ProTek Capital, Inc. Signs Letter Of Intent To Acquire Assets of ArtFest International Inc.
DALLAS, April 18, 2013 /PRNewswire/ -- ProTek Capital, Inc. (OTC Markets: PRPM) ("the Company") announces today that it has signed a letter of intent to acquire all of the assets of Artfest International, Inc. ("ArtFest"). The Company will acquire the assets of ArtFest pursuant to a share exchange whereby one share of the Company's common stock will be issued for each share outstanding of ArtFest common stock. Additional terms include the assumption of certain contracts, client's lists, inventory and equipment, as well as certain liabilities of ArtFest.
Barry Mezey, CEO of SuperStar Management Group – a subsidiary of ProTek Capital stated, "ArtFest International is a dynamic company with an existing business and a well known industry brand that sells works of art and sports memorabilia. ArtFest has combined those operations around an integrated ecommerce sales platform with an independent direct sales growth model that run a strong parallel to our business focus in addition to the fact that it will provide an excellent platform to support our expansion plans and complement our strategic vision for shareholder value creation in the near and long term."
The acquisition of ArtFest's assets includes the following businesses, including inventory, equipment, client lists, software, websites, domain names, and the like of: Artfest International, Inc.; Starfest Direct Inc. – an ecommerce and direct sales platform; shares and interests in PBS Holding Inc., (PBHG) and Tradestar Resources (TSRR), (the "ArtFest Companies"). The ArtFest Companies are expected to continue to grow and prosper while utilizing the synergies to increase the total sales for all companies combined for 2013.
Upon the acquisition and share exchange being completed, approximately 6.3 billion shares of the Company's shares will be issued and outstanding. The acquisition and exchange are subject to customary closing conditions, approval of the board of directors of both companies, and the completion of the due diligence by both companies. There is no assurance or guaranty that the acquisition and share exchange will be completed in its entirety, or at all.
About ProTek Capital, Inc.: ProTek Capital, Inc., www.protekcapital.com, is organized and focused on funding and acquisitions of software and mixed media companies, specifically focused in the social media and entertainment industries. ProTek Capital is restructuring its current board and management in order to accommodate our recent acquisitions and to position ourselves to make additional acquisitions that will be accretive to the Company's financial position and future growth plans. Each new acquisition is also targeted to complement and support each of the operating companies in a fashion that can benefit from centralized management, pooled resources, and by having a comprehensive mix of "in-house" services and product offerings that can be utilized throughout the organization.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company. All such forward-looking statements are, by necessity, only statements of intentions or desired outcomes. Actual events and results achieved by the Company may differ materially from these statements due to a number of factors. Statements made in this document that are not purely historical are forward-looking statements. Risk factors that may cause results to differ from expectations include the inability of the Company to secure funding on acceptable terms or any terms at all, the inability to complete the acquisition of the ArtFest Companies, the inability to secure new clients and grow sales or maintain our current clients and sales, and the loss of key executives. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements.
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SOURCE ProTek Capital, Inc.