Artfest International, Inc. Signs Distribution Agreement With Second Largest Cable Operator in the Country
Time Warner Cable to Distribute Artfest International's New Artfest Direct Program April 06, 2010: 07:15 AM ET
Artfest International, Inc. (OTCBB: ARTS) is pleased to announce that Time Warner Cable will be the distribution outlet of Artfest International's "Artfest Direct" program to 550,000 Time Warner Cable customers. Artfest has an "On-Demand" distribution agreement with Time Warner, Inc., the second largest cable operator in the country, which will give Artfest International its base for the development of the Art Channel "On-Demand" program. Starting next month, Artfest will be showcasing its Art and Sports memorabilia, on its Time Warner Art Channel program slot. As part of the distribution agreement with Time Warner, Artfest is able to sell advertising/commercial space that is available on its Art Channel TV slot.
Time Warner Cable owns and manages cable systems connected to approximately 26 million homes in 33 states. The Company has 14.7 million customers for its video, high-speed data and residential telephone services. This includes 13.3 million basic video subscribers and more than 7 million customers who purchase at least two of the Company's primary services. Time Warner Cable operates some of the most technologically advanced and best-clustered cable systems in the country, with nearly 85 percent of the Company's customers located in five geographic regions: New York, Texas, Ohio, the Carolinas and southern California. It is the largest cable provider in the nation's two largest cities, Los Angeles and New York, and the second largest cable operator in the country.
"We are excited to launch our Art Channel on the second largest cable operator in the country," stated Edward Vakser, CEO of Artfest International, Inc. "After the successful launch of our Art Channel in Texas, we plan to expand our Art Channel nationwide by the end of 2010. We are pleased to have formed this relationship as we continue to increase our sales revenues and shareholder value."
Artfest International recently filed its notification of late filling for the Company's 10-K with the SEC for period ending December 31, 2009. The notification was due to the growth the Company has experienced over the past year which included the acquisitions of Charity Sports Distributor as well as various events held at Artfest International's 52,000 square foot facility in Dallas, Texas, and direct sales activity through its Art Channel, Inc. and Art Channel Galleries, Inc. subsidiaries. The Company expects its 10-K to be filed within the next 10 days.
About Artfest International, Inc.
Artfest International, Inc. brings together artists, investors, decorators, designers, private collectors and art galleries. Artfest International's corporate site is www.artfestinternational.com. Artfest's subsidiaries are 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 direct sales marketing.
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. ARTS 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.