SOURCE: Seven Arts Pictures plc

Seven Arts Pictures PLC

November 09, 2010 00:12 ET

Seven Arts Pictures Plc Domiciles in United States

Appoints Film Producer & Financier Dan Reardon to Its Board of Directors

HOLLYWOOD, CA--(Marketwire - November 9, 2010) -  Seven Arts Pictures Plc (NASDAQ: SAPX) ("Seven Arts") announced today that it has completed the transfer of all of its assets to Seven Arts Entertainment Inc., a Nevada corporation ("SAE") in exchange for common stock of SAE on a basis of one share of SAE for each ordinary share of Seven Arts. Trading of ordinary shares of Seven Arts Pictures Plc will terminate on the effective date of a Registration Statement of SAE for issuance of shares of SAE to existing shareholders of Seven Arts, expected to be received by December 31, 2010 and resume under the new corporate name Seven Arts Entertainment Inc. SAE will retain the NASDAQ listing of Seven Arts. Each Seven Arts shareholder will be required to surrender his/her existing share certificates for SAE share certificates to ensure that there is no short-seller or market makers trading without share ownership. There will not be an exchange of any Seven Arts shares for SAE shares based solely on electronic ownership.

The primary purpose of this transaction was to move the domicile of Seven Arts from the United Kingdom to the United States. "We are pleased to report that Seven Arts Entertainment Inc. will be recognized as a domestic issuer shortly," said CEO of Seven Arts, Peter Hoffman. "We are also pleased to announce that Dan Reardon, a highly successful entrepreneur, film producer and financial executive has joined our Board of Directors. Dan has been actively working with Seven Arts on several financing transactions and has an impressive background that can help lead our Company in our future endeavors."

Seven Arts also announces it has received a notice from NASDAQ that its bid price was below $1 for thirty consecutive business days. Seven Arts and SAE will have until May 2, 2011 to maintain a closing bid price of at least $1 for ten consecutive trading days as will be required for continued listing on the NASDAQ Stock Market. SAE expects to meet these standards and continue its NASDAQ listing.

Currently, Mr. Reardon is an Executive Producer of "LUNATIC AT LARGE," an original story by Stanley Kubrick that is starring Scarlett Johansson and Sam Rockwell, and is a producer on THICKER starring Leslie Zemeckis, Peter Facinelli, Guy Pearce and Christopher Lloyd. He is the former CFO of Concrete Film Ventures, which financed several independent, feature film projects, raised venture capital through limited partnerships, and secured substantial lines of credit from media banks including the feature films: "LEGACY" starring David Hasselhoff, "MY BROTHER THE PIG" starring Scarlet Johansson and Eva Mendes, "THE PAVILION" starring Richard Chamberlain, and "CHANGING HEARTS" starring Faye Dunaway.

Mr. Reardon previously was a founding shareholder of four successful public companies including the NASDAQ-listed North American Scientific, Inc., and is well versed in merger and acquisitions; IPOs, and capital raises. He also is well respected in real estate tax incentive financing programs. Mr. Reardon administers several hundred million of incentives annually through the Federal Preservation Tax Incentive Program. He holds a BA from Syracuse University in Film and Drama, and is a graduate of Brooks School, a private secondary school.

Julia Verdin and Michael Hamilton have resigned from the Board of Directors of the Company. Ms. Verdin has been replaced by Mr. Reardon. Seven Arts expects Mr. Hamilton's near-term replacement will be nominated at Seven Arts' next Board of Directors meeting.

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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