SOMERVILLE, N.J., Jan. 28, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Global Fiber Technologies, Inc., (OTC PINK: GFTX) subsidiary Authentic Heroes, Inc., has entered into a definitive agreement with Maestro Entertainment, LLC., to create music driven opportunities.
Global's President Chris Giordano stated, "Our joint venture with Maestro Entertainment is a watershed deal for both sides. The Maestro catalog consists of over 17,000 songs from the 40's 50's, 60's, 70's & 80's across the entire genre of music. They include spectrum of artists, many of them whom are Grammy Award winners ranging from Bob Marley, The Jackson 5, Jefferson Airplane to BB King.
We will marry this massive library of "legacy music" with our ability to market and distribute the music compilations into brick and mortar stores including "Mass Merchandisers", "Hypermarkets" and "Big Box Stores". We will do this through a joint venture we are developing with a large "Direct Response" marketing partner which has a footprint of over 100,000 stores, and 5 million active retail customers as part of their customer base. We expect to finalize terms of the joint venture in the coming weeks and then start the march in developing "planograms" with the brick and mortar stores for of what could be our first delivery schedules later this year.
Demand for Vinyl Records is outpacing the supply available in the distribution system. We strongly feel we are in the right place at the right time. Vinyl record collecting is becoming non-generational. From Gen Z through Baby-Boomers Vinyl is in very high demand and we expect that trend to remain intact for years to come.
https://www.latimes.com/entertainment-arts/music/story/2022-01-05/adele-taylor-swift-vinyl-lp-shorta
Our Entry into the Digital World
Another area and large opportunity utilizing the Maestro catalogue is to design and mint individualized music NFTs and pair them with a Limited Edition Vinyl Records. In some cases, offer a "bundle" that could also include an Authentic Heroes "Made from the Original" collectible. These are articles of clothing that were "stage worn" or "session worn" items. Utilizing our patented technology, the original item morphs into a multiplicity of authenticated, registered on our blockchain collectible.
We are now augmenting our NFT design with a CSE Award winning company from the VR world and the NFTs we create will now be show stoppers judging from the work we have seen by them to date. Our NFTs will be driven by AI "artificial intelligence" and include music tracks, AI driven art form and content such as the "original contract" between the studio and the artist.
Some of the components necessary to have a successful NFT is to have a real point of distinction, scarcity and ultimately a solid "whitelist" of potential NFT buyers. We will start the march shortly in developing our whitelist utilizing Crypto PR https://cryptopr.com/ for our outreach into both the Twitter and Discord communities.
Once we have established a baseline whitelist community we would look to announce our first NFT drop which could include a music NFT matched with a vinyl record and a stage worn collectible creating the ultimate collectors bundle
We look forward to keeping our shareholders apprised of our progress with Maestro Entertainment and look to our next communication.
www.globalfibertechnologies.com
About Maestro Entertainment Corp:
Founded in 2003. Since 2003 the Company has acquired the rights to over 16,000 master song recordings from the 1940's, 50's 60's and 70's from some of the most recognizable bands and singers in the music industry. Catalog songs cover numerous genres: country, rock, classical, blues, gospel, pop, reggae, jazz, etc. The company maintains a warehouse holding 1,000s of historical, original, unrestored artist studio recordings in different formats from 1940's - 1970's. Maestro has maintained a Electronic Distribution Agreement since 2003 with SONY/ THE ORCHARD.
About Global Fiber Technologies, Inc.:
Global Fiber Technologies, Inc. is a ECO-technology holding company that specializes in the "repurposing" of textile fibers. The Company operates through three subsidiaries, Authentic Heroes Inc., ECOTEK360 and Fiber-chain LLC. The Company uses its patented technologies and proprietary trade secrets that will bring cutting edge attributes and value added properties to textile and apparel industries. The Company will market its branded products to both the B2B and B2C markets which will include the corporate, hotel, hospital, and military and E-Commerce Consumer markets.
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.
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