Global Fiber Expects Potential Windfall From Cost Cutting And Consolidation
Flemington, NJ, Sept. 09, 2020 (GLOBE NEWSWIRE) —
Flemington NJ., Global Fiber Technologies, Inc (OTC PINK: GFTX) expects its Authentic Heroes subsidiary to turn in a solid performance in fourth quarter 2020.
Chris Giordano, Authentic’ s Chairman and President stated, “All of the cost cutting and consolidation we did starting with the delivery of our equipment to our collaboration partner “Fiber Conversion ‘s” facilities in Broadalbin, NY and shifting our overhead for warehouse and corporate offices to one central location yielded tremendous benefits for us. Our selling, general and administrative expenses are now negligible and we will start reaping the benefits of that strategic move well into the future.
We expect to start Fourth Quarter 2020 with three active licenses and end it with 4 to 5. Most importantly, every license that we sign will be supported by a strong social media outreach of millions of followers on the licensor’s own social media platforms whether it be Facebook, Twitter, or Instagram. Having access to millions of fans allows us to hyper-market our Authentic Heroes lines to a welcoming and motivated fanbase developed and owned by the licensor. We have a partnership per our licensing agreement whereby the “icon” markets our product directly to his or her fanbase as opposed to Authentic marketing it in a typical Facebook advertising scenario. It puts what would be typical social media marketing into hyper drive since the “call to action” comes directly from the licensor such as Brett Favre to his fanbase.
We sell limited quantities of our “Made From The Original” lines so the potential for sellouts is very real. Almost all of our orders will be “Pre-Orders” so inventory risk as well will be very much lowered in the process since we will know the sizing and produce quantities accordingly. With 3-4 licenses in play going into the holiday season we are confident in having an excellent fourth quarter debut with our product line to being marketed to eager, and very connected fanbases
As stated in a previous press release we were issued an extremely valuable patent by the USPTO. We cannot stress the importance of that patent since it has given us an advantage in this competitive arena that separates us from everyone else. We are a totally unique brand in the making. Henceforth, the patent issuance and its impact on marketing, cutting our overhead costs by 80% and 3-4 licenses generating sales, we are highly confident in having a watershed year end and a profitable 1st Quarter in 2020.
We appreciate the patience of our shareholders during these challenging times and look forward to keeping all of you apprised of our progress in the coming weeks.
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, Inc.
CONTACT: Chris H Giordano [email protected] 1-732-695-4389 EXT 502 Paul Serbiak [email protected] 1-732-695-4389 EXT 501
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