DALLAS, April 18, 2013 /PRNewswire/ -- 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.
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 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.
For more information: ev24903@gmail.com or call:
214-418-6940
SOURCE Artfest International, Inc.
