SOMERVILLE, N.J., Nov. 15, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Global Fiber Technologies, Inc., (OTC PINK: GFTX) through its subsidiary Authentic Heroes, Inc., today announced that it has entered into a Letter of Intent to initially create a joint venture with Maestro Entertainment, Corp and use their holding company to initially license Maestro's music catalog of 10,000+ masters recordings and also leverage Maestro's industry relationships to create additional opportunities for the combined venue.
The transaction will bring a synergy between the companies that will initially create and sell Non-fungible "Music Tokens" and Vinyl records to be marketed either individually or bundled together. The Company believes the joint venture will create both a physical and digital footprint while establishing a new record label.
The relationship will also give us connectivity to a digital multi-media recording studio, highly skilled sound engineers in a 5000 square foot facility in Knoxville, TN. This will give us the ability to work with contemporary artists to create original audio recordings as well as the ability to digitally remaster older recordings. It will also provide us the ability to create video and animation production, and other entertainment related streaming services for internet based content distribution and product marketing.
The Company believes that the transaction will be the cornerstone of the Authentic Heroes business model for creating streaming music NFTs and music bundles, that not only benefit Authentic Heroes and Maestro, but also benefit the artists through a 501 (c) foundation to be created.
Chris Giordano, President and Chairman of Global Fiber Technologies stated: "Taking classic recordings and turning them into collectible "NFT bundles" that include both an NFT and remastered Vinyl albums is how both parties look to bring to market a unique value package for the collector community. We further that by giving collectors the provenance and immutability on our blockchain that will preserve their value and rightful ownership.
Whether it be for keepsake or resale we believe that our NFT blockchain and "auction site" will be another value add for the collector as well as a revenue generator for everything we create. NFTs, Vinyl Records, New Recordings and our Authentic Heroes "re-animated" clothing series will all have access to our soon to be completed auction site
Both parties have agreed in principle to the overall plan and are working towards completing the transaction potentially by year end 2021 and creating the greatest possible value for GFTX stakeholders.
The Company is also exploring the possibility of releasing Limited Edition NFTs or NFT Bundles for the 2021 Christmas holiday season, if time allows for the development of such venue through discussions we are having with a media marketing company for the creation of and distribution of an infomercial to be used to market parts of the Maestro catalog joint venture.
We look forward to keeping you apprised as we finalize our collaboration with Maestro Entertainment."
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.
© 2021 GlobeNewswire, Inc. All Rights Reserved.