Fine art and memorabilia company Artfest International Inc. today announced its agreement with AGS Capital Group to secure investment capital of up to $15 million through a Reserve Equity Financing Facility.
Per the agreement, New York-based AGS will purchase up to $15 million worth of Artfest’s common stock for cash consideration after Artfest’s Form S-1 filing with the SEC goes into effect. The deal does not prohibit Artfest from raising additional debt or equity financings.
The financing will allow Artfest to enhance its companies and broaden its offerings.
“I’m extremely excited to have this financial facility available for Artfest. We are ready to expand our CSD sports Group, Artchannel TV and Starfest Direct. These companies have a great value and revenue potential, and this kind of funding will ensure their success. Therefore, expanding Artfest International’s asset base and revenues add to the shareholders value,” Edward Vakser, Artfest CEO stated in the press release.
AGS Managing Partner Allen Silberstein noted his optimism in Artfest’s future and the importance of the financing.
“We are very excited to be a part of augmenting Artfest International’s growth; this facility will provide an ability to quickly raise growth capital at a competitive cost,” explained AGS Managing Partner Allen Silberstein. “Given Artfest International’s tremendous growth potential and positioning within the marketplace, the facility should allow Artfest to fully realize its strategic plans and significantly drive growth.”
For more information visit www.agscapitalgroup.com
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