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New Company to Conduct Offering at $10 Per Share DALLAS, TX - (03/03/10) - Artfest International, Inc. (OTC.BB:ARTS - News) is pleased to announce that the Company will be conducting an offering of Artfest Direct shares at $10.00 per share. Artfest Direct, a wholly owned subsidiary of Artfest International will be capitalized with 10 million shares outstanding. The Company's goal is to raise $10 million for the acquisition of additional fine art and sports memorabilia which will be offered directly to the public. Artfest International will be announcing details for the offering and dividend for its shareholders in the coming weeks.
Artfest Direct is targeting the $835 Million virtual sports memorabilia and social gaming market with the launch of its new e-commerce website www.artfestdirect.com on March 8, 2010. For the first time, Artfest International's new website will enable consumers to purchase fine sports art as well as sports memorabilia and collectibles directly from their favorite teams, players, and athletes. Sales in the Sports Memorabilia market as a whole declined by approximately 20% last year. However, according to a January 2010 report by the research firm, Inside Network, the U.S. market in 2010 for virtual goods is expected to reach $1.6 Billion, with $835 Million of which will be from social gaming and sports memorabilia. Artfest International is launching this program through its call center, online, and directly through the Company's partnership agreements with the Major Stadiums, as well as the hundreds of other professional and NCAA division I college sports teams across the country. Earlier this year, Artfest International opened a call center based on the direct marketing performance of companies including Herbalife, Mary Kay, Avon, and Tupperware Inc. Artfest International expects to increase its call center to over 20,000 members based on the expected revenue generated from the Artfestdirect.com program. "We are happy to extend this opportunity to our shareholders to participate in the launch of Artfest Direct. We are confident in our direct sales model, and we are looking forward to longterm success for all those who participate," stated Edward Vakser, CEO of Artfest International, Inc. About Artfest International, Inc.
Artfest International, Inc. 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
Management Solutions International
1 407-389-5900
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