SOURCE: Artfest International, Inc.

May 19, 2011 21:01 ET

Artfest International, Inc. Shareholders Receive Exchange Offer for Starfest Direct Shares Earned From Previous Dividend

DALLAS, TX--(Marketwire - May 19, 2011) - Artfest International, Inc. (OTCQB: ARTS) is pleased to announce that all Shareholders of Record of Artfest International, Inc. ("ARTS" or the "Company") as of April 15, 2010 who received shares of Artfest Direct (Starfest Direct) at a dividend rate of one Starfest Direct share for every 1,000 shares of the Company owned as of the record date will now receive shares of PBS Holdings, Inc. (PBHG). The exchange offer will allow the Company's shareholders to exchange their Starfest Direct shares 1 for 1 for shares (the "Exchange Shares") of PBS Holdings, Inc., a Publicly traded company (PINKSHEETS: PBHG).

The Company previously issued Starfest Direct shares to shareholders of record as of April 15, 2010. All shareholders who received physical certificates are instructed to return the shares to the transfer agent in order to receive the Exchange Shares. Starfest Direct shares delivered to the transfer agent by June 15, 2011, will be processed at the Company's expense.

If for some reason shareholders did not receive the previous dividend of Starfest Direct, shareholders are instructed to contact their brokerage firm and request the delivery. The Company is working with DTC and Island Stock transfer in order to ensure prompt delivery of PBHG shares. Please have your broker email proof of ownership to info@artfestinternational.com along with his or her contact information to assist us in processing the exchange offer. All requests received prior to June 15, 2011, will be processed at the Company's expense.

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.

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. Artfest International, Inc., 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

  • Contact:
    Investor Relations
    1 877-278-6672