Seven Arts Entertainment Inc (SAPX)

[wEaReLeGiOn]

LOS ANGELES, CA--(Marketwire - Aug 31, 2011) -

http://www.7artspictures.com/news/view/59

Seven Arts Pictures PLC (NASDAQ: SAPX) (the "Company") today announced NASDAQ has approved the substitution of Seven Arts Entertainment Inc. ("Seven Arts" or "SAE") for the Company's NASDAQ listing, effective at the opening of trading on September 1, 2011. On that date, each of the Company's ordinary shares will be exchanged for one share of common stock of SAE, which will commence trading on NASDAQ as the successor to the Company's NASDAQ listing. SAE's new CUSIP number is 81783N102 and its trading symbol will remain SAPX. The Company expects that DTCC will continue electronic transfer of SAE common stock as it has of the Company's ordinary shares. This transaction was approved by the Company's shareholders at the Company's General Meeting on June 11, 2010.

The Board of Directors of SAE shall be the existing six members of the Board of Directors of the Company, plus the addition of Robert Kaiser as a Board Member and Chairman of SAE's Audit Committee. SAE will have four members of its Board who are independent as defined by NASDAQ. Mr. Kaiser is currently, and has been since 2007, Chairman and Chief Executive Officer of CLST Holdings, the remaining public company of Cellstar Inc., whose assets were sold in 2007. Mr. Kaiser held several executive positions, including chairman and chief executive officer of Cellstar from 2002 to 2007, an international logistics and distribution company in the communication industry with sales in excess of $2 billion. From 1996 to 2001, Mr. Kaiser was the Chief Executive Officer of Mobile Star and SkyTel/Worldcom.


Ha, CEO of good ole Scamorma extraordinaire, Worldcom. I suppose Kaiser was having employment issues.

Hoffman sure can pick 'em. Seems he likes to surround himself with like-minded people.