SOMERVILLE, N.J. -- March 30, 2022 -- InvestorsHub NewsWire --
Global Fiber Technologies, Inc., (OTC
PINK: GFTX ) ir.globalfibertechnologies.com
through its Authentic Heroes, Inc. subsidiary has signed a joint
venture agreement with InvenTel of Rockaway NJ., https://inventel.tv/ to market
Limited Edition vinyl records.
Chris Giordano Chairman and President of Global stated," We are
extremely excited to be working with the InvenTel team. InvenTel is
a highly successful company that has been in the direct response
television business for over 20 years and in that time has sold
products to over 100 million customers worldwide. InvenTel is the
official company behind many of the "As Seen On TV" products we are
all familiar with that are marketed on all the major TV
Inventel has distributed their products into over 150,000 stores
worldwide and maintain active vendor relationships with Wal-Mart,
Home Depo, Target, Walgreens' and Bed Bath and Beyond just to
mention a few and InvenTel's products are available in 76 countries
throughout the globe.
Authentic and Inventel have now formed a joint venture known as
"Legacy Stars LLC.", which will create and market Limited Edition
Vinyl Records drawing music from our previously announced joint
venture with Maestro Entertainment and the 17,000 "master songs" in
their catalogue. The range of music in the Maestro catalogue is
astounding and gives us ability to satisfy the thirst for vinyl
records in every genre of music from Jazz and Blues to Rock N Roll
The Vinyl Opportunity and combining our Maestro and
Inventel Joint Ventures
Vinyl album sales volume increased a
whopping 50.4% YOY and finished the year with 41.7 million vinyl
albums bought in 2021.
The pace of vinyl sales is torrid to
say the least and our joint venture with Inventel Products will
allow us to potentially gain a substantial footprint in the retail
environment for the mass merchandisers and specialty stores that
Inventel has strong
and lasting relationships with.
The incredible leverage we receive in marrying our joint venture
with Maestro and our joint venture with InvenTel is not only
strategic but symbiotic for all the parties involved.
Maestro has a catalogue of legacy music that would take millions
and millions of dollars to re-create if it could be done at all. A
lot of the artists like BB King, Bob Marley and the Jackson 5 are
no longer with us. Having the ability to take the legacy music in
that catalogue and make "limited edition" Vinyl LPs is an
incredible opportunity when combined with Inventels' worldwide
distribution capabilities which also took many years and millions
of dollars to develop.
Henceforth, all parties greatly benefit by working together
towards a common goal which is to build substantial shareholder
value utilizing the strengths of all the parties to grow revenue
and earnings for years to come.
To further the potential for Global shareholders our joint
venture with Inventel calls for all sales and earnings to remain
inside the JV to benefit the shareholders of Global, which unlike
typical joint ventures that distribute earnings to its partners.
This is a tremendous show of confidence by Inventel. They are
making an extraordinary commitment to the success of the venue
while also assuming the responsibilities of the manufacturing,
marketing, advertising, warehousing and fulfillment of the Vinyl
LPs. The Maestro JV will compile, produce and provide the digital
and remastered music to the Legacy Stars joint venture.
In exchange for all considerations and contributions made by
Inventel to the joint venture, Inventel will initially receive
50,000,000 options to purchase Global Fiber Technologies common
stock at .01 per share for cash. In addition, Inventel
will receive an additional 50,000,000 options at a 25% discount to
the "then" market upon procuring $10 MM in sales and then finally
an additional 50,000,000 options at a 25% discount to the "then"
market upon procuring $25 MM or more in sales again with all of the
aforementioned options being exercisable for cash.
The investment to be made by Inventel at considerably higher
valuations than the current market combined with their ability to
deliver our products into 1000's of store and potentially increase
the overall enterprise value of Global demonstrates how valuable
this joint venture is and how committed Inventel is it.
In the coming weeks we will move into the planning stages for
the infomercial testing then marketing. We expect in to start test
marketing in the mid to late second quarter after producing a multi
minute "hosted" TV test ad.
We will subsequently further our commercial effort through the
roll-out of a permanent multi minute DRTV ad which will be aimed at
target TV audiences initially and with the ultimate goal of ending
up in 1000's of retail stores by "Black Friday" also supported by
InvenTel's TV ads.
The valuations that are being given to music entertainment
companies and music libraries are at an all-time high. We are going
to be smack in the middle of it owning proprietary music and vinyl
opportunities but also the opportunities that exist in creating AI
driven "music NFTs" created by our JV with AI Arts.
Our blockchain and smart contracts are complete and the ability
to create "Uber Fan" packages marrying both physical and digital
assets pinning our patented Authentic Heroes Fanwear with Non
Fungible Tokens and first to market advantages will allow our value
proposition and brand to stand out.
Finally, all of the joint ventures will work together fostering
our entry into the Metaverse with in-house created Avatar's drawn
from the artists of the Maestro catalogue as well as future artists
that we are in present discussions with. We will eventually have
the ability to hold concerts or meet and greets in the Metaverse
featuring some of the great legacies of the past as well as the
artists of the present day while simultaneously marketing our
products and creating fan bundles.
Continuing to create joint ventures that truly complement and
benefit each of the parties involved while potentially increasing
Global's shareholder value is very much in our future plans since
it gives us the ability to operate like a company with 100's of
employees without the overhead that goes along with a large
Global is currently working on other strategic joint ventures
that will help the advancement of our brands, as well as the
potential they could have on the profitability and the listing of
our equity on a higher exchange.
We look forward with great anticipation in our relationship with
Inventel and keeping our shareholders apprised of our progress with
them and the other opportunities that exist within the company.
Further reference and reading on the state of Vinyl Records