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good morning ol'seven...that sucks a big one, i expect that to happen to me any day with nxhd. I looked around and didn't find any immediate news...probably got into trouble like sponge!! I hope you weren't in too deep.
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Called investor relations in dallas texas for arti...and they were conviently in a meeting...maybe no news is good new...who is your broker? I'm with etrade, and it just says zeros all accross the board?
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Artfest Acquires Luxor International Valued at $10,000,000
Assets Appraised Between $9M - $12M Acquired by Artfest for $5M; Artfest Restructures Its Shares to Support Accretive Acquisition
DALLAS, TX, Oct 28, 2009 (MARKETWIRE via COMTEX) -- Artfest International, Inc. (OTCBB: ARTI) (ARTS), a leading edge arts and sports memorabilia distribution company, announced it has completed the acquisition of 100% of the assets of Luxor International, Inc. of Frisco, Texas, a privately held company, for $5,000,000.
The terms of the deal include 4 million shares of Artfest International valued at $1.00 per share, plus an additional $1,000,000 in cash. The assets being acquired include approximately 750 works of art expected to be appraised between $9 million to $12 million. Many of these works of art may be viewed at the following Web site: http://www.luxorartmuseum.com
In support of this accretive acquisition as well as better positioning the company for earnings per share and a future listing to the AMEX or NASDAQ exchanges, Artfest is restructuring its share capitalization. Effective today October 28, the company will open trading under the Symbol ARTS, with its shares completing a 50 to 1 reverse split.
"This is a key milestone in Artfest's continued growth both as a publicly traded company, and as a leader in arts and collectibles distribution. The addition of these assets to the company's balance sheet brings us one step closer to meeting listing requirements for AMEX and NASDAQ," stated Edward Vakser, CEO of Artfest International, Inc.
"Some of the works are located here in Texas, where we will be displaying them at our 50,000 square foot gallery, and the other part of this exciting collection is located in San Diego, California. We will also be adding them to our catalogue where they can be previewed and purchased over the Internet," concluded Vakser
"This restructuring of Artfest through a 50 to 1 reverse split will enable the Company to better reflect Earnings Per Share and the asset acquisition will help qualify Artfest for an up-listing to the AMEX or NASDAQ exchange," said Angie Tassan, Artfest CMO.
quote:Originally posted by beerlady: good morning ol'seven...that sucks a big one, i expect that to happen to me any day with nxhd. I looked around and didn't find any immediate news...probably got into trouble like sponge!! I hope you weren't in too deep.
Nope, only $100 worth. I had a free trade I was going to lose a couple months back so I bought this stock. I would not buy any more of this either.
-------------------- Only ONE good stock away from retirement!
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