Hey, Pink. Was just about to post the ARTS news myself: :)
Mar 18, 2010 07:30 ET
Artfest International, Inc. to Resell the Work of Legendary Hollywood Photographer Frank Worth on Artfest Direct
Company Expects to Generate $3 Million in Revenue per Year Through Agreement With Emaging International, Inc.
DALLAS, TX--(Marketwire - March 18, 2010) - Artfest International, Inc. (OTCBB: ARTS) is pleased to announce that the Company has signed a distribution agreement with Emaging International, Inc., which will enable Artfest International's wholly owned subsidiary, Artfest Direct to resell over 1200 images from some of the world's most accomplished photographers such as Frank Worth. Artfest Direct expects to generate $3 Million per year in sales from the collection through its new e-commerce website, www.artfestdirect.com. Artfest Direct members will be able to purchase images from Hollywood's "golden years," which includes legendary stars such as Frank Sinatra, Sammy Davis Jr., James Dean, Marilyn Monroe, John Wayne, and Elizabeth Taylor, amongst others.
Artfest Direct is projecting its pre-enrollment of membership for www.artfestdirect.com to reach 20,000 members where the company will generate $6,500 in revenue per year per member. The 1,200 images made available through the agreement with Emaging International is a key component of Artfest Direct's overall business strategy in targeting the $835 Million virtual sports memorabilia and social gaming industry. Emaging International was formed in April 2003 and is headquartered in Los Angeles, California. As a media content company, Emaging Internaitonal specializes in the marketing, promotion and licensing of classic and contemporary photographic masterpieces, created by some of the most accomplished photographers.
Artfest International recently announced that all Artfest International Shareholders of Record as of April 15 will receive 1 share of Artfest Direct valued at $10 per share for every 1000 shares they own of Artfest International (ARTS) on the record date. The Company will be conducting an offering of Artfest Direct shares at $10.00 per share and Artfest Direct will be capitalized with 10 million shares outstanding. The Company's goal is to raise $10 million for the acquisition of additional fine art and sports memorabilia which will be offered directly to the public. Artfest International will be announcing details for the complete spin off and Public Offering of Artfest Direct in the near future.
"The agreement with Emaging International fits in nicely with the program Artfest Direct has put in place for signing new members to our direct sales program. We can now make available many of our new products from the sports and entertainment world, through our Artfest Direct's website," stated Edward Vakser, CEO of Artfest International, Inc.
About Emaging International, Inc.
Emaging International is a firm that acquires and markets rare or select photographic images using prints, numbered lithographs, greeting cards, post cards, and various other items distributed through art galleries internationally. Since the discovery of the Frank Worth Collection just over three years ago by its CEO Norman Solomon, in association with the Frank Worth Estate, has attracted key sponsors such as De Beers, Hewlett-Packard and Turner Classic Movies, to support a limited number of Frank Worth exhibitions. The first one was held in London in October 2002 while another was held in San Francisco to support a charity event. A small part of the collection was displayed at a pre-Academy Awards gala hosted by Sharon Stone for the 75th Academy Awards. In addition, a color photo of Ava Gardner was used in a Hewlett Packard campaign.
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.
