SOURCE: Artfest International, Inc.

February 08, 2010 08:08 ET

Artfest International, Inc. Closes on $900 Thousand in Financing to Expand Business Model in the Fine Art and Sports Memorabilia Market

Company Signs Funding Agreement With International Capital Group, LLC

DALLAS, TX--(Marketwire - February 8, 2010) - Artfest International, Inc. (OTCBB: ARTS) is pleased to announce that the Company has signed a financing agreement with International Capital Group, LLC (ICG). The terms of the funding are that Artfest International, Inc. will receive a $900 Thousand non-recourse structured loan against securities, with a three-year term bearing an interest rate of 5 percent. The terms of the financing also has a growth cap of 300 percent over the term of the agreement, which is an important benefit to the Company. The financing agreement with International Capital Group will enable Artfest International to expand its business model in the fine art and sports memorabilia and collectibles market and develop business relationships with major sports franchises in major metropolitan areas across the country. Artfest International currently has partnership agreements with several stadiums, as well as other professional and NCAA division I college sports teams to market and sell fine sports art, collectibles and memorabilia both online and at the sports venues.

International Capital Group provides individuals and institutional clients with safe and secure funding using publicly traded securities as collateral. The company is diligent in establishing sound partnerships with only the most reputable leading financial institutions and marketing partners. International Capital Group is one of the leaders in lending standards, customer service, and transaction execution for borrowers around the globe.

"The financing agreement with International Capital Group will create a situation where not only can Artfest International start structuring agreements with sports teams in major cities, but the Company and our shareholders are going to benefit with the anticipated increase in price per share of Artfest International over the next several years," stated Edward Vakser, CEO of Artfest International, Inc.

For more information about International Capital Group, please visit their website at: www.internationalcapitalgroup.com.

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 Information

  • Contact:
    Investor Relations
    Management Solutions International
    1 407-389-5900