SAPX...NEWZ!!!!!!!!!!!!!!!!!!!!!!!!!!!!Seven Arts Entertainment Signs Letter of Intent with The Movie Studio, Inc. Baystreet.ca "Standard Equities Feed"
LOS ANGELES, CA / ACCESSWIRE / January 7, 2015 / Seven Arts Entertainment Inc. (now known as WirelessConnect Inc. ) (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 (the "LOI") with The Movie Studio Inc. (OTC Pink: MVES) (PINKSHEETS: 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."
About The Movie Studio Inc. :
The Movie Studio, Inc. , an integrated motion picture production company, develops, manufactures, and distributes independent motion picture content for worldwide consumption on various devices.
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 January 7, 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.
CONTACT:
Seven Arts Entertainment, Inc.
Rick Bjorklund , Chairman and CEO
rick@aeronetworks.net
The Movie Studio, Inc.
Gordon Scott Venters , President and CEO
GSV@themoviestudio.com
SOURCE: Seven Arts Entertainment, Inc.
