ATLANTA, GA / ACCESSWIRE / November 22, 2021 / Seven Arts Entertainment Inc. (OTC PINK:SAPX), the "Company", is pleased to announce a Joint Venture (JV) Agreement.
The newly formed JV is between Seven Arts and 24ATL Studios, www.24atlstudios.com. 24ATL is an Atlanta based film production studio that specializes in virtual production through large LED backdrops.
With the success of shows like "The Mandalorian", which used an extensive, almost 360-degree, LED wrap around to create its scenes, LED screens are on track to replace green screens in film production, altogether.
Like 24ATL, the digital backdrop technology behind "The Mandalorian", and many other recent and upcoming productions, was driven by Unreal Engine, which has also been the backbone of many of today's leading computer games. Unreal Engine is considered the world's most advanced 3D creation tool for photoreal visuals and immersive experiences.
LED backdrops have also proven to be more cost effective in the editing process than green screens and allows actors the advantage of seeing, in real time, the environment they're performing in.
Under the terms of the agreement, in consideration for ongoing access to 24ATL's facilities and staff, Seven Arts has agreed to develop, within adjacent buildings, a new Dolby Atmos studio as well as additional audio recording and editing facilities for voice overs and scoring.
Dolby Atmos is the next evolution in surround sound technology currently being adapted for film and television for use in cinemas and home theater systems, as well as implementations for headphones, smartphones and automobiles. Most smartphones after 2017 have already been enabled for Atmos.
Seven Arts, through its subsidiary, Muse Media, has qualified staff and colleagues that are uniquely positioned to develop a studio for recording and mixing in Dolby Atmos for both television and film.
The parties envision that with the addition of a state-of-the-art audio production facility to compliment what 24ATL has already established with visual production, that they can create one of the most robust and desirable film production campuses within the Atlanta market.
Not only will the JV allow Seven Arts to save considerable production costs on upcoming projects, such as its recently announced film, "Venus Effect", currently under production, it will also allow the Company to share in revenue from third party film production companies that require access to both the LED backdrop studio as well as audio production services.
Stated Seven Arts CEO, Jason Black: "The deal with 24ATL could not have come at a better time while we're entering production of "Venus Effect". This opportunity is not only in line with the Company's long-term goal of modernizing Seven Arts but will also, over time, allow the Company to save many hundreds of thousands of dollars in production costs."
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.
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