Artfest International Inc. announced today that the company has signed a distribution agreement with Emaging International which will enable Artfest’s wholly-owned subsidiary, Artfest Direct to resell over 1,200 images from some of the world’s most accomplished photographers. The 1,200 images made available through the agreement with Emaging is a key component of the company’s overall business strategy in targeting the $835 million virtual sports memorabilia and social gaming industry.
Artfest Direct expects to generate $3 million per year in sales from the collection, with images from legendary photographers such as Frank Worth, through its new e-commerce website, www.artfestdirect.com. Artfest Direct members will be able to purchase images from Hollywood’s “golden years”, which includes legendary stars such as Frank Sinatra, John Wayne, Marilyn Monroe, James Dean, Elizabeth Taylor and Sammy Davis Jr. Membership projection for its pre-enrollment period from Artfest Direct is about 20,000 members. The company expects it will generate about $6,500 in revenue per year per member.
Artfest International recently announced that all Artfest International shareholders of record as of April 15 will receive 1 share of Artfest Direct valued at $10.00 per share for every 1000 shares they own. The company will be conducting an offering of Artfest Direct shares at $10.00 per share and Artfest Direct will be capitalized with 10 million shares outstanding. The company’s goal is to raise $10 million for the acquisition of additional fine art and sports memorabilia which will be offered directly to the public. Artfest International will be announcing details for the complete spin-off and public offering of Artfest Direct in the near future.
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