May 24, 2013
/PRNewswire/ -- Seven Arts Entertainment Inc. (OTCQB:
) ("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
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
, 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:
- 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.
- 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.
- All monies invested in the development and pre-production of motion picture projects by PLC were used as intended.
- 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.
- 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
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
law and are defamatory. Complaints have been made to the Office of Fair Trading in
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 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
, 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.