Artfest International, a Dallas-based company dedicated to "revolutionizing the sale of art" announced yesterday that it had "received over $1.5 million in equity financing since 2009." Claiming assets of 5.8 million, and revenue of 852,432 since March 31, 2008, the company’s murky operations seem to include direct marketing of sports memorobilia and collectibles, through a network on independent online dealers. On June 10, it announced it had signed an agreement to purchase and re-sell Picasso’s 1949 sculpture "Rendering of Francoise Gilot," which they claim is "independently valued between $50-$70 Million," for $2.5 million in cash and 50 million is $1 "warrants." Artfest’s many news releases always include the blanket disclaimer "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." Their share price is currently $.0007, or seven one-thousandths of a dollar.
Artfest Picasso deal?
