LOS ANGELES, CA / ACCESSWIRE / September 17, 2014 / Seven Arts Entertainment Inc. (OTC Pink: SAPX) (PINKSHEETS: SAPX) ("Seven Arts" or the "Company"), a diversified company with motion picture production assets and wireless communications, is pleased to provide the following performance update to its shareholders.
Filings. On September 15, 2014, the Company filed its Reports on Form 10-Q for the quarter ended December 31, 2013 and Marc 31, 2014, and is current on its filing requirements.
Recent Acquisitions. The Company has closed the acquisition of all capital stock of iPTerra Technologies Inc. and all membership interests in Aeronetworks LLC from Sanwire Corporation. These additions will broaden the Company's business plan to include wireless communications opportunities and expedite revenue growth. On September 16, 2014, the Company announced the execution of a Letter of Intent to acquire 100% of Florida-based Cash Ready ATM, Inc. for equity in Seven Arts. The Company plans to change its name to "WirelessConnect Inc." within the next 30 days.
Balance Sheet Improvement. Pursuant to a Loan Workout Agreement completed on August 29, 2014, Palm Finance Corp. ("Palm") relieved the Company of all indebtedness to it. The Company, and certain companies controlled by a related party to a former director and officer of the Company, transferred to Palm all their interests in the real property located at 807 Esplanade Avenue in New Orleans, and all United States and Louisiana historic rehabilitation tax credits and Louisiana film infrastructure tax credits associated with that property, as well as all their interests in any and all completed motion picture and motion picture projects in development, subject to the grant of all distribution rights for thirteen completed motion pictures to a subsidiary of the Company.
New Management Team. The Company continues to strengthen its management team from its group of companies. The recent additions are hands-on professionals and are fully aware of the risks and rewards. To that end, Mr. Rick Bjorklund has been appointed the Company's new CEO and Chairman, and Mr. Robert La Salle as the Company's new Chief Financial Officer.
Richard Bjorklund. Mr. Bjorklund is one of the founders of Aeronetworks. From July 2006 to July 2008, Mr. Bjorklund was President and CEO of the Tulsa County Public Facilities Authority. Mr. Bjorklund has represented clients such as Western Oil Partners LLC, Service King Manufacturing, Inc. Walt Disney Imagineering, as well as numerous Olympic and national sporting associations, including the NFL and NBA. Mr. Bjorklund's education includes Arizona State University, Bachelor of Science Degree; U.S. Air Force Academy, Commandants Commendation; Commendation.
Robert LaSalle. Since August 22, 2013, Mr. LaSalle was Vice President of Finance for the Company. Mr. LaSalle's has held various accountancy positions at Vision Films, commencing February 2012, Film Roman, commencing March 2010 and World of Wonder Productions commencing February 2007, all independent film and television companies.
New Board of Directors. To guide the Company towards revenue diversification, the Company will not hesitate to reach outside of its internal talent to bring industry experts to join its board. To that end, the Company's new board of directors consists of Mr. Rick Bjorklund (Chairman), Anthony Hickox (an existing director), and newly added Mr. Robert Riggs (new director).
Robert Riggs. Mr. Riggs is currently President and CEO of Riggs Distributing, Inc. located in Burlingame, California which sells, among other brands, Sub-Zero and Wolf refrigerator units. Mr. Riggs has held this position for more than five years.
Mr. Bjorklund stated, "For the balance of 2014, we continue to execute on our expanded business plan and growth strategies aimed at building a stronger organization with more revenue diversification. One of our primary goals continues to be to increase shareholder value."
About Seven Arts Entertainment Inc.
Seven Arts Entertainment Inc. is a global diversified company with motion picture production assets and wireless communications. Seven Arts vertically integrated portfolio of solutions target a diverse array of enterprises and multiple disciplines. Seven Arts has three wholly owned subsidiaries in its current portfolio: Seven Arts Filmed Louisiana which holds all rights to Seven Arts movie assets. iPTerra Technologies, Inc. is a designer, developer, manufacturer and marketer of a real-time 2-way wireless and/or wireline communications, and mine-safety solution for the global mining and industrial industry (www.ipterra.net). Aeronetworks provides advanced telecommunications and broadband services to niche markets including entertainment venues, rural communities and Native American tribes (www.aeronetworks.net).
Cautionary Information Regarding Forward-Looking Statements.
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. The information contained in this release is as of September 17, 2014. Seven Arts assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.
CONTACT:
Seven Arts Entertainment Inc.
Rick Bjorklund, CEO and Chairman
[email protected]
SOURCE: Seven Arts Entertainment Inc.