Seven Arts Entertainment Provides Further Shareholder Update

Rhea-AI Summary

Seven Arts Entertainment (OTC PINK:SAPX) has announced a shareholder update emphasizing its progress in becoming current in its annual filings. The company is awaiting access to OTC Markets for submission of necessary documents, crucial to avoid delisting. Additionally, it has initiated a plan to limit the number of authorized common shares and is working on reducing outstanding shares, although progress is currently hindered by a missing certificate. CEO Jason Black expresses confidence in meeting deadlines and providing relief to shareholders.

Positive

• The company has completed all requisite annual filings to become current in its reporting.
• The CEO has a record of successfully getting companies current after lengthy non-reporting periods.

Negative

• Delays in submitting filings are pending on receiving access to OTC Markets.
• Progress on reducing outstanding shares is currently hindered by a missing certificate.

CHEYENNE, WY / ACCESSWIRE / July 19, 2021 / Seven Arts Entertainment Inc. (OTC PINK:SAPX), the Company, is pleased to provide an additional shareholder update.

The Company has completed all requisite annual filings to become current in its reporting. Once OTC Markets has provided the Company with upload access to its backend portal, the filings will be immediately submitted.

The Company is aware of the pending delisting dates for non - reporting entities as well as the pending dates that certain brokerages will cease to allow trading in those entities. The Company remains confident it will meet those deadlines, assuming OTC Markets access is granted in time.

Additionally, the Company has recently submitted documents to the state of Wyoming to remove its unlimited authorized common shares and establish a number to the authorized shares. The Wyoming filings should update within 10 days.

The Company is also continuing to work on its previously mentioned outstanding share reduction efforts. Currently there is an agreement to significantly reduce shares but is being held up by a missing certificate. The Company anticipates this to be only a temporary hinderance.

Stated Seven Arts Entertainment CEO, Jason Black: "I'm very aware of the upcoming delisting dates and the overall market concern regarding these changes. Since 2019 I've successfully gotten 3 companies that I was officer or controlling interest in current, after lengthy non - reporting periods, and have assisted a number of other companies, as recently as this year, in getting them current as well. We're 100% ready to file once OTC gives us upload access. I can only hope this provides some relief to concerned shareholders."

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.

View source version on accesswire.com:
https://www.accesswire.com/656026/Seven-Arts-Entertainment-Provides-Further-Shareholder-Update

FAQ

What is the current status of Seven Arts Entertainment's filings?

Seven Arts Entertainment has completed all requisite annual filings and is awaiting access to OTC Markets for submission.

How is Seven Arts Entertainment addressing potential delisting?

The company is confident it will meet delisting deadlines assuming timely access to OTC Markets.

What steps is Seven Arts Entertainment taking regarding its authorized shares?

The company has submitted documents to establish a limit on its authorized common shares.

Is there a timeline for the share reduction at Seven Arts Entertainment?

The company is working on share reduction efforts, but progress is currently stalled due to a missing certificate.