SOURCE: Artfest International, Inc.

June 21, 2010 07:00 ET

Artfest International, Inc. Receives Over $1,500,000 in Equity Financing

DALLAS, TX--(Marketwire - June 21, 2010) - Artfest International, Inc. (OTCBB: ARTS) is pleased to announce that the Company has received over $1.5 million in equity financing since 2009. The investment capital received has provided Artfest International with the necessary funds to reduce existing indebtedness by $627,000 and increase its assets by over $2.4 million.

The Company's total Assets now exceed $5.8 million and as of period ending March 31, 2010, the Company's total revenues have increased by 82% to $852,432 since March 31, 2008. Artfest management expects to continue its growth through the expansion of its call center, strategic acquisitions of Assets, and through the growth of its Artfest Direct program.

"I would like to personally thank all the shareholders who have supported us as we continue to build this phenomenal company. It is our goal to continue to reward shareholders with dividends as our growth continues. I would also like to thank those shareholders who took the time to call and write us to thank the Company for the Artfest Direct Dividend," stated Edward Vakser, CEO of Artfest International, Inc.

Artfest management's goal is to increase revenues to over $200,000,000 in the next 3 years as stated in the Company's most recent business plan. As a result, the Company has increased its authorized shares so it can continue to receive equity financing. For a copy of the most recent Artfest International and Artfest Direct business plan please contact the Company's investor relations department at 407-389-5900.

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 Information

  • Contact:
    Investor Relations
    1-407-389-5900