GlobeNewswire Inc | Nov 15, 2021 11:40AM EST

November 15, 2021

SOMERVILLE, N.J., Nov. 15, 2021 (GLOBE NEWSWIRE) -- via InvestorWire Global Fiber Technologies, Inc., (OTC PINK: GFTX) throughits subsidiary Authentic Heroes, Inc., today announced that it has entered into a Letter of Intent to initially create a joint venture with Maestro Entertainment, Corpand usetheirholding company to initially license Maestro's music catalog of 10,000+ mastersrecordingsand alsoleverage Maestro's industry relationshipsto create additionalopportunities for the combinedvenue.

The transaction will bring a synergy between the companies that will initially createand sell Non-fungible "Music Tokens"andVinyl recordsto be marketed either individually or bundled together. The Company believes the joint venture will createboth aphysical anddigital footprint while establishinga new record label.

The relationship will also give us connectivity to adigital multi-media recording studio, highlyskilled sound engineers in a 5000 square foot facility in Knoxville, TN. Thiswill give us the ability to work with contemporary artists to create original audiorecordings as well as the ability to digitally remaster older recordings. It will also provide us the ability to createvideoand animationproduction, and otherentertainment related streaming services for internet basedcontent distribution and product marketing.

The Company believes that the transaction will be the cornerstoneof the Authentic Heroes business modelfor creating streaming music NFTsand music bundles, that not only benefit Authentic Heroes and Maestro, but also benefit the artiststhrough 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. Wefurther that by giving collectorsthe provenance and immutabilityon our blockchain that will preserve their value and rightful ownership.

Whether it be for keepsake or resalewe believe that our NFT blockchain and "auction site" will be another value add for the collector as well as a revenue generatorfor everything we create.NFTs,Vinyl Records, New Recordingsand 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 areworking towards completing the transaction potentiallyby year end 2021 andcreatingthe greatest possiblevaluefor GFTX stakeholders.

The Company is alsoexploring the possibility of releasing Limited Edition NFTs or NFT Bundles for the 2021 Christmas holiday season, if time allows for the development of such venuethrough discussions we are having with a mediamarketing 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."

www.globalfibertechnologies.com

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 operatesthroughthree 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 marketitsbranded products to both the B2B and B2C marketswhich 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 atwww.sec.gov.

Wire Service Contact InvestorWire (IW) Los Angeles, California www.InvestorWire.com 212.418.1217 Office Editor@InvestorWire.com