ATLANTA, GA / ACCESSWIRE / January 11, 2022 / Seven Arts Entertainment, Inc. (OTC PINK:SAPX), the "Company", is pleased to announce 2.5 billion common shares have been returned to treasury.
With the share reduction complete, representing a 62% decrease in shares outstanding, Seven Arts' current management further intends to reduce its total authorized shares as well.
The Company continues to make progress on its new Atlanta facilities and development of its film and music assets. Further updates pertaining to ongoing operations will soon be announced.
Stated Seven Arts' CEO, Jason Black: "I'm very pleased we were able to get this share reduction complete. Though it was a costly endeavor, I know the result was in the best interest of the Company and its shareholders. Now that the capital structure of the Company is vastly improved, we can focus on developing our portfolio of intellectual properties across film, music and even the metaverse."
This press release contains forward-looking statements. The words 'believe,' 'may,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'should,' 'plan,' 'could,' 'target,' 'potential,' 'is likely,' 'will,' 'expect' and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: Seven Arts Entertainment, Inc.