LOS ANGELES, Aug. 15, 2013 /PRNewswire/ -- Seven Arts
Entertainment Inc. (OTCQB: SAPX) ("Seven Arts" or the
"Company") announced today it has announced it has successfully
concluded an audit of tax credits associated with the motion
picture, Schism, and sold those tax credits for cash under the
Louisiana tax credit system for an
amount in excess of $275,000. These
funds will be primarily used to finish the post-production on
Schism, which will be delivered on or about August 31, 2013.
Schism will the first release under the Company's newly formed
Dark Arts label and is slated for release in the United States in the first quarter of
2014.
Schism is a new psychological thriller with horror elements from
director Adam Gierasch and his
writing partner Jace Anderson. The
films stars Callum Blue
(Smallville), Vinnie Jones (Snatch)
and Ashlynn Yennie (Human
Centipede).
Kate Hoffman, Seven Arts' acting
CEO, stated: "We are extremely proud of Schism and believe that not
only is it a commercial horror film but also it speaks to a larger
issue of faith and redemption. We could not be happier with the
finished film."
About Seven Arts Entertainment Inc.:
Seven Arts
Entertainment Inc. was founded in 2002 as an independent motion
picture production and distribution company engaged in the
development, acquisition, financing, production and licensing of
theatrical motion pictures for exhibition in domestic (i.e.,
the United States and Canada) and foreign theatrical markets, and
for subsequent worldwide release in other forms of media, including
home video and pay and free television.
Cautionary Information Regarding Forward-Looking
Statements.
Forward-looking statements contained in this
press release are made under the Safe Harbor Provision of the
Private Securities Litigation Reform Act of 1995. Any such
statements are subject to risks and uncertainties that could cause
actual results to differ materially from the anticipated. The
information contained in this release is as of August 15, 2013. Seven Arts assumes no
obligation to update forward-looking statements contained in this
release as the result of new information or future events or
developments.
Contact:
Seven Arts Entertainment Inc.
Peter Hoffman
323-372-3080
phoffman@7artspictures.com
SOURCE Seven Arts Entertainment Inc.