Seven Arts Entertainment Announces Sale of Unregistered 250,000 Shares of Its Common Stock to Fletcher Asset Management
(firmenpresse) - LOS ANGELES, CA -- (Marketwire) -- 10/12/11 -- Seven Arts Entertainment Inc. (NASDAQ: SAPX) ("Seven Arts") announced today that on October 5, 2011, BRG Investments, LLC ("BRG") acquired 250,000 newly issued shares of Seven Arts common stock at a price of $1.00 per share. During the next six months, BRG may purchase an additional 250,000 shares of Seven Arts common stock at the volume weighted average price, but no less than $1.00 or more than $1.50. BRG received a warrant to purchase 100,000 shares of Seven Arts common stock and will receive an additional warrant with the same terms if it purchases the additional 250,000 shares. Seven Arts intends to use the proceeds of this transaction to partially fund its next motion picture production in Louisiana entitled Schism, written and to be directed by Adam Gierasch, the director of Autopsy and Night of the Demons, two recent releases by Seven Arts. Seven Arts and BRG also entered into a mutually acceptable settlement of their dispute relating to their previous investment agreement.
Seven Arts Entertainment Inc.'s predecessor was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production, and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.
Contact:
Seven Arts Entertainment Inc. US contact:
Peter Hoffman
+1 323 372 3080
Or
Seven Arts Entertainment Inc. UK contact:
Kate Hoffman
+44 203 006 8223
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.10.2011 - 18:19 Uhr
Sprache: Deutsch
News-ID 75493
Anzahl Zeichen: 0
contact information:
Town:
LOS ANGELES, CA
Kategorie:
Movies & Music Videos
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