SOURCE: Artfest International, Inc.

December 17, 2009 14:47 ET

Artfest Projects Approximately $1,200,000 in 4th Quarter Revenues

Forecasts 34% Quarter-Over-Quarter Growth

DALLAS, TX--(Marketwire - December 17, 2009) - Artfest International, Inc. (OTCBB: ARTS), a leading edge arts distribution company, announced today the company projects 4th quarter sales of $1,200,000, based on approximately $400,000 in revenues from Artfest Channel Galleries and an estimated $800,000 in revenues from its Charity Sports Distributors (CSD) subsidiary. The company had recently announced a net profit of $7,397 on revenues of $896,404 in the third quarter ended September 30, 2009.

"We are extremely pleased with the sales growth we're seeing this quarter, both through our recent acquisition of CSD as well as organic growth from our direct sales division, Artfest Channel Galleries. Our growth strategy is in place and as the numbers prove, it's clearly working. Given 4th quarter projections, even without further growth, we are currently at an annual revenue run rate of just under $5,000,000. We certainly intend to maintain our current rates of growth through 2010," stated Artfest CEO Edward Vakser.

Chris Miner, Artfest's newly appointed CFO, added, "I see tremendous potential to build revenue momentum based on Artfest's current sales infrastructure. I look forward to playing a key role in further expanding EPS growth based on current and future sales results."

Artfest plans to file its 10-K and announce year-end and 4th quarter results on or before March 30, 2010.

About Artfest International, Inc.

Artfest International, Inc. is a publicly traded Company under the stock symbol "ARTS." 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, and Charity Sports Distributor Inc. www.csdsportsframing.com, offering the most exciting Art and Memorabilia products 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

  • Investor Relations Contact:
    Corporate Profile
    646-810-0608