Somerset NJ, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Global Fiber Technologies (OTCQX: GFTX) updates shareholders on the advancement of its three “Fiber-Centric” companies
“Since our last shareholder update a tremendous amount of progress has been made and we would like to share our vision for the future with our shareholders.
There are three separate companies under our holding company umbrella and it is important to distinguish them from one another.
First the subsidiary known as Authentic Heroes offers an alternative to an auction for a variety of celebrity types by developing affordable and collectable fanwear that produces significant royalty income.
Authentic starts by using its patent pending technology that extracts the fibers from an event worn garment like a football jersey worn in a historic game and makes multiple units out of the original at an affordable price.
We are receiving a lot of interest from a broad spectrum of potential licensors and their management companies. There is something about our product that gets a “wow” reaction from both celebrities and their agents. They see it as a great “brand extender” and an potential economic windfall over a conventional auction sale which is how most game worn or event worn garments would typically be monetized.
As we reported in a prior release, we recently signed a license agreement with IMG/Football Greats Alliance to memorialize and monetize the historic moments and achievements of FGA’s universe of retired football players.
The template has been created of what we like to call our “optics package” for these one of a kind jerseys. It combines the interpretation artwork of a commissioned artist on high tek fabric coupled with an army of authentication features.
That artwork will become in our opinion a true “brand identifier” as we further our reach into all the channels of heroism and achievement throughout the globe.
We will supply the uber type fanwear that will celebrate achievement, courage and heroism that further connects hero types with their admirers and fans.
One of our ambitions is to have people know our look. Like a Versace or Erte. When someone sees one of our products it beckons the question; “Is that an Authentic Hero?”
The anticipated “Brett Favre Collector Series” will be released before the month of November is out. It is our opinion that our hyper-marketing platform that will combine video messaging from Brett with a “call to action” of his social media platform should drive significant traffic to our e-commerce site for eventual sale. The beauty about our marketing platform is that our advertising on a social media platform costs us virtually nothing since the channel is owned by the athlete in the case of Brett Favre. We are literally saving hundreds of thousands of dollars which will hot our bottom line instead of being a cost line item.
To further our sourcing we are in discussions with over a dozen players through several management companies as well as non-football opportunities that include superstars of golf, baseball, hockey, track and field as well as music.
Authentic Heroes is starting to take form and is quickly becoming an enormous opportunity that could generate significant revenue, profit and ultimately shareholder value stated Chris Giordano Chairman and President of Global”
“Paul Serbiak CEO of Global Fiber and the engineer behind the portfolio of technologies stated, “Our Eco Tek 360 division is now showing great promise. Eco recovers fibers from end of useful life fabrics such as corporate uniforms, sheets and pillowcases and rejuvenates them utilizing our patent pending technology which takes landfill destined corporate uniforms or linens for example and repurposes them back to the same customer such as a UPS or a Wyndham hotel chain.
In the process of creating a circular economy for them we will help our customers reduce their carbon footprints since they will not be using a landfill for the disposal of their textile waste.
Collectively we can save “mother earth” untold gallons of water since with cotton as an example, each pound of cotton that we recover will save 800 gallons of water on average.
One of our cost saving advantages of our recovery program is the fact that we do not pay anything for the uniforms that are deposited with us for their eventual rejuvenation. In other words we do not have any raw material costs
This gives us a significant cost reduction in the production process and will keep us very competitive in the pricing of our products making the act of "being green" within the confines of the "corporate budget."
Eco Tek 360 recently signed a development agreement with Regal Apparel of San Francisco, CA., in September of this year.
We are expecting to begin testing of our fiber recovery process in December and hopefully move to a commercial contract in 2020 sometime.
We are also recovering fiber from the sheets and pillowcases of a very large international hotel chain. We expect to create a series of products from those sheets for sampling and sale back to the restaurant supply business and hotel chains around the world, Those products will include aprons, chef coats, tablecloths, napkins and place mats.
Ecotek 360 is well on its way to developing enough samples so we can start small commercial runs in 2020. After we garner success with our smaller production line here in Somerset, NJ., we will turn towards our goal of a very large commercial line in the Carolinas’ that can produce 12 million pounds of fiber a year. This will give us true economies of scale that will increase our profit margins.
“Our third company known as Fiber Chain, Inc., is creating a revolutionary business platform for the efficient trading of textile fiber on a global basis.
Fiber Chain will be able to reduce transaction times from weeks to minutes. It will eliminate the constant errors associated with processing transactions. Evoke dramatic savings on transaction fees and simultaneously record each transaction on a block chain for immutability.
Fiber Chain has completed approximately 70% of the total platform development needed to launch. We expect to fully complete the platform in the Spring of 2020 at which that point we will start to market the platform aggressively to global buyers and sellers of textile fibers.
FiberChain seeks to become the de-facto standard of how textile fiber gets bought and sold in the $650 Billion market in which it resides stated Paul Serbiak CEO of Global”
Thank you for taking the time to read our update and we look forward to keeping you apprised as we move forward towards our goals.
For more information go to our Website at www.globalfibertechnologies.com or contact us at the email addresses listed below.
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
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