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.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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