LOS ANGELES, CA / ACCESSWIRE / May 18, 2015 / Seven Arts Entertainment Inc. (now known as Wireless Connect Inc.) ("Seven Arts" or the "Company") (OTC Pink: SAPX) (SAPX), a diversified company with motion picture production assets and wireless communications, is pleased to announce that thirteen Seven Arts Filmed Entertainment Louisiana LLC ("SAFELA") motion pictures ("SAFELA Library") are being exclusively marketed by The Movie Studio Inc. ("TMS") (OTC Pink: MVES) (MVES) at the Cannes Film Festival, held in Cannes, France from May 13 - 24, 2015.
The TMS team is spearheaded by TMS's President and CEO, Mr. Gordon Scott Venters, who is attending the Cannes Film Festival representing TMS's own movies and the SAFELA Library at the Palias on the Croissette Booth Rivera A-9. The SAFELA Library trailers and marketing material are available for viewing on TMS's web site at www.themoviestudio.com.
Under the terms of the recently executed definitive Letter of Intent, TMS will acquire the Company's 60% membership interests in SAFELA, and the Company has granted TMS an interim exclusive distribution rights to market the SAFELA Library for sixty (60) days. Post acquisition, Seven Arts and its shareholders will be one of the largest shareholders of TMS.
For calendar year 2014, the SAFELA Library generated approximately $350,000 in royalties (unaudited) from existing markets. Seven Arts is working with TMS on all fronts to increase royalty revenues and realize full potential of the SAFELA movie assets in new and existing geographical markets. The Cannes Film Festival is one of the best venues to promote motion pictures, acquire new markets, and increase exposure in existing markets.
"We're of the opinion that increased revenue bookings by The Movie Studio should have a positive impact on its share price which would translate to increased shareholder value for Seven Arts and The Movie Studio shareholder communities," said Rick Bjorklund, Chairman and CEO of Seven Arts. "As previously communicated, I'll be presenting a proposal to Seven Arts management team and board of directors to declare a onetime special dividend to our shareholders, a portion of the preferred stock that Seven Arts will receive from The Movie Studio, sometime after the closing of the contemplated acquisition."
"We are excited about the addition of the SAFELA movie assets to our growth by acquisition strategy and blended film packaging strategy for worldwide distribution with our current movie and intellectual property assets," stated Gordon Scott Venters, President and CEO of The Movie Studio. "We look forward to a successful marketing initiative with our numerous business relationships and partners we have at the Cannes Film Festival."
About The Movie Studio Inc.
The Movie Studio Inc., an integrated motion picture production company, develops, manufactures, and distributes independent motion picture content for worldwide consumption on various devices (www.themoviestudio.com)
About Seven Arts Entertainment Inc.
Seven Arts Entertainment Inc. is a global diversified company with wireless communications and motion picture production assets. Seven Arts vertically integrated portfolio of solutions target a diverse array of enterprises and multiple disciplines. Seven Arts has 60% membership interests of Seven Arts Filmed Entertainment Louisiana LLC, which holds all rights to Seven Arts movie assets; 100% of iPTerra Technologies Inc., a designer, developer, manufacturer and marketer of a real-time 2-way wireless and/or wireline communications and mine-safety solution for the global mining industry (www.ipterra.net); and 100% of Aeronetworks, a provider of advanced communications and broadband services to niche markets including entertainment venues, rural communities and Native American tribes (www.aeronetworks.net).
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 May 18, 2015. 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.
Seven Arts Entertainment Inc.
Rick Bjorklund, Chairman and CEO
The Movie Studio Inc.
Gordon Scott Venters, President and CEO
SOURCE: Seven Arts Entertainment Inc.