SOURCE: Artfest International, Inc.

November 18, 2008 08:00 ET

Artfest International, Inc. Announces Receipt of $2.5 Million Purchase Order

DALLAS, TX--(Marketwire - November 18, 2008) - Artfest International, Inc. (OTCBB: ARTI) today announced that it has received a purchase order in the amount of $2.5 million from Artfest's Joint Venture Partner, Luxor International, to begin the rollout of our program in Russia as previously announced. This is the initial step in positioning Artfest International's program for the introduction of American and International artists for purchase by the sophisticated art consumers in Russia.

The receipt of this initial purchase order from Russia is a further indication of the enormous market potential for Artfest International's program and has positioned Artfest International for rapid revenue and profitability growth in the Russian market and should translate into additional international markets acceptance and participation in Artfest International's program.

Mr. Edward Vakser, CEO of Artfest, commented, "I am extremely pleased that our Joint Venture Partner in Russia has been able to deliver an initial purchase order of this magnitude which indicates earlier than anticipated acceptance of our program and that the market potential for our products and services may be far greater than previously anticipated." In addition, commented Mr. Vakser, "the receipt of this purchase order coupled with our fourth quarter U.S. launch should produce a revenue foundation which will be the cornerstone for attaining our 2009 revenue and profitability goals."

About Artfest International, Inc.

Artfest International, Inc. is a publicly traded Company under the symbol "ARTI." Artfest connects artists, investors, decorators, designers, private collectors and galleries. Artfest corporate site is Artfest subsidiaries are ArtChannel, Inc., and Art Channel Galleries, Inc., 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

  • Corporate Contact:
    Artfest International Inc.
    Shirley A Casavant
    Investor Relations:
    15851 Dallas Parkway, Suite 225
    Addison, TX 75001 USA
    Tel: 877.278.6672