SOURCE: Artfest International, Inc.
Sep 03, 2009 12:43 ET
Artfest International, Inc.'s Board Approves 250 Million Share Exchange for Its Officers and Directors - 200 Million Common Shares Already Tendered Substantially Reduces Outstanding
Artfest International, Inc.DALLAS, TX--(Marketwire - September 3, 2009) - Artfest International, Inc. (OTCBB: ARTI) is pleased to announce that the Company's Board of Directors has authorized its officers and directors to exchange up to 250,000,000 shares of their common stock for a preferred stock valued at $5.00 per share. This exchange substantially reduces the outstanding shares of the Company. The Board set a price of value of $0.01 per share for the purposes of this exchange. The preferred shares must be held for a minimum of 12 months before they can be converted back to common stock.
The Company decided to authorize the exchange, as it continues the process of evaluating acquisition candidates, as part of its growth strategy. Artfest International is determined to increase shareholder value, maintain a strong balance sheet and improve returns on its common stock.
"The Board of Directors agreed that our shares are undervalued and should be trading at higher levels. We are well positioned for real growth as we continue to work toward our goal of making art affordable to the average person and helping reduce art fraud through the use of our RFID chip technology," stated Edward Vakser, CEO of Artfest International, Inc.
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.
Sep 03, 2009 12:43 ET
Artfest International, Inc.'s Board Approves 250 Million Share Exchange for Its Officers and Directors - 200 Million Common Shares Already Tendered Substantially Reduces Outstanding
Artfest International, Inc.DALLAS, TX--(Marketwire - September 3, 2009) - Artfest International, Inc. (OTCBB: ARTI) is pleased to announce that the Company's Board of Directors has authorized its officers and directors to exchange up to 250,000,000 shares of their common stock for a preferred stock valued at $5.00 per share. This exchange substantially reduces the outstanding shares of the Company. The Board set a price of value of $0.01 per share for the purposes of this exchange. The preferred shares must be held for a minimum of 12 months before they can be converted back to common stock.
The Company decided to authorize the exchange, as it continues the process of evaluating acquisition candidates, as part of its growth strategy. Artfest International is determined to increase shareholder value, maintain a strong balance sheet and improve returns on its common stock.
"The Board of Directors agreed that our shares are undervalued and should be trading at higher levels. We are well positioned for real growth as we continue to work toward our goal of making art affordable to the average person and helping reduce art fraud through the use of our RFID chip technology," stated Edward Vakser, CEO of Artfest International, Inc.
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.
No comments:
Post a Comment