Seven Arts Entertainment Inc (OTCMKTS:SAPX) reported that thirteen SAFELA motion pictures are being solely marketed by The Movie Studio Inc (OTCMKTS:MVES) at the popular Cannes Film Festival, held in France from May 13 to May 24, 2015. The marketing team is headed by TMS’s CEO and President Mr. Gordon Scott Venters. He will be present at the Cannes Film Festival representing The Movie Studio own movies as well as the SAFELA Library.
As per the recently finalized definitive deal, TMS will buy Seven Arts’ 60% membership interests held in SAFELA. In addition, Seven Arts Entertainment Inc (OTCMKTS:SAPX) has granted The Movie Studio with an interim sole distribution rights to promote the SAFELA Library for 60 days. Post purchase, Seven Arts will be one of the largest shareholders of The Movie Studio.
Last year, Seven Arts SAFELA Library generated nearly $350,000 in royalties from existing markets. Now Seven Arts Entertainment Inc (OTCMKTS:SAPX) together with TMS is working on all fronts to extend royalty revenues and get full potential of the movie assets in new as well as prevailing geographical markets. For the purpose, The Cannes Film Festival marks as one of the best events to support motion pictures, obtain new markets, and augment exposure in existing markets.
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Rick Bjorklund, the Chairman and CEO said that Seven Arts Entertainment Inc (OTCMKTS:SAPX) believes that recent alliance with TMS should have a positive impact on SAPX share price. It indicates increased shareholder value for the company and TMS shareholder communities. He added that he will present a proposal to Board to announce a onetime special payout to shareholders, in the form of preferred stock that company will get from TMS, after the closing of planned acquisition.
Seven Arts Entertainment Inc (OTCMKTS:SAPX) is currently trading at $0.00020 gaining 100.00% from yesterday’s close.