Artfest Launches New Film and Television Procurement Division With $15,000,000 in IRS Credits
DALLAS, TX – (MARKET WIRE) – Feb 26, 2008 – Artfest International, Inc. (OTCBB:ARTI) announced the launch of their new Film and Television Procurement division. This new division is in part possible due to the American Job Creation Act of 2004 (AJCA), which provides Artfest with a 100% tax credit of up to $15,000,000 towards any film, television or radio project. This new division is expected to supplement Artfest's television network, www.ArtChannel.tv.
The Artfest Film and Television Procurement division will be lead by Bruce Scambler, Certified Public Accountant and renowned Artist. "The IRS has created an incredible opportunity for growing companies like Artfest through the AJCA and specifically, IRS Section 181. We are able to raise up to 15 million dollars for Art Channel Networks and offer Investors a 100% tax write off," stated Scambler.
Art Channel currently broadcasts the television show, "Artfest Presents," to over 20 million viewers in 218 markets nationwide, including the top 10 major independent TV markets such as Dallas, Los Angeles, New York, Chicago and Washington, DC. The show presents a montage of footage from the Company's historical files, including member testimonials. In addition, viewers enjoy series featuring Pat Green, Cory Morrow, Jack Ingram, Reckless Kelly along with interviews with artists such as Aubree-Anna, live painting segments and art collections.
The AJCA of 2004 enables Art Channel to expand its program offerings on television and to develop film projects as well. Art Channel expects that the AJCA will rapidly expand the host of artists and program offerings the Company currently produces and broadcasts due to the 100% tax credit for all involved investors.
Art Channel broadcasts family entertainment, movies, series, sports, music and lifestyle programming via Internet, satellite and cable, full power and low power distribution to over 20 million viewers. The network provides a creative outlet for many artists, filmmakers and songwriters.
About Artfest International Inc. Artfest International, Inc is a publicly traded company under the symbol "ARTI." Artfest connects artists, investors, decorators, designers and private collectors and galleries. Artfest (www.artfestinternational.com) (www.MyArtfest.com) is the company's E-Commerce venue. Artfest owns the subsidiaries Art Channel, Inc. (www.artchannel.tv), and Art Channel Galleries, Inc. (www.ArtChannelGalleries.com), offering the most exciting product and rewards program in the history of the direct-sales industry (DSA).
About Bruce Scambler
Bruce Scambler is a world renowned visual artist, painter, chef, and Certified Public Accountant. Bruce spent a considerable amount of his life helping over 200 Native American tribes promote cultural awareness through the "Red Earth" project. Bruce embraced the vision of Artfest International and is helping in establishing an international film fund to produce a multitude of projects using the IRS Rule 181.
Safe Harbor Statement -- This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ARTI does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Corporate Contact: Artfest International Inc.
15851 Dallas Parkway, Suite 225
Addison, TX 75001 USA
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