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."
