The inaugural Austrian alpine festival Snowside 2009, due to be held March 23 to 29 in Nassfeld, has been cancelled.

In a statement posted on the festival's official Web site, organizers blamed poor ticket sales on "unforeseen factors including the current economic climate [and] the pound-euro exchange rate resulting in rising costs."

Just 1,000 tickets were available in tiered packages that included a festival pass, accommodation and meals. On Feb. 10, organizers slashed prices in a last-ditch attempt to lure people to the event.

Ticket-holders are now being offered a full refund plus £10 ($14) compensation per person booked or an alternative holiday of equal value.

The week-long event -- described as a "ski and snowboard adventure" -- was the first alpine festival organizers had attempted and was set to feature headliner Metronomy, alongside Shy Child, Infadels, Evil Nine and Kissy Sell Out.

Snowside 2009 was organized by Leyline Promotions in partnership with the Secret Garden Party festival and Eddy Temple Morris' Xfm radio show and club night the Remix.