Seven Arts Entertainment Inc. Enters Letter of Intent to Acquire Film and Music Production Company
Seven Arts Entertainment Inc. (SAPX) announces a Letter of Intent to acquire THC Music and Films, an entity controlled by director Thom Hazaert. The acquisition will be executed through the issuance of preferred shares of SAPX, with no dilution to the Company's capital structure. The company's website is being revised to reflect its current direction and is expected to relaunch in December. Seven Arts has also been approached by larger production companies with buyout proposals, and believes acquiring THC will create additional leverage for negotiations.
11/08/2023 - 01:35 PM
ATLANTA, GA / ACCESSWIRE / November 8, 2023 / Seven Arts Entertainment Inc. (OTC PINK:SAPX), the "Company", is pleased to announce the Company has entered a Letter of Intent, "LOI", to acquire THC Music and Films.
THC Music and Films, "THC", an entity controlled by Seven Arts' director, Thom Hazaert, has an established history of successful releases under its banner. With Mr. Hazaert assuming a leading role at Seven Arts, management believes acquiring THC to be a next logical step for the Company.
Under the proposed terms, the acquisition will be executed through the issuance of already authorized preferred shares of SAPX, whereas no dilution to the Company's capital structure shall occur.
Additionally, the Company has already begun revising its website, sevenartsentertainment.com, to better reflect its current direction. The site is expected to relaunch in December.
Finally, Seven Arts has been approached by several larger production companies with buyout proposals. The Company believes acquiring THC and strengthening its portfolio will create additional leverage as it prepares to enter into negotiations.
Stated Seven Arts Entertainment, director, Thom Hazaert: "I'm very excited to bring THC under the Seven Arts umbrella. As the Company is on the verge of a significant restructuring, we believe this acquisition is the right fit at the right time for SAPX."
About: Seven Arts Entertainment Inc. is a media and entertainment company developing a diverse portfolio of intellectual properties in the film and music industries
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.
Contact:
info@sevenartsentertainment.com
Twitter:
@SAPX_7arts
SOURCE: Seven Arts Entertainment Inc.
https://www.accesswire.com/801328/seven-arts-entertainment-inc-enters-letter-of-intent-to-acquire-film-and-music-production-company
What is the latest announcement from Seven Arts Entertainment Inc. (SAPX)?
Seven Arts Entertainment Inc. (SAPX) has announced a Letter of Intent to acquire THC Music and Films.
How will the acquisition be executed?
The acquisition will be executed through the issuance of preferred shares of SAPX, with no dilution to the Company's capital structure.
What changes are being made to the company's website?
The company's website, sevenartsentertainment.com, is being revised to better reflect its current direction and is expected to relaunch in December.
Why does Seven Arts believe acquiring THC will create additional leverage?
Seven Arts has been approached by larger production companies with buyout proposals, and believes acquiring THC will create additional leverage for negotiations.
