Artfest International, Inc (fka ARTS)

[Mustache_rider]

My take on the new PBS HOLDING, INC. AND SUBSIDIARIES "opportunity"... this is another EV shell game and do not buy into the hype. Here is my DD and the highlights i pulled from some of their filings.

Before i can take this news seriously, EV needs to address the following:

1. The acquisition of a public company - If PBS Holding is the company they referenced within their last PR, then their wording is very misleading. PBS Holding has not filed with the SEC since 2007.
http://www.sec.gov/cgi-bin/browse-edgar?company=pbs+holding&match=&CIK=pbhg&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany

2. This company is in trouble.
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=44346
Sounds like another company to hide the poop. Not sure how "human resources outsourcing industries with particular emphasis in the professional employer organization (PEO) industry and the temporary staffing services industry" fits ARTS construct, but hey who am I?

3. Read note 10 - Going Concern Issues (page F-18): This is all i need to read to stay clear from this mess.
"The Company continues suffering significant losses and working capital reflects more current liabilities than current assets. Unless sufficient additional cash flows come into the Company, either through equity financing, profits, or a reduction of cash expenses, the Company could be
in jeopardy of continuing operations."

This sounds great in theory but the way i read it, they want to dabble in the pink sheets so there is less regulation and oversight...

"The Company has also sustained substantial cost related to litigation and corporate administration that has been and will continue to be reduced in going forward. As of June 30, 2007 the company became “delisted” as a publically traded company. The Company plans to remain delisted as a publically traded “penny stock” company. The eliminated of the legal and accounting costs associated with being a public traded company will enhance the Company’s ability to operate as a going concern.

4. Here is an interesting tid-bit i found in PBS's last filing. Sounds like auditor shopping to me.
http://www.sec.gov/Archives/edgar/data/1077150/000110465905015411/a05-2064_110ksb.htm

"On February19, 2004, we dismissed Sellers & Andersen, LLC from its position as our independent accountants... The audit reports of Sellers & Andersen, LLC for the fiscal years ended December 31, 2002 and 2001 did not not contain an adverse opinion, disclaimer of opinion or modification of the opinion; however, the reports for each year did include an opinion regarding PBS’s ability to continue as a going concern.