SOURCE: Artfest International, Inc.
DALLAS, TX--(Marketwired - Feb 14, 2014) - Artfest International, Inc., and its management are pleased to announce that the management and a small group of investors are in the process of acquiring a publicly trading company for the acquisition of Artfest International Inc., and its assets.
Recently, the company Artfest International, Inc., was in the process of being acquired by ProTek Capital Inc. Due to new management change in ProTek Capital Inc., and the change in its business direction, both companies agreed to cancel the deal and proceed with other opportunities.
The company is currently in negotiations with several public companies to be acquired. The target date is set for April 1st, 2014.
"I just recently resigned as a CEO from ProTek Capital Inc., to pursue and focus on getting Artfest International Inc., trading on a public OTC Markets once again. The concept is to have another publicly trading company acquire Artfest International, Inc., and do a share exchange with its current shareholder base. This Share Exchange will enable all Artfest shareholders to have publicly trading shares in exchange for their old Artfest shares. I feel that we can resume the trading and once again contribute to the growth and benefit of the shareholders value. This new deal, will involve an OTC Markets Publicly trading company buy Artfest, and since it's a sale and not a merger, there is no need for SEC approval, and the new public shares can be delivered to our current Artfest base immediately. I believe that this is the most logical way to enable our shareholders have publicly trading shares.
"Mr. Jeffries has an ambitious business plan, and I'm extremely happy and encouraged by his new direction. And as the new CEO of ProTek Capital Inc., he is focused on the new plan and its execution. I'm convinced in his passion and desire to protect and enhance all of our shareholders value. Several companies that I have invested in share similar investor and shareholder base. That is why I am moving to complete the Artfest International Inc., acquisition by another public company while leaving Mr. Jeffries to manage ProTek Capital/ Luxuriant Holdings Inc., in full autonomy and in complete control to implement and execute his business plan without any interference or influence by me," stated Edward Vakser, CEO of Artfest International Inc.
All Shareholders of Record of Artfest International, Inc. will receive updates and information on the share exchange. The Company will be working with DTC and Island Stock transfer in order to ensure prompt delivery of new shares.
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.
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.