEB 3.0 propositions, music NFTs, our to be fan bundles containing both an NFT and an Authentic Heroes physical collectible will not only provide significant revenue opportunities, but also give the company additional focus from the investment community.
Lastly, the Metaverse is here. Having 17,000 Masters including a plethora of Grammy Award winning artists to draw from is of great significance. Whether we use them for concerts in one of the Metaverse' or open a storefront hosted one of those artists are all in the cards.
We look forward to keeping you apprised of our progress in the coming weeks as we now transition from a "pre-rev" to a revenue producing company.
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
FAQ
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