SOURCE: Artfest International, Inc.

October 06, 2010 07:15 ET

Artfest International Inc. Acquires Pat Summerall Productions and Master Video Library

DALLAS, TX--(Marketwire - October 6, 2010) -  Artfest International, Inc. (OTCBB: ARTS), a new technology, fine art and memorabilia company, today announced it has entered into a definitive agreement to acquire Master Library of Pat Summerall Productions, a Dallas based Media, Content development and Production Company.

Artfest's business plan calls for expansion and acquisitions of intellectual properties (IP) and collectable components. The Television and Sports Broadcast industry considers Pat Summerall a legendary and historical figure. Memorabilia and collectable content with historical significance grows in value and in historical importance. Artfest distribution model, CSD Sports and Art Channel Inc., will repurpose and release the newly acquired assets and IP.

"I'm extremely excited to add yet another asset to Artfest International's already healthy and ever expanding portfolio. This strategic acquisition is one of several acquisitions currently under contract and negotiations, and is part of our plan in expanding our presence on Television and other Media Markets. The Intellectual properties and content that we acquired will help us establish the Starfest Technologies Brand for the tracking of sport memorabilia and collectibles via RFID Starfest Chips. The production will enhance our presence and participation in producing sporting events and expand our retail presence at stadiums and arenas," stated Edward Vakser, Artfest International CEO.

"This acquisition adds a new dimension to our content development and branding. While we feel that we will recover and continue to produce PSP two to four million per year in revenues, our main goal is to bring this company to a greater revenue potential. With the name and branding being very well known in the broadcast and sports community, we will direct our production focus on American Football and expansion with the newly developed Women's league. This alone should drive revenues and profits that will enhance Artfest's bottom line," stated Bill Strother, Art Channel's VP of Productions.

"The potential for this acquisition is huge. We already began producing Women's Football League and developing their sports branding and memorabilia. We will have Television as an additional driver for our members to purchase and re-sell our products and drive revenues for the Starfest Direct," explained Angie Tassan, Artfest CMO.

Recently, Artfest international announced an acquisition of a new Television/Recording studio, and REF financing from AGS Capital Group. The added funding will enable Artfest to complete a series of pre negotiated acquisitions, licensing and Celebrity/Artist endorsements and contracts.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities referred to in this news release in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

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 StarFest Direct, Inc. (www.StarFestdirect.com), offering the most exciting product and rewards program in the history of direct sales marketing.

ABOUT AGS CAPITAL GROUP

AGS Capital Group provides flexible debt and equity financing solutions for growth-stage and mature public companies as well as private companies looking to go public.

With offices in New York, Hong Kong and India, AGS Capital Group has facilitated the growth of companies within the U.S. and those domiciled in foreign markets around the globe.

AGS Capital Group invests in public companies listed on all exchanges. We perform fundamental analysis including credit risk, technical analysis of market trends and industry, evaluation of management team experience and corporate structure evaluation. For additional information, please visit www.agscapitalgroup.com

For more information, please call: 877-278-6672 or 480-326-8577

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.

For more detailed info. please visit: www.artfestinternational.com

Contact Information

  • For More Information and RSVP Contact:
    Artfest International, Inc.
    Public Relations
    (480) 326-8577
    (877) 278-6672