Seven Arts Entertainment Aktie

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15:05 09.04.13 PR Newswire LOS ANGELES, April 9, 2013 LOS ANGELES, April 9, 2013 /PRNewswire/ -- Seven Arts Entertainment Inc. (OTCQB:SAPX) (the "Company" or "Seven Arts") announced today the appointment of Vince Vellardita as the new Chairman of Seven Arts Entertainment's Board of Directors, as part of a contribution to Seven Arts of film and music assets controlled by Mr. Vellardita. Mr. Vellardita will be chief executive officer and president of a newly formed subsidiary, Seven Arts Music and Television Inc. ("SAMT"), pursuant to a three-year employment agreement. Seven Arts' existing music subsidiaries, Seven Arts Music and Big Jake Music, will be merged into SAMT. Mr. Vellardita will become the Company's main contact with the public securities market and will be responsible for developing and implementing its strategy and the methods for the continuing conversion of the Company's existing debt securities, as well as for exploring future funding opportunities for the Company. The Honorable Hubert Gibbs has stepped down as Chairman of the Board but will remain a director and Chairman of the Audit Committee. Dan Reardon has resigned as a member of the Board of Directors. Mr. Vellardita is a 34-year veteran of the music and television industries, who produced over 200 special events and concerts with artists such as U2, Duran Duran, the Jam, the Beach Boys and others. Mr. Vellardita has been involved in the production of thousands of hours of television programming and built a television network of over 90 broadcast TV stations serving 35 million households in the United States. At one point, Mr. Vellardita was the largest independent studio operator in the united States with over one million square feet of production facilities, 24 soundstages and 22 acres of land on both coasts. Further, Mr. Vellardita has been involved in the public company arena for over 30 years, serves as a director of other public companies, has been involved in the raising of over 200 million dollars in public and private debt and equity, and has long-standing relationships with a variety of investment bankers. Mr. Vellardita has been employed for the last year by Bridgeport Enterprises, Inc., a Florida-based entertainment production and distribution company. A partial list of Mr. Vellardita's credits is attached to this press release. Seven Arts CEO Peter Hoffman stated: "The Board welcomes Vince to Seven Arts and looks forward to his leadership as we expand our library and distribution operation in film, music and television. Vince has a proven track record with investors and will provide leadership for Seven Arts in the capital markets. Vince believes in the asset value and business Seven Arts has developed over the last decade and has the knowledge and experience to lead us through the next decade of growth and diversification."