DALLAS, June 14, 2013 /PRNewswire/ -- Artfest
International, Inc., and ProTek Capital, Inc. (OTC Pink: PRPM)
("the Company") announces today that the management of both
companies reached a definitive agreement on the structure and share
exchange. ProTek Capital Inc., will acquire Artfest International
by paying a dividend to all Artfest shareholders with ProTek shares
on a one to one exchange. In addition, ProTek agreed to issue a
special series of preferred shares for the exchange to those
shareholders who wish to surrender their common shares for the
preferred. This exchange will have a final record date for
completion of September
30th, 2013. The preferred exchange will also be
offered to current ProTek shareholders for the purpose of reducing
the outstanding shares.
In addition, the management wishes to report several new updates
and achievements in milestones of development to move the company
further in its Endeavour to complete the business plan.
ProTek Capital recently has engaged a PCAOB CPA as a new
Auditor, and will have corporate attorney assist with the SEC
compliance and begin the process of filing for the S1 registration.
This is a strategic development to have the company to move the
status from a PINK SHEET to a fully reporting OTCQB issuer. The
company added an additional management staff in order to facilitate
the smooth transition to the next trading level, and to ensure that
the company is always in full compliance and fully reporting to the
SEC.
ProTek Capital Management is proud to introduce several new
additions to the management team. Mr. Rick
Toussaint will assume the role of the CFO. Mr. Toussaint
brings an incredible resume in the public arena, having managed
several public companies and a host of private enterprises. The
role of the Treasurer and Comptroller will be handled by Mr.
Scott Tassan, who has a BS in
science and business administration. And finally, the new Chairman
of the board will be Mr. Clark
Ortiz.
"The incredible talent of our executive group and their
impressive resume's are just the tip of the phenomenal creative and
productive structure that is being built at ProTek Capital. Our
investment group is focused on establishing a great management
while developing a transparent fully reporting vehicle that will
enable us to fulfill our business plan. Some of the executives have
been involved with our other groups, and have a proven track record
for competency, loyalty and success," stated Edward Vakser, ProTek President/CEO.
This recent development will enable ProTek Capital to have
access to institutional investors, create a greater vote of
confidence with the current shareholder base and increase the
company's ability for larger acquisitions.
Several new acquisitions and strategic partnerships have been
negotiated and are in the final stages of completion.
"PRPM is proud to announce an agreement with iPoint TV to
distribute and sell its Set Top Boxes and technologies under the
brands 'TVuer' and 'OmniBox'. OmniBox has a distribution
agreement with Radio Shacks nationwide and is presently in talks
with various electronic stores. The TVuer and OmniBox sell
for $99-$149 and offer a $24.95 monthly cable service delivered through
the Smart Applications which come preinstalled in the box.
Market Research Reports Biz announced the global Set Top Boxes
market will reach $15.6 billion by
2018. iPoint TV presently has offices in the USA, UK, India and South
America. The relationship with PRPM and our iPoint TV
companies will offer a huge value to our future income. The
STB sales and monthly subscriptions will offer a monthly residual
income to PRPM and should add incredible shareholder value.
More information of the product offered by iPoint TV, please
visit www.iPoint.tv and www.OmniBoxTV.com," stated
Clark Ortiz Chairman of ProTek, and
CEO of 3D Entertainment Holdings Inc.
The new acquisition of Artfest International will result in an
addition of more assets and an overall share reduction of ProTek
outstanding shares.
The acquisition of ArtFest's assets includes the following
businesses, including inventory, equipment, client lists, software,
websites, domain names, and the like of: Artfest International,
Inc.; Starfest Direct Inc. – a ecommerce and direct sales
platform; shares and interests in PBS Holding Inc. (PBHG ); and
Tradestar Resources (TSRR), (the "ArtFest Companies"). The ArtFest
Companies are expected to produce approximately $3.0 million in sales for 2013.
Upon the acquisition and share exchange being completed, the
major shareholders of Artfest International agreed to take their
exchange in preferred shares, so as to avoid a massive share
increase, and instead, actually achieve a decrease in the overall
outstanding of ProTek capital. Simultaneously, many of the ProTek
"insiders" and major shareholders will convert their common shares
to a preferred class, and therefore contribute to the overall
reduction of the OS.
About ProTek Capital, Inc.: ProTek Capital,
Inc., www.protekcapital.com, is organized and focused on
funding and acquisitions of software and mixed media companies,
specifically focused in the social media and entertainment
industries. ProTek Capital is restructuring its current board and
management in order to accommodate our recent acquisitions and to
position ourselves to make additional acquisitions that will be
accretive to the Company's financial position and future growth
plans. Each new acquisition is also targeted to complement and
support each of the operating companies in a fashion that can
benefit from centralized management, pooled resources, and by
having a comprehensive mix of "in-house" services and product
offerings that can be utilized throughout the organization.
Forward-Looking Statements:
The Private Securities Litigation Reform Act of 1995
provides a safe harbor for forward-looking statements
made on behalf of the Company. All such forward-looking statements
are, by necessity, only statements of intentions or desired
outcomes. Actual events and results achieved by the Company may
differ materially from these statements due to a number of factors.
Statements made in this document that are not purely historical are
forward-looking statements. Risk factors that may cause results to
differ from expectations include the inability of the Company to
secure funding on acceptable terms or any terms at all, the
inability to complete the acquisition of the ArtFest Companies, the
inability to secure new clients and grow sales or maintain our
current clients and sales, and the loss of key executives. The
Company assumes no obligations to update these forward-looking
statements to reflect actual results, changes in assumptions or
changes in other factors affecting such statements.
For more information: Edward Vakser
ev24903@gmail.com or call: 214-418-6940
SOURCE ProTek Capital, Inc.