Seven Arts Entertainment Inc (SAPX)

[HASS1]

Peter Hoffman, Chief Executive Officer of Seven Arts, said, "Seven Arts had little revenue in this quarter as 'Pool Boys' was released in the previous quarter and the release of 'Drunkboat' and 'Nine Miles Down' is scheduled for the Fourth Quarter. We also expect our first releases from our new record subsidiary will be in the Fourth Quarter. We have continued our program of debt reduction and have reduced film and production loans by $5 million to under $6 million and reduced our other liabilities by $2 million to under $7.5 million from the amounts at our last year end. Our overhead expenses were higher than customary due to what we believe are non-recurring legal expenses. Stockholder equity continues to increase and will increase by another $2 million in our Third Quarter based on stock issued in this quarter to date. We expect to announce closing of the acquisition of David Michery's music assets including two existing DMX albums this week. We continue on the business plan as outlined in our earlier communications with stockholders and are optimistic about our prospects."



Come on now this has to mean they are on there way up. If the can bring in $1 million on "Pool Boys" They can bring in something on Winter Queen and the Two DMX Albums. PLease at the end it marks positive news.