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Candace Wernick Appointed Seven Arts Entertainment, Inc. (SAPX) CFO

Jul. 19, 2013 10:47 AM ET
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On July 18, Seven Arts Entertainment announced the appointment of Candace Wernick to the position of Chief Financial Officer. In addition, Wernick will be appointed as a director of the company upon the resignation of an existing director. Wernick will be replacing Elaine New as CFO; New, however, will remain with the company as a director.

Founded in 2002, Seven Arts is focused on motion picture production and distribution, as well as being 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, as well as subsequent worldwide release in other forms of media, including home video and pay/free television.

Wernick's contract with Seven Arts was also re-negotiated. The contract, which came into effect on July 15, 2013 for a term of one year, will renew automatically for one-year terms unless Ms. Wernick or the company provides prior notice of non-renewal of the agreement. Wernick was in public accounting for 19 years with Stonefield Josephson, Inc., which merged with Marcum LLP. There Wernick was an audit partner for 10 years, while specializing in media and entertainment, technology, and manufacturing of both SEC reporting and private companies.

Kate Hoffman, acting CEO of Seven Arts, said, "As the final step in Seven Arts transition from the UK to the US, we are thrilled to have Candace Wernick join our team. Her extensive technical expertise in US GAAP and SEC reporting and problem solving skills will be invaluable as we continue to streamline operations and cut our overhead."

For more information, visit 7artspictures.com

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