Seven Arts Pictures plc (NASDAQ: SAPX) recently publicized that it has closed the balance of investment with three UK based film corporations, created to raise capital for investment into the production and distribution costs of certain existing and future motion picture productions and acquisitions.
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The Company closed the balance of the investment on December 27, 2009. The Company will record net revenues of approximately $3 million from the Transaction which it intends to use to pay back indebtedness. The Company has been finishing its audit of the 2009 year end financial statements and expects to release its earnings figures to the public no later than January 16, 2010, and does not expect any material changes to its previously reported profit and loss statements. Seven Arts Pictures plc 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 and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television. In more somber news Company Chairman Anthony Bryan passed away the morning of December 29, 2009. He was 86 years old. CEO Peter Hoffman will act as interim Chairman for the Company. The Company wishes Mr. Bryan's family all the best in this difficult time.
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