Seven Arts Entertainment Achieves OTC Markets Revival

Rhea-AI Summary

Seven Arts Entertainment (OTC PINK: SAPX) announced its revival on OTC Markets after 6 years of inactivity. The company has submitted the necessary filings to become compliant with reporting obligations. It has modified its authorized share structure from unlimited to 4.5 billion shares and aims to reduce its outstanding shares significantly. With regulatory compliance achieved, Seven Arts, alongside its new subsidiary Muse Media, plans to advance in film and music production. The company is also relocating its headquarters to the Atlanta metro area to align with its growth strategy.

Positive

• Regained access to OTC Markets after 6 years.
• Submitted filings to comply with reporting obligations.
• Modified authorized share structure from unlimited to 4.5 billion shares.
• Plans to aggressively develop film and music assets with the subsidiary Muse Media.
• Moving headquarters to Atlanta, a growing hub for TV and film.

Negative

• None.

CHEYENNE, WY / ACCESSWIRE / August 16, 2021 / Seven Arts Entertainment Inc. (OTC PINK: SAPX), the Company, is pleased to announce the Company has achieved a verified profile and updated profile information with OTC Markets Group after 6 years of dormancy.

In addition to receiving access to the OTC portal the company has submitted all requisite filings to become current in its reporting obligations.

Furthermore, the Company has modified its authorized share structure from unlimited to 4.5 billion. The new authorized is now also reflected on Seven Arts' OTC profile. The Company continues to work on further reductions of its outstanding share structure as well. There are currently 2.6 billion shares restricted from trading and Seven Arts' management is confident most of those shares can be cancelled. The Company would further reduce its authorized shares in conjunction with any outstanding share reductions.

Now that all regulatory compliances procedures have been satisfied, Seven Arts and their newly acquired subsidiary, Muse Media, are prepared to aggressively move forward in establishing new film and music assets. To that end, the Company already has several productions under development.

Finally, the Company intends to move its primary offices and facilities into the Atlanta, GA metro area. Atlanta has become a dominant hub for TV and film and this move is in line with the Company's growth strategy.

Stated Seven Arts' CEO, Jason Black: "I'm very pleased with how smoothly the OTC application process unfolded. As previously mentioned, we were ready to file our financial reports as soon as access was available. This gets us started on reinventing this legacy brand and carrying it into the future."

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.

Contact:
info@sevenartsentertainment.com

Twitter:
@SAPX_7arts

SOURCE: Seven Arts Entertainment, Inc.

View source version on accesswire.com:
https://www.accesswire.com/659882/Seven-Arts-Entertainment-Achieves-OTC-Markets-Revival

FAQ

What is the recent update on Seven Arts Entertainment (SPAX)?

Seven Arts Entertainment has successfully revived its OTC Markets profile after 6 years and submitted filings to become compliant.

How many authorized shares does Seven Arts Entertainment have now?

The company has modified its authorized share structure to 4.5 billion shares.

What are the future plans for Seven Arts Entertainment (SPAX)?

Seven Arts plans to develop new film and music assets and relocate its headquarters to Atlanta.

What is the ticker symbol for Seven Arts Entertainment?

The ticker symbol for Seven Arts Entertainment is SPAX.

Has Seven Arts Entertainment reduced its outstanding shares?

Yes, the company aims to significantly reduce its outstanding shares, currently having 2.6 billion restricted from trading.