LOS ANGELES, CA, United States, via ETELIGIS INC., 02/24/2015 – – Seven Arts Entertainment, Inc. (now known as WirelessConnect, Inc.) (OTC Pink: SAPX) (PINKSHEETS: SAPX) (“Seven Arts” or the “Company”), a diversified company with motion picture production assets and wireless communications, is pleased to provide a shareholder update.
Recently Seven Arts became aware that its current auditing firm is going thru an audit review by the Public Company Oversight Board (“PCAOB” www.pcaob.org) which has prevented the auditing firm from issuing opinion letters to its clients including Seven Arts. This action has delayed the completion of Seven Arts audited financial statements and the filing of its 10-K for the fiscal year ended 6/30/2014, and the two quarterly 10-Qs for the periods ending on 9/30/2014 and 12/31/2014. Seven Arts is in the process of selecting another auditing firm to complete its 2014 fiscal year end and quarterly reviews.
As an interim course of action, Seven Arts has determined it’s best to file Form 15 with the SEC and become a non-reporting issuer until the 10-K and 10-Qs are completed and filed. The Company will also apply to the OTC Markets Disclosure Services where it will file its 10-Ks and 10-Qs until it becomes a reporting issuer. The Company will continue to trade on the OTC Markets under symbol SAPX.
About Seven Arts Entertainment, Inc.:
Seven Arts Entertainment, Inc. is a global diversified company with wireless communications and motion picture production assets. Seven Arts vertically integrated portfolio of solutions target a diverse array of enterprises and multiple disciplines. Seven Arts owns 60% of Seven Arts Filmed Louisiana which holds all rights to Seven Arts movie assets; 100% of iPTerra Technologies, Inc., a designer, developer, manufacturer and marketer of a real-time 2-way wireless and/or wireline communications, and mine-safety solution for the global mining industry (www.ipterra.net); and 100% of Aeronetworks, a provider of advanced telecommunications and broadband services to niche markets including entertainment venues, rural communities and Native American tribes (www.aeronetworks.net).
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 February 24, 2015. 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.
Seven Arts Entertainment, Inc.
Rick Bjorklund, Chairman and CEO
SOURCE: Seven Arts Entertainment, Inc.