LOS ANGELES, CA / ACCESSWIRE / August 26, 2014 / Seven Arts Entertainment Inc. (OTCQB: SAPX) ("Seven Arts" or the "Company") and Sanwire Corporation (OTC: SNWR) ("Sanwire") announce that Seven Arts has completed the acquisition of Sanwire's two subsidiaries; Oklahoma-based Aeronetworks LLC ("Aeronetworks") and Nevada-based iPTerra Technologies Inc. ("iPTerra").
Pursuant to the executed definitive Stock Purchase Agreement between Seven Arts and Sanwire, and the press release announcement dated July 22, 2014, Seven Arts has appointed Rick Bjorklund as its new Chief Executive Officer and Robert La Salle as its new Chief Financial Officer. In addition, Seven Arts has appointed the following new directors; Rick Bjorklund (director and chairman) and Bob Riggs (independent). Mr. Anthony Hickox (independent) will remain on the board. All former directors of the Company have resigned. All new appointments and resignations are effective immediately.
Seven Arts new CEO, Rick Bjorklund, stated, "We are very pleased with the completion of the two acquisitions. I look forward to working with our management team and members of the board to implement Seven Arts new initiatives and business plan. The Company is taking all necessary steps to bring the Company current on its filing including the December 31, 2013 and March 31, 2014 10-Q statements."
Rick Bjorklund has over 35 years of international experience in public/private partnerships, sales and marketing, capital improvements, crisis management, emergency preparation and response. He has worked with clients such as Western Oil Partners LLC, Service King Manufacturing, Inc. Walt Disney Imagineering, as well as numerous Olympic and National sporting associations around the World, 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 as National Facility Manager of the Year and International Facility of the Year.
Kate Hoffman will continue as President of Seven Arts Filmed Entertainment Louisiana Limited, a subsidiary of the Company which will be responsible for the film production and distribution activities.
Kate Hoffman stated "We strongly believe this is best way for the shareholders and convertible debt holders to realize the value of their investment in the company. We thank our former board members for their service and I look forward to working with our new board and Mr. Bjorklund."
About Seven Arts Entertainment Inc.
Seven Arts Entertainment Inc. 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 worldwide and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
About Aeronetworks and iPTerra Technologies
Aeronetworks (www.aeronetworks.net), a pioneer in TV White Space and 4G/LTE, provides advanced wireless communications, broadband services, and video streaming technologies to niche and under-served markets. iPTerra Technologies (www.ipterra.net) is a designer, developer, manufacturer and marketer of a real-time 2-way wireless and/or wireline communications, and mine-safety solution. iPMine, iPTerra's flagship product, allows mine operators to communicate, track, locate, identify, and monitor miners and equipment.
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 August 26, 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.
Seven Arts Entertainment Inc.
Rick Bjorklund, CEO & Chairman
SOURCE: Seven Arts Entertainment Inc.