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DALLAS, TX - (02/22/10) - Artfest International, Inc. (OTC.BB:ARTS - News), a leading edge arts and sports memorabilia distribution company, announced it has completed the acquisition of Performance Lifestyle Channel.
The acquisition will strengthen Artfest's global marketplace and platform, while opening several new lines of business and creating significant new monetization opportunities for the company. The deal also represents a major opportunity for PLC to advance its leadership in new media communications and offer people worldwide new ways to communicate in a global online era. Artfest and PLCTV will create an unparalleled ecommerce and communications engine for buyers and sellers around the world. Performance Lifestyle Channel is a cutting edge global entertainment company, and PLC (www.plctv.com), the world's first broadcast-quality Internet television service, announced today that Artfest International has acquired Performance Lifestyle Channel and will offer a full range of brands and programming consumers on the innovative distribution platform. Founded by Lawrence Castro, PLC will be powered by a secure, efficient, piracy-proof Internet platform that enables premium interactive video experiences while guaranteeing copyright protection for content owners and creators. Lawrence Castro will remain the Chairman of Board as well as the CEO of PLCTV. The financial terms of the deal were not disclosed. "PLC will enhance our capability to fulfill the needs of Pro Sports and College Team Contracts that Artfest currently acquired. Our Direct marketing platform will now have even more diversified products and services that we can offer," stated Angie Tassan, Artfest CMO. PLC will allow users to have free access to thousands of programs and channels not readily available on the Web. Through PLCTV, viewers can watch Performance Lifestyle programming on their computers through a customizable platform with advanced television viewing features such as links that lead to more information or related websites based on the content; and a variety of plug-in applications, such as instant messaging, message boards, and news tickers. PLCTV combines the best of TV and the best of the Internet by offering viewers a unique, TV-like experience enhanced with the choice, control and flexibility of Web 2.0. PLCTV is the first online, global TV distribution platform, bringing together advertisers, content owners and viewers in an interactive, community-driven environment. PLCTV can be accessed with a broadband Internet connection and offers broadcast-quality content to viewers. "We're extremely pleased with the acquisition the Performance Lifestyle Channel, and couldn't be prouder to be a part of the next generation in broadband video technology," said Edward Vakser, Artfest International President and Chief Executive Officer. "We will have the number one portfolio of entertainment sites in the world and unrivaled distribution on mobile devices, and we're determined to keep pushing and growing our digital presence and bring our programming to audiences on every platform and device that they want. In addition our innovation will have a seamless integrated direct marking platform. PLCTV has created an exciting breakthrough platform that represents not only a fantastic user experience, but one that is built on a compelling and sustainable business model that respects both content creators and consumers." Lawrence Castro, founder of PLCTV, said, "Our platform provides scalable distribution, in a completely safe environment that protects the interest of content owners and advertisers, while delighting viewers. We're extremely excited about this partnership and look forward to enabling Artfest International to reach new audiences for its new and classic programming." About Artfest International, Inc.: Artfest International, Inc. is a publicly traded Company under the stock symbol "ARTS." 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. ARTS 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
1-407-389-5900
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