SOURCE: Seven Arts Pictures plc

Seven Arts Pictures plc

May 02, 2011 17:09 ET

Seven Arts Pictures PLC Announces Change of Accounting Firm

HOLLYWOOD, CA--(Marketwire - May 2, 2011) - Seven Arts Pictures plc (NASDAQ: SAPX) ("Seven Arts" or the "Company") announced today that it has retained Kabani & Company, Inc. of Los Angeles, California as its independent registered public accounting firm. Kabani has offices in both Los Angeles, California and London, England (through Reddy Siddiqui & Kabani) and will be available to audit the Company for SEC reporting purposes and for compliance by the Company and its principal operating subsidiary, Seven Arts Filmed Entertainment Limited, with the Companies Act in the United Kingdom. Kabani will replace RBSM LLP, which audited the Company's consolidated financial statements for the fiscal years ended March 31, 2008, June 30, 2009, and June 30, 2010, and the three month period ended June 30, 2008. Kabani will commence a review of the Company's recently reported financial statements for the six months ended December 31, 2010.

There were and are no material disputes between the Company and RBSM regarding the fiscal periods audited by RBSM.

Peter Hoffman, Chief Executive Officer of Seven Arts, stated, "We are pleased to welcome Kabani & Co. into the Seven Arts family. We thank RBSM for their services to us in past years."

The Company also announced the termination of all relationships between Erika Smith and the Company, both as President of Seven Arts Entertainment Inc., a subsidiary of the Company, and as a director, effective April 19, 2011.

About Seven Arts:
Seven Arts Pictures PLC 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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