This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Seven Arts Entertainment Inc. Responds To Defamatory And Fraudulent Claim

Stocks in this article: SAPX SAPXD

LOS ANGELES, May 24, 2013 /PRNewswire/ -- Seven Arts Entertainment Inc. (OTCQB: SAPX)  ("Seven Arts" or the "Company") became aware that the public relations agency of an entity known to the Company only as "IFSG" has issued defamatory and fraudulent statements regarding the activities of the Company at the recent Cannes Film Festival.  IFSG is unknown to the Company, and the Company has not been able to locate any office or registered address.  IFSG may be an assignee of another entity that may have invested a limited amount of money in a motion picture project of Seven Arts Pictures plc ("PLC"), the Company's listing predecessor, which is in a creditor's liquidation proceeding in England.  The Company believes that any claims of that entity would be only as an investor in the project, and any claims would need to be presented in respect of PLC in the United Kingdom, including any claims with respect to affiliates of PLC.

No actions have been filed against the Company or any of its affiliates by any party in connection with the above-referenced motion picture, and no claims have been threatened despite the defamatory and fraudulent statements made by IFSG. 

In contradiction of the many false and defamatory statements by IFSG:

  1. The possible investor has no liens whatsoever on the distribution proceeds of any produced and distributed Seven Arts motion pictures and no distributors, of course, have any liability whatsoever to the investor.
  2. The single possible investment was done on a private basis as co-producer is not a "fraudulent investment scam" in any sense of the word, and all risks were properly disclosed to the one investor who was a personal friend of the director. 
  3. All monies invested in the development and pre-production of motion picture projects by PLC were used as intended. 
  4. There is no investigation of the possible investment in the motion picture project by any agency in the United States, the United Kingdom or elsewhere.
  5. The claims against PLC resulting in its liquidation had not been made and were not made until the summer of 2011.  Of course, these claims were unknown to PLC when the investment by Altitude was made in the fall of 2009, as is a matter of public record.  

The Company's CEO Peter Hoffman stated, "We regret that we must respond to baseless claims by the assignee of a disgruntled possible investor in a motion picture project who is engaged in practices that violate both English and California law and are defamatory. Complaints have been made to the Office of Fair Trading in England."

About Seven Arts Entertainment Inc.:

Seven Arts Entertainment Inc. 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.  The information contained in this release is as of May 24, 2013.  Seven Arts assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.


1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs