Here's the full details from Rupert:
"It is with deep regret that due to circumstances beyond our control we have been left with no other choice but to cancel with immediate effect Snowside Festival, due to be held in Nassfeld Austria between March 23-29th 2009. A huge effort has been maintained right throughout the campaign to successfully produce our first Alpine festival however due to certain unforeseen factors including the current economic climate, the pound-euro exchange rate resulting in rising costs, the knock on effect is that ticket sales have been too low. All these factors combined have contributed towards us at Snowside having to make this very difficult decision. Under the circumstances we are unable to proceed any further this year. We will continue to pursue our ambition to hold a festival in the region next year."