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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.
"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.