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Artfest International, Inc. (OTC.BB:ARTI - News) is pleased to announce that the Company has completed the acquisition of Charity Sports Distribution, Inc. (CSD) for $3,750,000 to be paid in restricted shares of Artfest International's common stock valued at $.25 per share. Artfest International will also assume $500,000 in debt as part of the transaction. The acquisition of CSD was one of the major factors in Artfest International receiving a $5 Million equity line of credit from Delaney Capital, LLC earlier this month.
CSD is in the gift, novelty, collectable and memorabilia business and operates souvenir shops and game day auctions at major stadiums and college sport venues. CSD is headquartered in Carrollton, TX. CSD currently has over 20 employees and had annual sales of over $3.3 million in 2008. Through this acquisition, Artfest will also receive approximately $1.2 million in sport memorabilia, which will be available for sale on the Company's Web site www.artfestinternational.com, which is just one of the avenues in which CSD will be able to increase its sales figures in 2009. "The acquisition of Charity Sports Distribution will have a positive impact on Artfest's revenues. Through CSD's agreements with the Dallas Cowboys, Texas Rangers, the Dallas Stars, the Dallas Mavericks, as well as 27 College Teams, we will now have direct access to a large and diverse portfolio of sports memorabilia," stated Edward Vakser, CEO of Artfest International, Inc. "This is a first of many targeted memorabilia, framing and printing companies that Artfest is planning to acquire in what is considered to be a 100,000,000,000 plus market space. We are focused to 'vertically' integrate framing, printing art and memorabilia companies to support our business plan and foster our growth." Companies wishing to be considered for mergers and acquisitions by Artfest should contact Artfest M&A Team at: 866-534-2847. Or
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Artfest recently held a National Teleconference to update investors. To listen to a replay of Artfest International's Teleconference please visit the Company's Website: www.artfestinternational.com. "Artfest will be implementing RFID technology for all the art and memorabilia products. Having our own 'in-house' framing and manufacturing capabilities will enable us to provide further security and authentication to the consumer," stated Angie Tassan, Artfest CMO. About Artfest International, Inc. Artfest International, Inc. is a publicly traded Company under the stock symbol "ARTI." Artfest brings together artists, investors, decorators, designers, private collectors and art galleries. Artfest International's corporate site is www.artfestinternational.com. Artfest's subsidiaries are Art Channel, Inc. www.artchannel.tv, and Art Channel Galleries, Inc. www.ArtChannelGalleries.com, offering the most exciting product and rewards program in the history of direct sales marketing. Safe Harbor Statement -- This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ARTI does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law. Contact:
Investor Relations
Big Apple Consulting USA
1-407-389-5900
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