2008-08-21 14:58:01 -
www.7artspictures.com/ - Seven Arts Pictures plc (Seven Arts) (PLUS:SAPP) (OTCBB:SAPXF) announced that it has completed the repayment of approximately $6,500,000 of debt to Cheyne Specialty Finance Fund. The funds used to repay Cheyne Capital were generated from operations in the company's financing and distribution of films, as well as from film library revenues, without dilution to
the company's shareholders or incurring additional debt. The Company completed the repayment of Cheyne Capital prior to the 2008 year end on June 30th, 2008.
Peter Hoffman, CEO of Seven Arts, commented, "We are very pleased that cash flow improved our balance sheet so dramatically in the quarter ending June 30th that we were able to repay Cheyne without any dilution to shareholders. We expect to announce further improvements to the balance sheet shortly."
About Seven Arts
Seven Arts Pictures plc ("SAP," "7 Arts" or the "Company") 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:
Included in this news release and other information that we make publicly available from time to time are forward-looking management comments and other statements that reflect management's current outlook for future periods. These statements include, among others, statements regarding the anticipated benefits from the development, production, or acquisition of new film projects as well as anticipated revenue from other sources and which may be critical to the overall revenue and profits of the Company.
These statements and expectations are based on currently available competitive, financial and economic data along with our operating plans, and are subject to future events and uncertainties that could cause anticipated events not to occur or actual results to differ materially from historical or anticipated results. Among the events or uncertainties which could adversely affect future periods are: changes in legal contingencies; issues surrounding labor disputes with unions such as the Screen Actors Guild, the Director's Guild, and the Writer's Guild; our use of estimates and assumptions; and the concentration of our capital stock ownership. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the risk factors located in our Registration Statement filed with the United States Securities and Exchange Commission as amended on page 11 of Form 20-FR12G/A Amendment 11 (annual report pursuant to Section 13 or 15(d) of the Exchange Act) for the year ended March 31st, 2007 and as updated to March 31st, 2008 under Part 1 Item 3 Section 3.D entitled "Risk Factors." The Company undertakes no obligation to update or revise any forward-looking statements contained in this release as a result of new information or future events or developments.
Seven Arts Pictures plc US contact:
Erik Smith, +1-323-692-5010
esmith@7artspictures.com
or
Seven Arts Pictures plc UK contact:
Elaine New, +44-207-355-2051
elainenew@7artspictures.com 
