MarketWatch:
Artfest International, Inc. is pleased to announce that all Artfest International Shareholders of Record as of April 15 will receive 1 share of Artfest Direct valued at $10 per share for every 1000 shares they own of Artfest International (ARTS) on the record date.
The Company will be conducting an offering of Artfest Direct shares at $10.00 per share.
Artfest Direct, a wholly owned subsidiary of Artfest International, will be capitalized with 10 million shares outstanding. The Company’s goal is to raise $10 million for the acquisition of additional fine art and sports memorabilia which will be offered directly to the public. Artfest International will be announcing details for the complete spin off and Public Offering of Artfest Direct in the near future.
Logo from Artfest