LOS ANGELES, CA / ACCESSWIRE / February 24, 2015 / Seven Arts Entertainment, Inc. (now known as WirelessConnect, Inc.) (OTC Pink: SAPX) (SAPX) ("Seven Arts" or the "Company"), a diversified company with motion picture production assets and wireless communications, is pleased to provide a shareholder update.
Recently Seven Arts became aware that its current auditing firm is going thru an audit review by the Public Company Oversight Board ("PCAOB" www.pcaob.org) which has prevented the auditing firm from issuing opinion letters to its clients including Seven Arts. This action has delayed the completion of Seven Arts audited financial statements and the filing of its 10-K for the fiscal year ended 6/30/2014, and the two quarterly 10-Qs for the periods ending on 9/30/2014 and 12/31/2014. Seven Arts is in the process of selecting another auditing firm to complete its 2014 fiscal year end and quarterly reviews.
As an interim course of action, Seven Arts has determined it's best to file Form 15 with the SEC and become a non-reporting issuer until the 10-K and 10-Qs are completed and filed. The Company will also apply to the OTC Markets Disclosure Services where it will file its 10-Ks and 10-Qs until it becomes a reporting issuer. The Company will continue to trade on the OTC Markets under symbol SAPX.
About Seven Arts Entertainment, Inc.:
Seven Arts Entertainment, Inc. is a global diversified company with wireless communications and motion picture production assets. Seven Arts vertically integrated portfolio of solutions target a diverse array of enterprises and multiple disciplines. Seven Arts owns 60% of Seven Arts Filmed Louisiana which holds all rights to Seven Arts movie assets; 100% of iPTerra Technologies, Inc., a designer, developer, manufacturer and marketer of a real-time 2-way wireless and/or wireline communications, and mine-safety solution for the global mining industry (www.ipterra.net); and 100% of Aeronetworks, a provider of advanced telecommunications and broadband services to niche markets including entertainment venues, rural communities and Native American tribes (www.aeronetworks.net).
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 February 24, 2015. 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.
Rick Bjorklund, Chairman and CEO
SOURCE: Seven Arts Entertainment, Inc.
LOS ANGELES, CA / ACCESSWIRE / January 7, 2015 / Seven Arts Entertainment Inc. (now known as WirelessConnect Inc.) (OTC Pink: SAPX) (SAPX) ("Seven Arts" or the "Company"), a diversified company with motion picture production assets and wireless communications, is pleased to announce the execution of a Letter of Intent (the "LOI") with The Movie Studio Inc. (OTC Pink: MVES) (MVES) ("TMSI").
Under the terms of the LOI, the Company will assist TMSI to acquire a movie library of twelve titles. These titles were previously owned by the Company and assigned to a lender who is currently under liquidation. TMSI will pay cash and stock to acquire this library.
Rick Bjorklund, CEO and Chairman of Seven Arts, stated: "With the execution of the LOI, Seven Arts will be able to focus on its new expanded business plan which includes digital media and wireless communications. We continue to evaluate additional opportunities to unlock shareholder value."
"We are excited about the proposed acquisitions of the movie library providing The Movie Studio with recurring and accelerated revenue streams with the worldwide growth of Video on Demand (VOD)," stated Gordon Scott Venters, President and CEO of The Movie Studio. "The films distribution agreements with major studios 20th Century Fox, Paramount and Lionsgate, Columbia, TriStar, New Line create intrinsic value for our shareholders and potential major distribution channels for past and future movies."
LOS ANGELES, CA / ACCESSWIRE / December 2, 2014 / Seven Arts Entertainment Inc. (OTC Pink: SAPX) (SAPX) ("Seven Arts" or the "Company") is pleased to announce the appointment of Ms. Rachel Boulds as the Company's new Chief Financial Officer effective December 1, 2014.
Prior to joining the Company, Ms. Boulds has been engaged in private practice as an accountant and consultant. Ms. Boulds specializes in preparation of full disclosure financial statements for public companies to comply with GAAP and SEC requirements. From August 2004 through July 2009, she was employed as an audit senior for HJ & Associates, LLC, where she performed audits and reviews for public and private companies, including the review of financial statements to comply with GAAP and SEC requirements. From 2003 through 2004, Ms. Boulds was employed as an audit senior for Mohler, Nixon and Williams. From September 2001, through July 2003, Ms. Boulds worked as an ABAS associate for PriceWaterhouseCoopers. From April 2000 through February 2001, she was employed an eCommerce accountant for the Walt Disney Group's GO.com division. Ms. Boulds holds a B.S. in accounting from San Jose State University, 2001 and is licensed as a CPA in the state of Utah.
