LOS ANGELES, July 18, 2013 /PRNewswire/ -- Seven Arts
Entertainment Inc. (OTCQB: SAPX) ("Seven Arts" or the "Company")
announced today that effective July 15,
2013, the Board of Directors of the Company appointed
Candace Wernick as the Company's
Chief Financial Officer. Ms. Wernick will also be appointed
as a director of the Company upon the resignation of an existing
director to be completed shortly. Ms. Wernick will also serve
as the Company's principal financial officer and principal
accounting officer. Ms. Elaine
New has resigned as the Company's Chief Financial Officer
but will remain as a director of the Company. The appointment
of Ms. Wernick and the resignation of Ms. New results from the
Company's decision to move its accounting operations to
Los Angeles and to close its
office in the United Kingdom to
reduce overhead costs.
The Company's Board of Directors also approved an employment
agreement with Ms. Wernick, which is effective as of July 15, 2013 and supersedes the terms of her
existing employment arrangement with the Company. The
employment agreement with Ms. Wernick is for a term of one year,
commencing July 15, 2013, and will
renew automatically for one-year terms unless Ms. Wernick or the
Company provides prior notice of non-renewal of the
agreement.
Ms. Wernick was in public accounting for 19 years with
Stonefield Josephson, Inc., which
merged with Marcum LLP. Ms. Wernick was an audit partner for
10 years, specializing in media and entertainment, technology, and
manufacturing of both SEC reporting and private companies.
Ms. Wernick provided technical research and consulting services in
the firm and ended her tenure in the firm's Assurance Quality
Control department. Since October
2011 Ms. Wernick has been providing consulting services to
various SEC reporting companies, or companies in the process of
becoming reporting companies, regarding US GAAP or SEC Reporting
technical issues. Ms. Wernick has also been providing
engagement quality review services and technical support to several
audit firms.
Kate Hoffman, acting CEO, stated:
"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."
About Seven Arts Entertainment Inc.:
Seven Arts
Entertainment Inc. 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 July 17, 2013. 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
phoffman@7artspictures.com
SOURCE Seven Arts Entertainment Inc.
