Authentic Heroes and Maestro Entertainment Corp., Sign Letter of Intent to Create Music NFT Bundles
November 15 2021 - 8:00AM
InvestorsHub NewsWire
Somerville NJ. --
November 15, 2021 -- InvestorsHub NewsWire -- 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 genrator 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.
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