SOURCE: Artfest International, Inc.

February 19, 2009 09:17 ET

Artfest International, Inc. Announces Letter of Intent to Acquire CSD (Charity Sports Distributor, Inc.)

DALLAS, TX--(Marketwire - February 19, 2009) - Artfest International, Inc. (OTCBB: ARTI) announces that the company has signed a Letter of Intent to acquire CSD (Charity Sports Distributor, Inc.), which was founded in 1996. CSD is a vertically integrated Texas-based custom framing company which specializes in the design, production, and distribution of authentic framed autographed sports and entertainment collectibles and art pieces. CSD's distribution avenues include B2B and B2C sales, charity fundraising auctions, professional and college sports teams' pro shops, e-stores, online auctions and a revolutionary in-game silent auction concept known as Home Game Auction. CSD's thirteen (13) year experience in the professional and college sports marketplace has developed an extensive client list which consists of hundreds of private charities and over forty (40) professional and college teams, including the Dallas Cowboys, Washington Redskins, Oakland Raiders, Houston Rockets, Dallas Mavericks, Cleveland Cavaliers, Phoenix Suns, Arizona Diamondbacks, Dallas Stars, Ohio State, Texas, Texas A&M, Oklahoma, Alabama, Georgia, Auburn, Florida State and UCLA.

Artfest International, Inc. expects to complete the acquisition during the First Quarter of 2009 and be in a position to launch the distribution of CSD's product line through Art Channel Galleries, the marketing arm and wholly owned subsidiary of Artfest International, Inc., during the Second Quarter 2009. The addition of CSD's product line in the Second Quarter will complement and expand Artfest International, Inc.'s ongoing product promotions and special purchase packages that are directed towards introducing a select number of acclaimed artists to our members.

CSD recorded revenues in calendar year 2008 of $3.3 million. Upon closing, CSD will operate as a wholly owned subsidiary of Artfest International, Inc.

"We believe that the acquisition of CSD will result in the immediate expansion and enhancement of our current product offerings and will lead to an expansion of our current audience," stated Artfest CEO, Edward Vakser. "Furthermore this acquisition will enable Artfest International, Inc. to vertically integrate framing and canvas stretching operations and enable the company to increase the overall profitability of our product lines which we believe will build greater shareholder value and increased value to our worldwide membership."

"CSD's innovative framing is widely regarded as the premier quality brand in the autographed memorabilia marketplace, and by joining a dynamic company like Artfest International, we now posses the most expansive product portfolio in the autographed collectibles industry," stated Michael Morigi, Senior Vice President - Global Sales.

About Artfest International, Inc.

Artfest International, Inc. is a publicly traded Company under the stock symbol "ARTI." 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.artchanneltv.com, and Art Channel Galleries, Inc. www.ArtChannelGalleries.com, offering the most exciting product and rewards program in the history of direct sales marketing.

About CSD (Charity Sports Distributor, Inc.)

Charity Sports Distributor began in 1996 with the introduction of "Cowboybilia" autographed trading cards and the company continues its relationship with the Dallas Cowboys to today. After CSD's success custom designing autographed memorabilia for the Cowboys and other professional sports teams in 2000, the company expanded into what is now known as Home Game Auction, running silent auctions for charities and, in 2001, professional sports franchises. In 2005, CSD created more excitement by organizing and introducing alumni player autographed memorabilia auctions for college sports teams. CSD hand crafts virtually every aspect of framing in-house. We mount, mat, frame, and engrave to your exact specifications. CSD's product information can be viewed at www.csdsportsframing.com, www.csdmemorabilia.com and www.homegameauction.com

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

  • Corporate Contact:
    Artfest International Inc.
    Member Relations:
    Shirley A. Casavant
    Tel: 877-278-6672

    Investor Relations:
    Steven B. Rash
    15851 Dallas Parkway
    Suite 225
    Addison, TX 75001 USA
    marketing@artfestinternational.com