Amended Release: Seven Arts Entertainment Announces State of Louisiana Approval of Proposed Federal and State Rehabilitation Tax Credits of Approximately $4,500,000, and an Interview With Chief Executive Officer Peter Hoffman on Mr.Pennystocks.com
LOS ANGELES, CA -- (Marketwire) -- 08/29/12 -- Seven Arts Entertainment Inc. (NASDAQ: SAPX) ("Seven Arts" or the "Company") announced today that it received approval from the State of Louisiana Historic District Commission regarding its proposed historic rehabilitation credits for the property at 807 Esplanade in New Orleans, Louisiana, which, as previously announced, amount to approximately $4,500,000. The application for such credits was previously announced by the Company. The Company expects that the Department of Parks, of the Department of Interior, will give its approval of the federal and state historic rehabilitation credits for this property on or before September 24, 2012, before reporting of the financial statements for the Company for the fiscal year ended June 30, 2012.
The foregoing represents only the federal and state rehabilitation tax credits and does not include the Louisiana film infrastructure credits described in our previous release which will also exceed $4 million.
Chief Executive Officer Peter Hoffman conducted an interview with Chris Lu of Mr.Pennystocks.com answering several questions that have been posed on internet sites and with respect to the Company. Mr. Hoffman's answers can be read at http://www.mrpennystocks.com/interview-with-peter-hoffman-founder-and-chairman-sapx/510/.
About Seven Arts Entertainment Inc.:
Seven Arts Entertainment Inc. is the successor to Seven Arts Pictures Plc (SAPX), which 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 August 29, 2012. 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.
Contact: Seven Arts Entertainment Inc. Peter Hoffman 323-372-3080 firstname.lastname@example.org
Source: Seven Arts Entertainment Inc.