Santa Fe Springs, CA, Jan. 16, 2015 (GLOBE NEWSWIRE) -- Global Fashion Technologies Inc. (OTC: GFTI) is very pleased to announce it has signed a Letter of Intent to acquire the Designer Apparel Group. This acquisition will position Global to market Sustainable Branded and Private Label Dress Shirts and Sportswear to multiple channels of distribution within the North American market.
"This strategic acquisition supports our overall corporate commitment to developing sustainable textile alternatives throughout the market" said Tom Witthuhn, CEO of Global Fashion Technologies Inc. It is our full intent to leverage our rejuvenatedfiber initiative by introducing rejuvenated fabrics into the woven's market, starting with men's dress shirts."
Global Fashion Technologies' Rejuvenated Fiber initiative represents a major breakthrough in the Sustainable Textile market. In a joint effort with Pure Systems International, Global will reclaim pre-consumer textile waste fabrics and by utilizing Pure's heavily patented rejuvenation process will transform and "up cycle" the core fiber into superior quality fiber and fabrics. Global is expected to begin shipping rejuvenated textile fiber by the middle of this calendar year."
Chris Giordano Global Fashion Technology's President and Co-Chairman stated "The potential in supplying fiber to some of the world's largest companies is nothing less than prodigious. Alongside that vast opportunity, we feel we can also substantiate a very meaningful Branded and Private Label business utilizing this patented one of a kind technology with Pure Systems International, our partner in Textile Rejuvenation"
"We look forward to closing our acquisition of Designer Apparel Group shortly. We are currently in late stage discussions with other acquisition candidates that we feel could fit our model and could potentially add to shareholder value thru the utilization of our technology, and management expertise in the apparel business.
"We are looking to drive our "high tech socially responsible" message into the textile and apparel markets and at the same time positioning Global correctly in the equity markets in order to maximize shareholder value. Our corporate goal is to produce the best sustainable fiber in the world and while doing so leaving the earth a little greener." Giordano added.
About Global Fashion Technologies Inc.: In addition to marketing Fiber Rejuvenation based textiles, Global Fashion Technologies Inc. markets U.S. produced branded apparel under the Avani and Cabe Studios brands as well as private label apparel and other textile-based products.