LOS ANGELES, May 14, 2013 /PRNewswire/ --
Seven Arts Entertainment, Inc. (OTCQB: SAPXD) ("Seven Arts")
To our stockholders:
I want to thank you for your support in Seven Arts Entertainment. Let me take this opportunity to introduce myself and let you know that we appreciate the confidence you have shown in our company. In turn, our number one goal is to create stockholder value and maximize your investment in Seven Arts.
We have received several inquiries regarding the fallen share price and the reverse stock split that recently took place. I want to assure you that the reason the Board chose the reverse was to enable the company to continue its efforts in reducing the outstanding debt on the balance sheet, which will enhance the company's ability to obtain proper financing, and brand us as a more diverse entertainment entity.
In the coming months, we expect you will see new, talented executives join the Seven Arts team and numerous projects in full motion that should generate multiple revenue streams for us going forward.
It's our goal here at Seven Arts Entertainment to become a leader in one of the best industries in the world. We intend to continue to broaden our scope from movies into television, and spread our music into emerging technology platforms.
We're extremely excited about what is happening in the company, and we're optimistic that we will continue this pattern of growth. The new management that we have added will bring valuable insight through their experience in business, banking, and finance. I am fully committed to our stockholders and want to reinforce my appreciation of your continued support. You may contact me at any time and I will attempt to get back to you within a reasonable timeframe.
Our work has only begun, but we have so much potential. I look forward to branding Seven Arts Entertainment, Inc. in a new direction and bringing stockholder value, by following our business vision and making our goals a reality.
Seven Arts Entertainment, Inc.
About Vince Vellardita:
Mr. Vellardita is a 34-year veteran of the music and television industries, who produced over 200 special events and concerts with artists such as U2, Duran Duran, the Jam, the Beach Boys and others. Mr. Vellardita has been involved in the production of thousands of hours of television programming and built a television network of over 90 broadcast TV stations serving 35 million households in the United States. At one point, Mr. Vellardita was the largest independent studio operator in the United States with over one million square feet of production facilities, 24 soundstages and 22 acres of land on both coasts. Further, Mr. Vellardita has been involved in the public company arena for over 30 years, serves as a director of other public companies, has been involved in the raising of over 200 million dollars in public and private debt and equity, and has longstanding relationships with a variety of investment bankers. Mr. Vellardita has been employed for the last year by Bridgeport Enterprises, Inc., a Florida-based entertainment production and distribution company.
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 May 14, 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.