Artfest International, Inc. Shareholders UpdatesDALLAS, TX, February 14th, 2014, Artfest International, Inc. , and its management are pleased to announce that The management and a small group of investors are in the process of acquiring a publicly trading company for the acquisition of Artfest International Inc., and its assets.Recently, the company Artfest International, Inc., was in the process of being acquired by ProTek Capital Inc. Due to new management change in ProTek Capital Inc., and the change in its business direction, both companies agreed to cancel the deal and proceed with other opportunities.The company is currently in negotiations with several public companies to be acquired. The target date is set for April 1st, 2014.“I just recently resigned as a CEO from ProTek Capital Inc., to pursue and focus on getting Artfest International Inc., trading on a public OTC Markets once again.
The concept is to have another publicly trading company acquire Artfest International, Inc., and do a share exchange with its current shareholder base. This Share Exchange will enable all Artfest shareholders to have publicly trading shares in exchange for their old Artfest shares. I feel that we can resume the trading and once again contribute to the growth and benefit of the shareholders value. This new deal, will involve an OTC Markets Publicly trading company buy Artfest, and since it’s a sale and not a merger, there is no need for SEC approval, and the new public shares can be delivered to our current Artfest base immediately. I believe that this is the most logical way to enable our shareholders have publicly trading shares.Mr.Jeffries has an ambitious business plan, and I’m extremely happy and encouraged by his new direction. And as the new CEO of ProTek Capital Inc., he is focused on the new plan and its execution. I’m convinced in his passion and desire to protect and enhance all of our shareholders value. Several companies that I have invested in share similar investor and shareholder base. That is why I am moving to complete the Artfest International Inc., acquisition by another public company while leaving Mr.Jeffries to manage ProTek Capital/ Luxuriant Holdings Inc., in full autonomy and in complete control to implement and execute his business plan without any interference or influence by me.” Stated Edward Vakser, CEO of Artfest International Inc.
All Shareholders of Record of Artfest International, Inc.,will receive updates and information on the share exchange.The Company will be working with DTC and Island Stock transfer in order to ensure prompt delivery of new shares.About Artfest International, Inc.Artfest International, Inc. brings together artists, investors, decorators, designers, private collectors and art galleries. Artfest International's corporate site iswww.artfestinternational.com.
Letter to Shareholders - November 1, 2012
Dear Shareholders of Artfest International Inc.:
I know its been a long time since my last update. However, I wanted to make sure that things
were progressing to the point where an update was both relevant and timely for the events and
achievements that we can disclose.
Here in this letter, I will list and answer most asked questions, concerns and in some cases pure
accusations and speculations. I will also post here my contact information so that individual
investors can contact and / or leave messages direct for me. In most cases, I will respond within
48 hours.
Updates:
1. ARTS signed an engagement letter with Gene Ekgeberg , who have been auditing ARTS for
the past 3 years. We believe that barring any unforeseen issues, we should be able to file by
year end 2012.
2. ARTS is in possession of direct communication with FINRA, stating that our dividend request
was denied due to ARTS not being a "current" filer. And that ARTS can re-submit the dividend
issuance corporate action request as soon as the company achieves "current" status. ( we, the
management believe that we can submit, and receive an approval for the Q1, 2013.)
3. We hired a third party company to review and help us prepare all of our ARTS and its subs
financials. (As you know, while we did file the much questioned 2010 10-K that was posted as
"audited" but our auditor did not post the letter; then he finally posted the AUDITED 10K. Now
we are still running behind, so I wanted to ensure that we post EVERYTHING correctly.)
4. ARTS successfully spun off PBHG and TSRR. As opposed to have "private" companies in
the portfolio, we now have public companies, that at today's prices combined will show as at
least a $ 16.3 million ARTS assets. (see market caps for each company)
5. We now have PBHG focused on launching our "De Vie Sun," a Healthy living product line.
And we have a new management and filed for "current" status as well. we anticipate that to be
done by Nov 6, 2012 www.deviesun.com .
6. Our TSRR group, is focused with their filings as well as securing a commitment from a
Market Maker to file 15C211.
7. I was able to get behind a technology funding group Protek Capital Inc., (PRPM). We have
several major acquisitions lined up , and I'm an interim CEO till acquisition is completed. This is
strategic acquisition that will benefit ARTS investors. How? We will supply the funding sources
for projects, without using "toxic" financing which will enable both companies grow, and not
dilute its shareholder base.
