Seven Arts Entertainment Inc (SAPX)

[Nadendla]

SAPX..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.

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