CHEYENNE, WY / ACCESSWIRE / June 14, 2021 / Seven Arts Entertainment Inc. (OTC PINK:SAPX), the Company, is pleased to provide a shareholder update.
On June 4, 2021, by a majority shareholder vote, Jason Black was appointed as CEO of the Company. Mr. Black has extensive experience in bringing delinquent companies back into current reporting status.
The Company has an extensive history in the production of movies and music. Under previous management SAPX was briefly named Wireless Connect where it contemplated a different business model. This endeavor was later rescinded, and the Company was returned to Seven Arts Entertainment to continue under its original business model.
Though the Company has had a turbulent history under former management, current management believes there are still significant assets to be recovered that can increase shareholder value. Management has initiated investigations through its legal counsel as well as through former creditors to uncover the extent of the film and music assets still belonging to the Company and its subsidiaries.
Additionally, current management has previously been successful in facilitating the return of considerable amounts of issued shares back to treasury in other companies and will be employing the same measures to achieve share reductions in Seven Arts. $35,000 in Transfer Agent fees left by previous management have already been satisfied in order to begin the process of improving the Company's overall share structure.
Furthermore, the Company has already begun its application submission to OTC Markets so that it will be ready to submit filings and return to current reporting status once its annual and quarterly filings are completed. Management will continue to keep shareholders informed of its progress in the days and weeks to come.
Finally, the Company is in negotiations with an Atlanta based production company as a possible new subsidiary. The parties are contemplating a move away from conventional theatrical releases to instead target working with a major streaming network with a significant presence in the state of Georgia.
Stated CEO, Jason Black: "Cleaning up Seven Arts is going to be a considerable endeavor, but I believe it's an effort worth tackling due to its legacy in film as well as the potential scale of assets and revenues that could still be due to the Company. We'll be working diligently to resurrect the Company and its brand as quickly as possible."
Forward Looking Statements:
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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