Artfest Announces Recapitalization Plan for 2011

MarketWatch:

is pleased to announce that the Company’s management has approved its 2011 recapitalization plan in order to position itself for growth over the next twelve months. The plan allows the Company to capitalize on the equity in its various subsidiary corporations including Starfest, Charity Sports Distributor and (AIFC) Women’s Professional Football League (UWFL), amongst others.

As a result of the diversification of the Company’s assets and complexity for its business model, Artfest has chosen to utilize the assets of its subsidiaries to raise additional capital. In addition, this move will significantly reduce liability and dilution to the parent corporation and its subsidiaries.

“We believe our recapitalization plan represents a balanced approach to refining the Company’s capital structure on behalf of our stockholders, while repositioning Artfest International for sustainable growth in earnings over the long-term,” stated Edward Vakser, CEO of Artfest International, Inc.

As part of its recapitalization plan, Artfest International has already made arrangements for all of its shareholders of record, a publicly traded dividend in Starfest Direct. The Company will be announcing further details in the next two weeks.

Logo from Artfest

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