ATLANTA, GA / ACCESSWIRE / July 13, 2022 / Seven Arts Entertainment Inc. (OTC PINK:SAPX), the "Company", is pleased to provide a shareholder update on its fiscal year-end and projections for the coming year.
With the conclusion of Seven Arts' June 30 fiscal year-end the Company is pleased with what has been accomplished in its first year under new management. Including, but not limited to:
- Current in reporting to OTC after nearly 6 years of dormancy
- Settled accrued debts with Transfer Agent
- Acquisition of Muse Media Subsidiary
- Reduction of Common Shares by 2.5 billion (62%)
- Reduction of Authorized Shares to 1.8 billion
- Obtained new Atlanta facilities
- Began documentary film production
Moving into its next fiscal year Seven Arts will be focused on aggressively increasing its intellectual properties and revenue generation.
As previously stated, the Company has engaged in pitches and conferences with executives affiliated with HBO Max, Blackhall Studios, and Blumhouse Productions regarding its documentary film tentatively called "Manspeaker". Since that time additional major production companies have expressed similar interest in the film. The Company has initial conferences pending with executives at Morgan Creek Entertainment this week.
Seven Arts has recently been advised to advance talks toward obtaining a multi-picture deal. The Company and executives the Company has met with believe pitching a three to five film deal to major production companies will present more favorable opportunities for success to all sides involved.
Large film studios are more inclined to do a multi-picture deal as it allows them to hedge potential losses against potential successes across a package of film investments. This option will also allow Seven Arts to pursue up to a potential of $20mm USD upfront with revenue projections exceeding $80mm USD over the next five years on a single deal.
The Company's development of its Atlanta production facilities continues to stay on track for its upcoming launch date. New personnel have been added to oversee ensuring that the studio is the most advanced Dolby Atmos mixing and Foley stage in the region. Progress on the facility and the prospects of in-house production has been a driving force in Seven Arts getting larger film companies interested in the Company's films as well.
The production facility is projected to add an additional $5mm USD in annual revenue to the Company as well as offering a continuous gateway for working with larger film studios that will be contracting the facility for audio services.
When new management took over Seven Arts last year, the Company took on small convertible loans to settle inherited debts such as Transfer Agent fees. With the recently announced stake in Picture Pro and the option to procure new funding backed by film revenue rather than convertible debt, the Company is confident previous loans will be settled before their maturity date.
Additionally, the Company intends to take significant steps over the next year to advance investments in various music artists through its Seven Arts Music subsidiary. The Company's A&R representative, Thom Hazaert, who has over 30 years of experience in all aspects of the music industry, will be taking on a more significant role in the Company to identify established and upcoming artists that remain open to incorporating their work with evolving technologies.
Seven Arts strongly believes that NFT's and the Metaverse will play significant roles in how albums are released, and artists are showcased. The Company is taking steps now to incorporate these elements into its music catalogue beginning with the Green Jello album intended to be released in conjunction with the "Manspeaker" documentary.
Finally, with the completion of this fiscal year and the Company's June 30 annual almost complete, Seven Arts is confident it can submit the required two years of annuals for audit to meet the requirements for becoming SEC reporting and up-listing to the OTCQB exchange with the goal of ultimately returning the Company to the NASDAQ exchange. Seven Arts is presently pursuing this coarse and intends to further update shareholders on these actions over the coming weeks.
Stated Seven Arts' CEO, Jason Black: "I'm very pleased with what has been accomplished over the past year. Whereas many Companies in the OTC struggle to even maintain their quarterly filings, Seven Arts has been able to survive and continues to thrive from where we started last year. Now that the Company is comfortably compliant with market requirements and I have a strong grasp of the Company's prior activity as well as a deeper understanding of the overall industry, the year ahead will be aggressively focused on revenue generation and increasing shareholder value. I believe with the various projects we have under development as well as upcoming deals to be announced, that Seven Arts can book a minimum of $50mm USD in annual revenue this fiscal year and increasing to $300mm USD over the next 5 years."
Forward-Looking Statements:
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.
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SOURCE: Seven Arts Entertainment, Inc.