Artfest International, Inc.'s Board Approves 250 Million Share Exchange for Its Officers and Directors 200 Million Common Shares Already Tendered Substantially Reduces Outstanding
DALLAS, TX, Sep 03, 2009 (MARKETWIRE via COMTEX) -- Artfest International, Inc. (OTCBB: ARTI) is pleased to announce that the Company's Board of Directors has authorized its officers and directors to exchange up to 250,000,000 shares of their common stock for a preferred stock valued at $5.00 per share. This exchange substantially reduces the outstanding shares of the Company. The Board set a price of value of $0.01 per share for the purposes of this exchange. The preferred shares must be held for a minimum of 12 months before they can be converted back to common stock.
The Company decided to authorize the exchange, as it continues the process of evaluating acquisition candidates, as part of its growth strategy. Artfest International is determined to increase shareholder value, maintain a strong balance sheet and improve returns on its common stock.
"The Board of Directors agreed that our shares are undervalued and should be trading at higher levels. We are well positioned for real growth as we continue to work toward our goal of making art affordable to the average person and helping reduce art fraud through the use of our RFID chip technology," stated Edward Vakser, CEO of Artfest International, Inc.