September 3rd, 2010
Posted on 08. Feb, 2010 by PublicWire in General
2/8 (ARTS.OBB) Artfest International, Inc. Announces $900 Thousand In Expansion Financing
Artfest International, Inc. (OTCBB: ARTS) is pleased to announce that the Company has signed a financing agreement with International Capital Group, LLC (ICG). The terms of the funding are that Artfest International, Inc. will receive a $900 Thousand non-recourse structured loan against securities, with a three-year term bearing an interest rate of 5 percent. The terms of the financing also has a growth cap of 300 percent over the term of the agreement, which is an important benefit to the Company. The financing agreement with International Capital Group will enable Artfest International to expand its business model in the fine art and sports memorabilia and collectibles market and develop business relationships with major sports franchises in major metropolitan areas across the country. Artfest International currently has partnership agreements with several stadiums, as well as other professional and NCAA division I college sports teams to market and sell fine sports art, collectibles and memorabilia both online and at the sports venues.
International Capital Group provides individuals and institutional clients with safe and secure funding using publicly traded securities as collateral. The company is diligent in establishing sound partnerships with only the most reputable leading financial institutions and marketing partners. International Capital Group is one of the leaders in lending standards, customer service, and transaction execution for borrowers around the globe.
“The financing agreement with International Capital Group will create a situation where not only can Artfest International start structuring agreements with sports teams in major cities, but the Company and our shareholders are going to benefit with the anticipated increase in price per share of Artfest International over the next several years,” stated Edward Vakser, CEO of Artfest International, Inc.
