Recently, we reported that Artfest was “One to Watch.” We continue with that thought, as today Artfest International Inc. (Artfest) reported that it will buy its common shares back through purchases on the open market. According to Artfest CEO Edward Vakser, the time is right for the company to do so because its shares are grossly undervalued by the market.
On September 23, 2008, the Company announced it purchased a 35,000 square feet audio/video facility that produces, according to the Company, $500,000 per year in revenues. Vakser said, “[w]ith the purchase of our state-of-the-art audio/video operational center and the launching of our social networking site, www.MyArtfest.com, and the anticipated growth and revenues that will come from these events, management realizes that our stock is extremely undervalued.” Artfest wants to complete the stock repurchase by March 31, 2009.
Implementation of this plan may be difficult though. According to its most recent 10K filing with the SEC on August 18, 2008, the Company is in default on all of its short term notes payable to shareholders and non-shareholders and has not put together a repayment plan with its lenders. The total amount owed is about $1.2 million.
Located in Dallas, Texas, Artfest joins artists, investors, decorators, designers, private collectors and galleries. Its corporate website is www.artfestinternational.com. Artfest operates several subsidiaries including ArtChannel, Inc., www.artchanneltv.com, Art Channel Galleries, Inc., www.ArtChannelGalleries.com, and the new www.MyArtfest.com.
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