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DALLAS, TX - (06/10/10) - Artfest International, Inc. (OTC.BB:ARTS - News) announced today that the Company signed an addendum to the agreement for the purchase of "Rendering of Francoise Gilot" Picasso Art Sculpture, which is independently valued between $50-$70 Million. According to the terms of the addendum, Artfest International has up to 180 days to complete the sale and purchase of the sculpture. The purchase price for the Picasso Art Piece is $2,500,000.00 in cash and 50 million warrants at $1.00 per share from Artfest International, Inc.
Artfest International announced that the Company agreed to purchase the original Picasso Sculpture art piece directly from the artist's personal collection. The wooden sixty inch-by-twenty-seven inch Picasso sculpture was completed in 1949 and is titled "Rendering of Francoise Gilot." Picasso met Francoise Gilot, a young French student who became his favorite model, while he was living in Paris. She appeared in several of his works of art between the years of 1940-1950. Images of Francoise Gilot are in high demand in the market and have constantly proven to yield top dollar. According to www.TimesOnline.com, Picasso's pieces can range from $5 Million to $150 Million. "The purchase of this Picasso art piece will increase shareholder value because it significantly increases our asset base as we continue to meet the requirements to be listed on a higher exchange such as the NASDAQ or AMEX," said 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 Artfest Direct, Inc. (www.Artfestdirect.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:
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