DALLAS, June 14, 2013 /PRNewswire/ -- Artfest International, Inc., and ProTek Capital, Inc. (OTC Pink: PRPM) ("the Company") announces today that the management of both companies reached a definitive agreement on the structure and share exchange. ProTek Capital Inc., will acquire Artfest International by paying a dividend to all Artfest shareholders with ProTek shares on a one to one exchange. In addition, ProTek agreed to issue a special series of preferred shares for the exchange to those shareholders who wish to surrender their common shares for the preferred. This exchange will have a final record date for completion of September 30th, 2013. The preferred exchange will also be offered to current ProTek shareholders for the purpose of reducing the outstanding shares.
In addition, the management wishes to report several new updates and achievements in milestones of development to move the company further in its Endeavour to complete the business plan.
ProTek Capital recently has engaged a PCAOB CPA as a new Auditor, and will have corporate attorney assist with the SEC compliance and begin the process of filing for the S1 registration. This is a strategic development to have the company to move the status from a PINK SHEET to a fully reporting OTCQB issuer. The company added an additional management staff in order to facilitate the smooth transition to the next trading level, and to ensure that the company is always in full compliance and fully reporting to the SEC.
ProTek Capital Management is proud to introduce several new additions to the management team. Mr. Rick Toussaint will assume the role of the CFO. Mr. Toussaint brings an incredible resume in the public arena, having managed several public companies and a host of private enterprises. The role of the Treasurer and Comptroller will be handled by Mr. Scott Tassan, who has a BS in science and business administration. And finally, the new Chairman of the board will be Mr. Clark Ortiz.
"The incredible talent of our executive group and their impressive resume's are just the tip of the phenomenal creative and productive structure that is being built at ProTek Capital. Our investment group is focused on establishing a great management while developing a transparent fully reporting vehicle that will enable us to fulfill our business plan. Some of the executives have been involved with our other groups, and have a proven track record for competency, loyalty and success," stated Edward Vakser, ProTek President/CEO.
This recent development will enable ProTek Capital to have access to institutional investors, create a greater vote of confidence with the current shareholder base and increase the company's ability for larger acquisitions.
Several new acquisitions and strategic partnerships have been negotiated and are in the final stages of completion.
"PRPM is proud to announce an agreement with iPoint TV to distribute and sell its Set Top Boxes and technologies under the brands 'TVuer' and 'OmniBox'. OmniBox has a distribution agreement with Radio Shacks nationwide and is presently in talks with various electronic stores. The TVuer and OmniBox sell for $99-$149 and offer a $24.95 monthly cable service delivered through the Smart Applications which come preinstalled in the box. Market Research Reports Biz announced the global Set Top Boxes market will reach $15.6 billion by 2018. iPoint TV presently has offices in the USA, UK, India and South America. The relationship with PRPM and our iPoint TV companies will offer a huge value to our future income. The STB sales and monthly subscriptions will offer a monthly residual income to PRPM and should add incredible shareholder value. More information of the product offered by iPoint TV, please visit www.iPoint.tv and www.OmniBoxTV.com," stated Clark Ortiz Chairman of ProTek, and CEO of 3D Entertainment Holdings Inc.
The new acquisition of Artfest International will result in an addition of more assets and an overall share reduction of ProTek outstanding shares.
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. – a 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 produce approximately $3.0 million in sales for 2013.
Upon the acquisition and share exchange being completed, the major shareholders of Artfest International agreed to take their exchange in preferred shares, so as to avoid a massive share increase, and instead, actually achieve a decrease in the overall outstanding of ProTek capital. Simultaneously, many of the ProTek "insiders" and major shareholders will convert their common shares to a preferred class, and therefore contribute to the overall reduction of the OS.
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.
For more information: Edward Vakser email@example.com or call: 214-418-6940
SOURCE ProTek Capital, Inc.