Somerset NJ, Aug. 03, 2020 (GLOBE NEWSWIRE) -- Somerset, NJ., Global Fiber Technologies (OTC PINK: GFTX) a textile fiber technology company issues company update. The pandemic posed great challenges for all companies including our own to manufacture and market their products . Now that we have conquered the supply chain challenges created by the “shut-down” our Authentic Heroes subsidiary is able to start producing and marketing our products in conjunction with our existing license agreements
We will begin by fulfilling our orders already taken on the Brett Favre Limited Edition series and will also be accepting new orders in conjunction with a social media marketing plan we will roll out shortly.
In addition to our Brett Favre series we will be working with Warren Sapp and his management team to launch a social media and podcast-based marketing program to roll out the Warren Sapp Limited Edition Series.
Chris Giordano Chairman and President of Global Fiber Technologies stated, “We have to always be mindful and careful that the pandemic and a resurgence is always possible. We cannot take for granted the possibility of a modification or a partial shutdown of supply chains if there is an aggressive resurgence of Covid-19. However, for as long as those challenges remain in check we will be as aggressive as the landscape will allow us to be.
We are moving much closer to becoming actively involved with virtual streaming performances as it relates to the relationships we are developing with musical artists. Live streaming for concerts is now becoming part of the entertainment landscape until fans can fill the stadiums once again in both music and sports.As for the opportunity in music, the opportunities to cross-market licenses with those musical artists as they perform represents a great opportunity for us and we are aggressively pursuing that potential silo of opportunity as we speak.
ECOTEK 360 Subsidiary
We have now completed our move to Broadalbin, NY., in conjunction with our collaborative agreement with Fiber Conversion, Inc. We should be in a position to re-start our testing in the coming weeks when our rejuvenation equipment is installed in the Fiber Conversion facility. The combined effort with them brings together the key elements of 1) Reducing our monthly overhead of fixed costs to almost zero. 2) Giving us the ability to produce our “rejuvenated fiber” on a commercial scale since they have two large commercial grade lines in their facility.
The order in commercializing our system and production process is to run a series of tests on our equipment. Then run trials on their commercial grade equipment and finally create sample products for their existing clients as well as our own prospects.Once we are at that point we would be in and then retrofit their lines with our mechanical footprint and production process so we can create re-purposed products without having to spend millions of dollars and wait time to create a brand new ECOTEK360 type production line.
We are very encouraged as to where we as a company given the prospects in front of us. We will move cautiously given the challenges of the pandemic and we look forward to reporting our progress as it unfolds.”
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.
SOURCE: Global Fiber Technologies, Inc.