$SAPX Seven Arts Entertainment Inc. Enters Letter of Intent to Acquire Film and Music Production Company
ATLANTA, GA / ACCESSWIRE / November 8, 2023 / Seven Arts Entertainment Inc. (OTC PINK:SAPX), the "Company", is pleased to announce the Company has entered a Letter of Intent, "LOI", to acquire THC Music and Films.
THC Music and Films, "THC", an entity controlled by Seven Arts' director, Thom Hazaert, has an established history of successful releases under its banner. With Mr. Hazaert assuming a leading role at Seven Arts, management believes acquiring THC to be a next logical step for the Company.
Under the proposed terms, the acquisition will be executed through the issuance of already authorized preferred shares of SAPX, whereas no dilution to the Company's capital structure shall occur.
Additionally, the Company has already begun revising its website, sevenartsentertainment.com, to better reflect its current direction. The site is expected to relaunch in December.
Finally, Seven Arts has been approached by several larger production companies with buyout proposals. The Company believes acquiring THC and strengthening its portfolio will create additional leverage as it prepares to enter into negotiations.
Stated Seven Arts Entertainment, director, Thom Hazaert: "I'm very excited to bring THC under the Seven Arts umbrella. As the Company is on the verge of a significant restructuring, we believe this acquisition is the right fit at the right time for SAPX."