Charity Sports Distribution has been sold, along with its large inventory.
Artfest International, Inc has completed the acquisition of Charity Sports Distribution, Inc. (CSD) for $3,750,000 to be paid in restricted shares of Artfest International’s common stock valued at $.25 per share. Artfest International will also assume $500,000 in debt as part of the transaction.
CSD operates souvenir shops and game day auctions at major stadiums and college sport venues. Through this acquisition, Artfest will also receive approximately $1.2 million in sports memorabilia. CSD currently has over 20 employees and had annual sales of over $3.3 million in 2008.
The acquisition of CSD was one of the major factors in Artfest International receiving a $5 Million equity line of credit from Delaney Capital, LLC earlier this month.
"The acquisition of Charity Sports Distribution will have a positive impact on Artfest’s revenues. Through CSD’s agreements with the Dallas Cowboys, Texas Rangers, the Dallas Stars, the Dallas Mavericks, as well as 27 college teams, we will now have direct access to a large and diverse portfolio of sports memorabilia," stated Edward Vakser, CEO of Artfest International, Inc. "This is a first of many targeted memorabilia, framing and printing companies that Artfest is planning to acquire in what is considered to be a $100 billion plus market space."
Vakser says his company will "vertically integrate framing, printing art and memorabilia companies to support our business plan and foster our growth."