Artfest International Inc. (ARTI.OB) Says Market Undervalues its Shares and Announces Plan to Repurchase its Common Stock
Source: http://Blog.QualityStocks.net/?p=13298Posted on Thursday, November 6th, 2008 | In Small & Micro Cap
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.
Let us hear your thoughts below:
Last 5 posts by QualityStocks
- Some Options as the US Dollar Continues its Slide - November 24th, 2009
- Newport Digital Technologies (NPDT.OB) Has a Competitive Edge - November 24th, 2009
- Small Cap Voice Featured Company: DecisionPoint Systems, Inc. (DNPI.OB) - November 24th, 2009
- Small Cap Voice Featured Company: Hitor Group, Inc. (HITR.OB) - November 24th, 2009
- Novavax, Inc. (NVAX) Prices Offering Of Common Stock - November 24th, 2009
Art Channel Galleries Inc, ArtChannel Inc.;, Artfest International Inc., Dallas, Edward Vakser;, Securities And Exchange Commission, Small & Micro Cap, social networking site, Texas, USD, www.ArtChannelGalleries.com;, www.artchanneltv.com;, www.artfestinternational.com;, www.MyArtfest.com
 About QualityStocks (http://QualityStocks.net)
Our name, QualityStocks, emphasizes our commitment to connect subscribers with companies that have huge potential to succeed in the short and long-term future. We believe strong management and vision for the future are crucial for any company to be successful. Timing is everything and we help investors succeed by providing an objective, broad-based view of the SmallCap markets on a daily basis. Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net |
No recommendations, either expressed or implied, are being made to buy, sell, hold or short any of the mentioned stocks. No legal, tax or accounting advice is expressed or implied. Always contact your attorney, CPA, or tax advisor before acting on any legal or tax issues. StraightStocks.com is not responsible for the content, products, or services of any of the advertisers on this site. StraightStocks.com receives compensation from advertisers on this blog. Services and products referred to herein are trademarks, registered trademarks, servicemarks, and/or registered servicemarks of their respective trademark or servicemark owners.