SOURCE: Seven Arts Pictures plc

Seven Arts Pictures plc

July 14, 2010 12:27 ET

Seven Arts Appoints New Board Member and Announces Plan to Redomicile

HOLLYWOOD, CA--(Marketwire - July 14, 2010) -  Seven Arts Pictures plc (NASDAQ: SAPX) announced the appointment of Michael Hamilton as an independent board director and Chairman of the Audit Committee of the Seven Arts' Board of Directors. This appointment will complete Seven Arts' compliance with NASDAQ listing requirements for all issuers. Seven Arts also announces that its shareholders have approved a resolution authorizing the transfer of all the assets of the Seven Arts holding company, Seven Arts Pictures plc, to a newly formed holding company, Seven Arts Entertainment Inc., incorporated in the United States under the laws of Nevada. This transfer will permit Seven Arts to change the domicile of its holding company to the United States and become a United States issuer, a process expected to be completed on or before August 31, 2010. This transfer will not affect Seven Arts' listing on NASDAQ under the symbol 'SAPX.' 

Mr. Hamilton received a B.Sc. in accounting from St. Francis College and worked at PricewaterhouseCoopers ("PWC") for more than fifteen years where he ultimately became the Partner in Charge of the firm's utility audit and tax practice. In addition he was the audit engagement partner for a number of his firm's largest energy and utility audit clients. He is an expert in the application of GAAP, rules and regulations of the SEC and generally accepted auditing standards. He is an expert on the requirements of the Sarbanes Oxley Act. After his retirement from PWC in 2003 he was a Senior Managing Director at FTI Consulting. His current positions include Chairman and CEO of MMC Energy Inc., a publicly owned company currently in a state of liquidation; Non-Executive Chairman of MX Energy Inc., a retail gas and electric marketing company; Non-Executive Chairman of Coda Octopus Group, a marine technology company and Chairman of the Audit Committee of Vulcan Power Company, a geo-thermal energy developer in Nevada.

Peter Hoffman, CEO of Seven Arts, commented, "We are pleased to welcome Michael to the Seven Arts team. Michael's accounting expertise and his familiarity with the regulations of the SEC should prove invaluable to us as we move toward becoming a US corporation."

About Seven Arts:

Seven Arts Pictures plc ("SAP," "7 Arts" or the "Company") 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 (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.

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.

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