Seven Arts Gains on Distribution Deal

Seven Arts Pictures' share volume is up after announcing a new partner deal.
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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.

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