Seven Arts Pictures, an independent motion picture production and distribution company, recently announced the completion of a production and distribution agreement with investors in the United Kingdom. This agreement is intended to raise capital for the production and distribution costs for future motion pictures and acquisitions.
After successfully completing the first tranche of the investment on August 26, 2009, Seven Arts Pictures closed the balance of the transaction on December 27, 2009. The company is expected to record net revenues of roughly $3 million from the transaction, which it intends to use to pay back indebtedness. Seven Arts Pictures expects to release its 2009 financial results by January 16, 2010, and does not expect any material changes to its previously reported profit and loss statements.
The company also reported that, sadly, chairman Anthony Bryan passed away on December 29, 2009 at the age of 86. Seven Arts Pictures’ chief executive officer, Peter Hoffman, will serve as interim chairman for the company for the time being.