"I am pleased at this opportunity to join Seven Arts management team," Ms. Boulds stated. "I look forward to working with Seven Arts directors and management team to execute on Seven Arts future business plan and vision."
"We welcome Rachel to our management team," said Rick Bjorklund, Chairman and CEO of Seven Arts. "With her financial background and experience, Rachel will position Seven Arts in a leadership role to disseminate our financial statements in a timely fashion."
The Company also wishes to announce the resignation of Mr. Robert La Salle, its former Chief Financial Officer. We wish Mr. La Salle all the best in his future endeavors.
LOS ANGELES, CA / ACCESSWIRE / September 17, 2014 / Seven Arts Entertainment Inc. (OTC Pink: SAPX) (SAPX) ("Seven Arts" or the "Company"), a diversified company with motion picture production assets and wireless communications, is pleased to provide the following performance update to its shareholders.
Filings. On September 15, 2014, the Company filed its Reports on Form 10-Q for the quarter ended December 31, 2013 and Marc 31, 2014, and is current on its filing requirements.
Recent Acquisitions. The Company has closed the acquisition of all capital stock of iPTerra Technologies Inc. and all membership interests in Aeronetworks LLC from Sanwire Corporation. These additions will broaden the Company's business plan to include wireless communications opportunities and expedite revenue growth. On September 16, 2014, the Company announced the execution of a Letter of Intent to acquire 100% of Florida-based Cash Ready ATM, Inc. for equity in Seven Arts. The Company plans to change its name to "WirelessConnect Inc." within the next 30 days.
Balance Sheet Improvement. Pursuant to a Loan Workout Agreement completed on August 29, 2014, Palm Finance Corp. ("Palm") relieved the Company of all indebtedness to it. The Company, and certain companies controlled by a related party to a former director and officer of the Company, transferred to Palm all their interests in the real property located at 807 Esplanade Avenue in New Orleans, and all United States and Louisiana historic rehabilitation tax credits and Louisiana film infrastructure tax credits associated with that property, as well as all their interests in any and all completed motion picture and motion picture projects in development, subject to the grant of all distribution rights for thirteen completed motion pictures to a subsidiary of the Company.
New Management Team. The Company continues to strengthen its management team from its group of companies. The recent additions are hands-on professionals and are fully aware of the risks and rewards. To that end, Mr. Rick Bjorklund has been appointed the Company's new CEO and Chairman, and Mr. Robert La Salle as the Company's new Chief Financial Officer.
Richard Bjorklund. Mr. Bjorklund is one of the founders of Aeronetworks. From July 2006 to July 2008, Mr. Bjorklund was President and CEO of the Tulsa County Public Facilities Authority. Mr. Bjorklund has represented clients such as Western Oil Partners LLC, Service King Manufacturing, Inc. Walt Disney Imagineering, as well as numerous Olympic and national sporting associations, including the NFL and NBA. Mr. Bjorklund's education includes Arizona State University, Bachelor of Science Degree; U.S. Air Force Academy, Commandants Commendation; Commendation.
Robert LaSalle. Since August 22, 2013, Mr. LaSalle was Vice President of Finance for the Company. Mr. LaSalle's has held various accountancy positions at Vision Films, commencing February 2012, Film Roman, commencing March 2010 and World of Wonder Productions commencing February 2007, all independent film and television companies.
New Board of Directors. To guide the Company towards revenue diversification, the Company will not hesitate to reach outside of its internal talent to bring industry experts to join its board. To that end, the Company's new board of directors consists of Mr. Rick Bjorklund (Chairman), Anthony Hickox (an existing director), and newly added Mr. Robert Riggs (new director).
Robert Riggs. Mr. Riggs is currently President and CEO of Riggs Distributing, Inc. located in Burlingame, California which sells, among other brands, Sub-Zero and Wolf refrigerator units. Mr. Riggs has held this position for more than five years.
Mr. Bjorklund stated, "For the balance of 2014, we continue to execute on our expanded business plan and growth strategies aimed at building a stronger organization with more revenue diversification. One of our primary goals continues to be to increase shareholder value."