Artfest International, Inc. ("Artfest" or the "Company") announces today that it has signed a letter of intent to sell all of the assets of Artfest to ProTek Capital, Inc., ("ProTek"). Pursuant to the letter of intent, ProTek will acquire the assets of Artfest pursuant to a share exchange whereby one share of ProTek's common stock will be issued for each share outstanding of Artfest common stock. Additional terms include the assumption of certain contracts, client's lists, inventory and equipment, as well as certain liabilities of Artfest.
"The synergies between the two companies will contribute to growth and expansion of ProTek's business portfolio and asset base. This transaction will reestablish Artfest as a publicly traded company on the OTC Markets, and enhance the Company's ability to make additional acquisitions, which in turn should continue to grow and enhance shareholder value," stated Edward Vakser , Artfest CEO.
The acquisition of Artfest's assets by ProTek includes the following businesses, including inventory, equipment, client lists, software, websites, domain names, and the like of: Artfest International, Inc.; Starfest Direct Inc. an ecommerce and direct sales platform; shares and interests in PBS Holding Inc.,(OTC Markets: PBHG) and Tradestar Resources (OTC Markets: TSRR), (the "Artfest Companies").
Upon the asset acquisition and share exchange being completed, approximately 6.3 billion shares of the ProTek's shares will be issued and outstanding. The acquisition and exchange are subject to customary closing conditions, approval of the board of directors of both companies, and the completion of due diligence by both companies. There is no assurance or guaranty that the acquisition and share exchange will be completed in its entirety, or at all. Additional details regarding the share exchange and what you need to do as a shareholder of Artfest will be provided in another press release and/or 8K filing in the near future.
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.
About Artfest International, Inc.: Artfest International, Inc. www.artfestinternational.com, was previously a publicly traded company on the OTC Markets trading under the symbol "ARTS." Artfest provides sales, marketing, financial and e-commerce systems to the industries of Arts, Antiques, Collectibles and Luxury Goods. The markets are serviced by artists, dealers, galleries, and manufacturers of reproductions and luxury goods on a national scale.
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 sale 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.
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SOURCE Artfest International, Inc.