Somerset, NJ, June 22, 2020 (GLOBE NEWSWIRE) -- Authentic Heroes, Inc a subsidiary of Global Fiber Technologies, Inc ., (OTC PINK: GFTX) has been given a “Notice of Allowance from the US Patent Office for its patent application titled “Authenticatable Articles, Authenticatable Articles, Fabric and Method of Manufacture (sent with Slam Effect)”.
Chris Giordano, Global’s President and Chairman stated, “This is a watershed moment for our company and its shareholders. The issuance of this patent gives us the protection we need to aggressively expand our marketing and manufacturing of the Authentic Heroes product line with the confidence of knowing the process for manufacturing is well protected.
In our opinion the patent will not only dramatically increase our credibility with potential licensors, joint venture partners and retail customers but will also allow us the ability to justify our pricing matrix since our “Made From The Original” slogan will mean even more with a patented process behind it.” It will also be a key component for a potential equity financing the Authentic Heroes subsidiary.
Management Update
We have received many communications as to the operations of the company, the status with the convertible noteholders as well as our intent to become a fully reporting company again.
As to our operations. We as all companies were directly affected by the Covid -19 pandemic. Like with other companies the pandemic disallowed us the ability to manufacture products and deliver on orders already received. What is very encouraging is the fact that we did not receive one cancellation on any orders we received before the pandemic hit and the shutdown occurred.
This situation is now being ameliorated with the easing of the restraints on the manufacturing of “nonessentials”.
We are now in queue with suppliers and fulfillment houses for protective masks. We are only concentrating on business to business orders where our minimum order quantity will be 200,000 or more per order . These are orders that have the ability to get financed as opposed to retail orders where we would have to stock inventories and lock up capital.
These are also the type of potential sales that take time to develop since they are supplied to some of the biggest brand names in the world. But if we receive orders from these developing relationships, they will be meaningful. We have a very solid value proposition versus the typical disposable mask alternative and we hope that the institutional market will recognize that going forward.
As to already licensed products such as the Brett Favre limited edition series. We hope to be back up and running taking orders and delivering merchandise within the next thirty days depending on the status of the shutdown and our ability to have a supply chain that can deliver merchandise.
We expect to become aggressive in the future with the areas of music and sports. Music is a vast opportunity to cross market a live or virtual tour of an artist(s) with our “Made from the Original” product line. Virtual streaming performances will become part of the landscape until stadiums and arenas can once again be filled with fans for both music and sports. Our relationships with the largest music merchandising companies will give us a large cross marketing opportunity well into the future.
Lastly, as to our intent of becoming a fully reporting company once again will be determined by several factors including. Our ability to negotiate an acceptable deal with minimal or no further dilution with the convertible noteholders which will remain the key component that will determine whether we spend monies strictly on operations or on operations and the expense that goes along with maintaining a fully reporting status. It is our intent to become fully reporting again but that decision will be determined in the next several months
We are also exploring several options for financing the future of our company and the opportunities in its three subsidiaries. We remain extremely optimistic about our technologies and the ability to sell our products and we look forward to keeping you apprised in the coming months.