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Seven Arts Pictures plc LSE: SAPP |
Jul 21, 2008 10:00 ET
Appointment of Director
21/07/2008
GB00B02HX878/GBP/PLUS-exn
SEVEN ARTS PICTURES PLC ("Seven Arts" or "the Company")
APPOINTMENT OF DIRECTOR
Significant event: Michael Garstin, former CFO of Orion Pictures, and former head of media and
entertainment at Bear Sterns, appointed President and Executive Managing Director of Seven Arts.
The PLUS-quoted feature films producer and distributor Seven Arts Pictures plc (PLUS: SAPP and
OTCBB: SAPXF), is pleased to announce the appointment of Michael Garstin as executive Managing
Director and President of the Group as of 1 July 2008.
Michael began his career as a Lending Officer at Chase Manhattan Bank, then joined Filmways Corp.,
later renamed Orion Pictures, as a Board Director and Chief Financial Officer. