NEW YORK ( TheStreet) -- Seven Arts Pictures (SAPX) shares surged at opening, and are up more than 4% today after the United Kingdom-based independent motion picture company announced a deal with Contracorriente Films.
Under the terms of the $500,000 agreement, Contracorriente will distribute several of Seven Arts' motion pictures including Deal and Knife Edge.
"Seven Arts is delighted to announce the completion of this deal," said Seven Arts CEO Peter Hoffman. "Contracorriente has a very strong presence in Spain and we look forward to a productive partnership with them in the future."
More than 60,000 shares of Seven Arts have traded hands today compared to its average daily volume of 8,000. Seven Arts shares are currently up around 4.3% to just below $1.-- Written by Theresa McCabe in Boston.
>To contact the writer of this article, click here: Theresa McCabe. >To follow the writer on Twitter, go to @TheresaMcCabe.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV