SOMERSET, NJ, April 22, 2020 (GLOBE NEWSWIRE) -- Global Fiber Technologies, Inc (OTC PINK: GFTX) subsequent to receiving many requests from shareholders for additional information about our protective masks wanted to make certain that our shareholders understand the process the company took in arriving at the decision to manufacture masks as well as the due diligence we have been involved in before making a move into the market for PPE.
Firstly, this is not a complete shift in our business plan at the Authentic Heroes subsidiary. It is what we feel will be an excellent augmentation of our mainstay business model at Authentic. We have just recently taken our first orders on the Brett Favre Series of Collectible Jerseys and are moving cautiously since non-essential supply chain issues exist for numerous companies due to the pandemic. Our RUN DMC and Warren Sapp editions will ultimately come to market as supply chain issues become less challenging.
The Company started the venue towards becoming a permanent manufacturer of PPE six weeks back and studied the market and undercurrents of the pandemic closely to see if we could compete and have longevity in this arena.
Rather than making a hasty decision to make protective masks without any knowledge of whether or not there is a long-range opportunity, we took deliberate time to do our research and due diligence before moving aggressively into the marketplace. We are now confident that we can help ameliorate the shortage of non-surgical protective masks in the healthcare and first responder markets while augmenting our current business model with this new product mix.
Understanding the pricing matrix for non-surgical protective masks was a key component since the market is very fragmented and lacking specifics as to cost/benefit analysis. Studying this allowed us to gain a solid knowledge base as to where we could make a difference and have demonstrable competitive advantages from both a functional and economic perspective.
As a result, we have created a SPECIFICATIONS sheet to be able to show potential customers the attributes of our products and the “value proposition” we bring to the table.
Subsequent to discussing manufacturing and delivery schedules with our current supply chain partners that have vast experience in manufacturing, logistics and design we are highly confident in our ability to compete effectively.
The Company is now prepared scientifically, logistically, and financially to fill the orders for our products when they come, with the confidence in knowing that we can supply them within the confines of a delivery schedule acceptable to potential customers.
The Company will be receiving its first samples shortly, which we will then send to the hospital care companies that have shown interest in working with us. This will move the company further down the path to procuring purchase orders.
Company Comments On Its Status With Convertible Noteholders
The Company has spent several weeks negotiating with a group of eight convertible noteholders to mitigate the situation in a manner that allows the company to ultimately pay off the convertible notes while alleviating the pressure on the common equity.
We are now in the final stages of working out a mutually suitable arrangement for a leak-out agreement which we feel will allow a more efficient market for the Company’s common stock as conversions occur. We expect to have all of the agreements finalized in the coming days.
The Company is also looking at the option of consolidating all of the convertible notes into one note which will allow only a single conversion to occur at any given time instead of several at the same time
We hope this describes our current state of operations clearly and we look forward to keeping our shareholders apprised as we progress with operations and with our convertible noteholders.
Chris Giordano PRESIDENT/CHAIRMAN chrisG@ecotek360.com Paul Serbiak CEO/DIRECTOR email@example.com