Seven Arts Entertainment Inc (SAPX)

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NEWS: Seven Arts Entertainment Signs Letter of Intent to Acquire Cash Ready ATM, Inc.

http://www.otcmarkets.com/news/otc-market-headline?id=16449783

Sep 16, 2014 (eTeligis.com via COMTEX) -- LOS ANGELES, CA, United States, via ETELIGIS INC., 09/16/2014 - - Seven Arts Entertainment Inc. (OTCQB: SAPX) (OTC PINK: SAPX) (PINKSHEETS: 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 to acquire 100% of Florida-based Cash Ready ATM, Inc. ("CRAI") for equity in Seven Arts. The acquisition is expected to close upon completion of the due diligence process.
Over the past fifteen years, CRAI has been providing wireless and permanent ATM machines to a wide range of entertainment venues including fairs, festivals, and carnivals throughout the Eastern seaboard, South East as well as most of the Mid-West. CRAI adds a component to the Company's new vision of wireless infra-structure deployments for entertainment venues. CRAI will work closely with Aeronetworks, one of Seven Arts group of companies, to offer a complete package that includes wireless and ATM products and services for entertainment venue customers.

"Our expanded business plan includes growth organically and thru acquisitions," stated Rick Bjorklund, CEO and Chairman of Seven Arts. "Moving forward, we continue to look for additional complementary opportunities that will not only vertically integrate our portfolio of companies, but also increase our revenue diversification strategy."

Blane Amy, President and CEO of CRAI, stated "wireless products and services in entertainment venues are now expected to be available with high up-time and fast connectivity. By combining CRAI's product offering with Aeronetworks wireless communications and broadband services would provide CRAI with additional revenues that wouldn't have been possible."