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Seven Arts Announces 180-Day Extension of Time to Meet NASDAQ $1 Bid Price Requirement(March 21, 2012)
LOS ANGELES, CA -- (Marketwire) -- 03/21/12 -- Seven Arts Entertainment Inc. (NASDAQ: SAPX) ("Seven Arts") announced today that it received a letter from The NASDAQ Stock Market LLC approving the Company's request for a 180-day extension of time to regain compliance with the NASDAQ bid price requirement by demonstrating a closing bid price for its common stock of $1 or more for at least ten consecutive trading days. The new compliance period will expire on September 20, 2012.
About Seven Arts: Seven Arts Entertainment Inc. is the successor to Seven Arts Pictures Plc, 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. Contact:
Porter, Levay & Rose Inc.
Seven Penn Plaza
New York NY 10001
212 564 7400
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