Global Fiber Technologies, Inc., Closes its First Round of Inventory Financing.
June 22 2022 - 9:00AM
InvestorsHub NewsWire
Somerville, New Jersey -- June 22
2022 -- InvestorsHub NewsWire -- Global Fiber
Technologies (OTC
PINK: GFTX) ir.globalfibertechnologies.com has secured
iits forst round of nventory 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
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.