SOURCE: Artfest International, Inc.

November 12, 2008 08:00 ET

Artfest International, Inc. Completes Acquisition of Distribution Company

DALLAS, TX--(Marketwire - November 12, 2008) - Artfest International, Inc. (OTCBB: ARTI) today announced that it has completed the acquisition of Gryphon Distribution LLC, a media and entertainment distribution company. The acquisition will immediately expand the distribution channels for the company's expanding portfolio of media and entertainment products. Gryphon Distribution LLC, established in 1979, has distributed forty feature motion pictures in theaters, television, VHS and DVD. Currently five pictures are in DVD distribution. Gryphon Distribution has distributed numerous syndicated television shows.

Artfest International has positioned itself for rapid revenue and profitability growth in the short and long term via this acquisition. In addition, the American Jobs Creation Act (the Act) provides 100% tax deduction on qualifying film and television projects. Artfest International is projecting to begin production of its numerous film and television projects within 90 days and commencing with "Blood Will Tell," a theatrical feature, for worldwide distribution.

Mr. Vakser commented, "I am very excited that we are now capable of distributing our products and art works to a global audience with existing products and branding. We are planning on a succession of movies and programming that will help to drive our corporate brand and drive share holder value."

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 www.artfestinternational.com. Artfest subsidiaries are ArtChannel, 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.

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:
    Stasi Turrell
    214-722-3029
    15851 Dallas Parkway, Suite 600, Addison, TX 75001 USA
    Tel: 877.278.6672
    marketing@artfestinternational.com