ATLANTA, GA / ACCESSWIRE / August 1, 2023 / Seven Arts Entertainment Inc. (OTC PINK:SAPX), the “Company”, a film and music production company, is pleased to provide the following shareholder update.
Our previous fiscal year has endured a very turbulent time in the entertainment and media content industries, primarily due to the Covid -19 pandemic, but the overall outlook for the Company remains strong.
The Company has continued to develop its Dolby Atmos facility in Atlanta at an incremental pace. Due to ongoing microchip shortages, launch of the facility has been longer than expected, but the Company continues to procure vital equipment as it becomes available. Seven Arts remains on track to have the only Dolby Atmos studio dedicated to film production in the Atlanta market.
The Company’s various film assets remain under development as well. In conjunction with the 2-to-3-year averages that are generally required to bring films to market, the industry has recently seen several industry strikes, some of which are ongoing. These activities impact film and television industry operations from Los Angeles to Atlanta. Seven Arts has determined that it would not be in the long-term best interest of the Company or its shareholders to break ranks and appear to be not in solidarity with these initiatives. The Company believes its ability to remain viable must adhere to however long these negotiations take to be resolved.
Fortunately, the Company had the foresight to anticipate the aforementioned obstacles and to additionally revitalize its focus on its music and multi-media content investments through the appointment of A&R expert, Thom Hazaert, as a director of the Company.
Mr. Hazaert was tasked early on to utilize his music industry expertise to identify viable investments for the Company to develop under its Seven Arts Music subsidiary. After considerable due diligence, the Company has identified several investments that it believes can generate considerate revenue to the Company.
In the coming days and weeks, the Company expects to make several new announcements. One of which is a podcast acquisition deal with a strong following on Spotify, the other being an album launch for a multi-million song selling recording act that will be releasing their first new album in nearly a decade.
These investments will be primarily spearheaded by Mr. Hazaert, who will be taking a more active role in the direction of the Company, going forward.
Stated Seven Arts CEO, Jason Black: “After an extended period of silence due to a series of unforeseen obstacles, I look forward to pivoting toward allowing Mr. Hazaert to drive much our operations and direction into our new fiscal year. I strongly believe our recent shift in Company direction will produce a strong phase of prosperity for Seven Arts and its shareholders.”
This press release contains forward-looking statements. The words ‘believe,’ ‘may,’ ‘estimate,’ ‘continue,’ ‘anticipate,’ ‘intend,’ ‘should,’ ‘plan,’ ‘could,’ ‘target,’ ‘potential,’ ‘is likely,’ ‘will,’ ‘expect’ and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SOURCE: Seven Arts Entertainment, Inc.