Artfest International, Inc. Closes on $900 Thousand in Financing to Expand Business Model in the Fine Art and Sports Memorabilia
February 08 2010 - 8:07AM
Marketwired
Artfest International, Inc. (OTCBB: ARTS) is pleased to announce
that the Company has signed a financing agreement with
International Capital Group, LLC (ICG). The terms of the funding
are that Artfest International, Inc. will receive a $900 Thousand
non-recourse structured loan against securities, with a three-year
term bearing an interest rate of 5 percent. The terms of the
financing also has a growth cap of 300 percent over the term of the
agreement, which is an important benefit to the Company. The
financing agreement with International Capital Group will enable
Artfest International to expand its business model in the fine art
and sports memorabilia and collectibles market and develop business
relationships with major sports franchises in major metropolitan
areas across the country. Artfest International currently has
partnership agreements with several stadiums, as well as other
professional and NCAA division I college sports teams to market and
sell fine sports art, collectibles and memorabilia both online and
at the sports venues.
International Capital Group provides individuals and
institutional clients with safe and secure funding using publicly
traded securities as collateral. The company is diligent in
establishing sound partnerships with only the most reputable
leading financial institutions and marketing partners.
International Capital Group is one of the leaders in lending
standards, customer service, and transaction execution for
borrowers around the globe.
"The financing agreement with International Capital Group will
create a situation where not only can Artfest International start
structuring agreements with sports teams in major cities, but the
Company and our shareholders are going to benefit with the
anticipated increase in price per share of Artfest International
over the next several years," stated Edward Vakser, CEO of Artfest
International, Inc.
For more information about International Capital Group, please
visit their website at: www.internationalcapitalgroup.com.
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 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.
ARTS 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: Investor Relations Management Solutions International 1
407-389-5900