8. Secured a lock up /leak out agreements with all ARTS DEBT conversion note holders. Will
limit stock being sold into the market, and maintain an orderly trading.
Here are some of the direct Questions that I get:
Q: 1. Is Artfest out of business?
A: 1. No, we scaled down our operations in anticipation of full completion of our 2011 audit, and
get back into OTCBB fully reporting status.
Q: 2. Is the management anticipating a stock reverse split?
A: 2. No, we are not considering a split. Last split that we approved, was for the purposes of
filing with American Stock Exchange so that we could trade on the big boards.
Q: Is the Picasso project/deal still "in play"? And what is the status?
A: Yes, we have a third party ARTS investor who is holding the piece under contract, pending
our trading status going back to Current filings.
Q: Why was Picasso registered as a "0" dollar value on the books?
1 / 3Letter to Shareholders - November 1, 2012
A: When we signed the original contract with the seller, we relied on an appraisal that ranged
between seven and fifteen million dollars. The management wanted an updated appraisal, that
was less than 6 months old, however, the increased pressure and threats that were sent and
verbally communicated with the appraiser, forced her to not update the original appraisal. The
Art community is very small, and in light of ARTS 5 day suspension, we decided to wait, before
we resume our pursuit of getting the piece authenticated and appraised.
Q: Why is the management pursuing the Picasso deal, when it seems simple to just abandon a
deal that created so much negative publicity and heat on both the ARTS company and Its CEO?
A: I came from art and music background, that was based on video and content productions.
Therefore, I immediately set up a video and research crew to investigate and gather interviews
with people who are still living and can verify the provenance of the piece. When one considers
all the interviews and evidence that we were able to collect, I feel confident that we can make a
case for the piece being genuine and possibly demand a fairly high price, both for reproductions
and then the eventual sale. The price difference could be very significant. And the video
documentary is a great content investment.
Q: Why not just let an auction house such as Southey's or similar , just appraise it and see what
happens? Or just let the Picasso estate authenticate it?
A: Several reasons. When you do it prematurely, without your own DD , you will not only lose
most of the value, but once a piece hits an auction, and DO NOT get the price you want, then its
very common in the art world, for even the most proven pieces, spend 30 to 40 years being sort
of "black balled" in the auction circuit. And the Picasso estate, is split in several factions as well
as the fact that this particular piece is of one of his ex wife's, and there is definitely an emotional
tensions between the kids and all the ex wives and mistresses. Guillot, the woman that the
piece pays homage to, was not only Picasso's long time love interest and a mother of 2 kids
with him. But she is still alive and an accomplished artist herself. There is a reason why while
Picasso is attributed to have produced over 30,000 artworks and pieces, the Picasso estate
only recognized and registered less than 10,000. Also, the estate insists on having items
shipped to them for a review. While that is not necessarily an unreasonable request, they are
known to simply destroy the pieces that THEY deemed "not authentic". we are not taking that
chance, instead we have our own "forensic" level group that we trust.
Q: Why is it taking so long to get caught up in filings?
A: We had to respond to the SEC and verify every statement and press release that ARTS ever
published, and had to prove that the 10K that was missing the original audit letter, was not a lie.
And only AFTER we were told to go ahead and work with SEC corporate finance to "catch up"
with our filings, we were able to begin to catch up. And that took over 1 year. At this point.The
company is eager to complete the filings , get on current status and hopefully continue the
[positive momentum that we once had.
Q: Why not post PR's to inform the investor base?
A: After tremendous complains of possible misleading PR's and accusations by several
shareholders to the SEC , we just wanted to ensure that we answered all questions.Only now
do we feel that we can continue on the path that we set for ourselves and complete the
milestones of our growth and development.
Q: Are you as the CEO of ARTS lost focus because of the other spin offs and companies? And
is being current in PBHG take away from ARTS being current?
A: No. As we grow, from time to time , I will step in to wherever it is necessary and do what is
2 / 3Letter to Shareholders - November 1, 2012
needed to get things moving. I enjoy what I do, and love to grow ARTS to the level that I believe
it could reach. Each company has its own staff and files as fast as possible to stay current.
In closing; Thank you for your time, and investment in our companies. I realize that not
everything that we plan comes to fruition. I also realize that we are building a very ambitious
dream and because of that, sometimes people find it hard to believe. But believe is what drives
me to complete the dream and the company that I created. And, no matter who is attempting to
bring us down, or attempt to find faults or discredit me or the management, in the end, they will
only find very focused and hardworking people who as investors and dreamers will see this
company become a great company.
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