LOS ANGELES, Aug. 15, 2013 /PRNewswire/ -- Seven Arts Entertainment Inc. (OTCQB: SAPX) ("Seven Arts" or the "Company") announced today it has announced it has successfully concluded an audit of tax credits associated with the motion picture, Schism, and sold those tax credits for cash under the Louisiana tax credit system for an amount in excess of $275,000. These funds will be primarily used to finish the post-production on Schism, which will be delivered on or about August 31, 2013.
Schism will the first release under the Company's newly formed Dark Arts label and is slated for release in the United States in the first quarter of 2014.
Schism is a new psychological thriller with horror elements from director Adam Gierasch and his writing partner Jace Anderson. The films stars Callum Blue (Smallville), Vinnie Jones (Snatch) and Ashlynn Yennie (Human Centipede).
Kate Hoffman, Seven Arts' acting CEO, stated: "We are extremely proud of Schism and believe that not only is it a commercial horror film but also it speaks to a larger issue of faith and redemption. We could not be happier with the finished film."
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 in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
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 15, 2013. 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.
SOURCE Seven Arts Entertainment Inc.