SOURCE: Artfest International, Inc.

March 25, 2010 14:53 ET

Artfest International, Inc. Increases Revenue for the 4th Quarter Ending December 31, 2009 by 5,400 Percent as Compared to the Same Period Prior Year

Company Generates Revenues of $1.1 Million in the Fourth Quarter 2009

DALLAS, TX--(Marketwire - March 25, 2010) -  Artfest International, Inc. (OTCBB: ARTS) is pleased to announce that the Company increased its revenue for the fourth quarter ending December 31, 2009 by 5,400 percent as compared to the same period in the prior year. Artfest International generated revenue of $1.1 Million for the fourth quarter ending December 31, 2009 as compared to revenue of $20,000 for the fourth quarter ending December 31, 2008. One of the reasons for the increase in revenue is due to the increased in sales of art and sports memorabilia through Charity Sports Distributor, which the Company acquired in July 2009. Artfest International also increased its net income for the fourth quarter ending December 31, 2009 by $406,457 as compared to the same period prior year, reporting net income of $116,300 for the fourth quarter December 31, 2009 as compared to a net loss of $290,157 for the December 31, 2008.

Artfest International generated its revenue mainly utilizing its direct sales approach through its wholly owned subsidiaries, Charity Sports Distributor, Art Channel Gallaries, Inc., and Art Channel, Inc. Charity Sports Distributor has agreements with both professional and college sport teams around the country. Through Legends Hospitality Management, who manages all silent auctions at the Dallas Cowboys home games, the company has been able to offer premium Dallas Cowboys and other celebrities autographed memorabilia at all Cowboy home games. Charity Sports Distributor is in the gift, novelty, collectable and memorabilia business and operates souvenir shops and game day auctions at college sport venues and Pro Sports Stadiums. 

Artfest International recently announced that all Artfest International Shareholders of Record as of April 15 will receive 1 share of Artfest Direct valued at $10 per share for every 1000 shares they own of Artfest International (ARTS) on the record date. The Company will be conducting an offering of Artfest Direct shares at $10.00 per share and Artfest Direct 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 complete spin off and Public Offering of Artfest Direct in the near future.

"I am excited about the strong financial performance of the Company in the fourth quarter this year as compared to the fourth quarter of last year. The increase in sales will bring increased value to our loyal shareholders," 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. 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.

Contact Information

  • Contact:
    Artfest International, Inc.
    Investor Relations
    1 407-389-5900