SOMERVILLE, N.J, March 30, 2022 — McapMediaWire –– Global Fiber Technologies, Inc., (OTC PINK: GFTX) ir.globalfibertechnologies.com through its Authentic Heroes, Inc. subsidiary has signed a joint venture agreement with InvenTel of Rockaway NJ., https://inventel.tv/ to market Limited Edition vinyl records.
Chris Giordano Chairman and President of Global stated,” We are extremely excited to be working with the InvenTel team. InvenTel is a highly successful company that has been in the direct response television business for over 20 years and in that time has sold products to over 100 million customers worldwide. InvenTel is the official company behind many of the “As Seen On TV” products we are all familiar with that are marketed on all the major TV stations.
Inventel has distributed their products into over 150,000 stores worldwide and maintain active vendor relationships with Wal-Mart, Home Depo, Target, Walgreens’ and Bed Bath and Beyond just to mention a few and InvenTel’s products are available in 76 countries throughout the globe.
Authentic and Inventel have now formed a joint venture known as “Legacy Stars LLC.”, which will create and market Limited Edition Vinyl Records drawing music from our previously announced joint venture with Maestro Entertainment and the 17,000 “master songs” in their catalogue. The range of music in the Maestro catalogue is astounding and gives us ability to satisfy the thirst for vinyl records in every genre of music from Jazz and Blues to Rock N Roll and R&B.
The Vinyl Opportunity and combining our Maestro and Inventel Joint Ventures
Vinyl album sales volume increased a whopping 50.4% YOY and finished the year with 41.7 million vinyl albums bought in 2021.
The pace of vinyl sales is torrid to say the least and our joint venture with Inventel Products will allow us to potentially gain a substantial footprint in the retail environment for the mass merchandisers and specialty stores that Inventel has strong and lasting relationships with.
The incredible leverage we receive in marrying our joint venture with Maestro and our joint venture with InvenTel is not only strategic but symbiotic for all the parties involved.
Maestro has a catalogue of legacy music that would take millions and millions of dollars to re-create if it could be done at all. A lot of the artists like BB King, Bob Marley and the Jackson 5 are no longer with us. Having the ability to take the legacy music in that catalogue and make “limited edition” Vinyl LPs is an incredible opportunity when combined with Inventels’ worldwide distribution capabilities which also took many years and millions of dollars to develop.
Henceforth, all parties greatly benefit by working together towards a common goal which is to build substantial shareholder value utilizing the strengths of all the parties to grow revenue and earnings for years to come.
To further the potential for Global shareholders our joint venture with Inventel calls for all sales and earnings to remain inside the JV to benefit the shareholders of Global, which unlike typical joint ventures that distribute earnings to its partners. This is a tremendous show of confidence by Inventel. They are making an extraordinary commitment to the success of the venue while also assuming the responsibilities of the manufacturing, marketing, advertising, warehousing and fulfillment of the Vinyl LPs. The Maestro JV will compile, produce and provide the digital and remastered music to the Legacy Stars joint venture.
In exchange for all considerations and contributions made by Inventel to the joint venture, Inventel will initially receive 50,000,000 options to purchase Global Fiber Technologies common stock at .01 per share for cash. In addition, Inventel will receive an additional 50,000,000 options at a 25% discount to the “then” market upon procuring $10 MM in sales and then finally an additional 50,000,000 options at a 25% discount to the “then” market upon procuring $25 MM or more in sales again with all of the aforementioned options being exercisable for cash.
The investment to be made by Inventel at considerably higher valuations than the current market combined with their ability to deliver our products into 1000’s of store and potentially increase the overall enterprise value of Global demonstrates how valuable this joint venture is and how committed Inventel is it.
In the coming weeks we will move into the planning stages for the infomercial testing then marketing. We expect in to start test marketing in the mid to late second quarter after producing a multi minute “hosted” TV test ad.
We will subsequently further our commercial effort through the roll-out of a permanent multi minute DRTV ad which will be aimed at target TV audiences initially and with the ultimate goal of ending up in 1000’s of retail stores by “Black Friday” also supported by InvenTel’s TV ads.
The valuations that are being given to music entertainment companies and music libraries are at an all-time high. We are going to be smack in the middle of it owning proprietary music and vinyl opportunities but also the opportunities that exist in creating AI driven “music NFTs” created by our JV with AI Arts.
Our blockchain and smart contracts are complete and the ability to create “Uber Fan” packages marrying both physical and digital assets pinning our patented Authentic Heroes Fanwear with Non Fungible Tokens and first to market advantages will allow our value proposition and brand to stand out.
Finally, all of the joint ventures will work together fostering our entry into the Metaverse with in-house created Avatar’s drawn from the artists of the Maestro catalogue as well as future artists that we are in present discussions with. We will eventually have the ability to hold concerts or meet and greets in the Metaverse featuring some of the great legacies of the past as well as the artists of the present day while simultaneously marketing our products and creating fan bundles.
Continuing to create joint ventures that truly complement and benefit each of the parties involved while potentially increasing Global’s shareholder value is very much in our future plans since it gives us the ability to operate like a company with 100’s of employees without the overhead that goes along with a large organization.
Global is currently working on other strategic joint ventures that will help the advancement of our brands, as well as the potential they could have on the profitability and the listing of our equity on a higher exchange.
We look forward with great anticipation in our relationship with Inventel and keeping our shareholders apprised of our progress with them and the other opportunities that exist within the company.
Further, reference and reading on the state of Vinyl Records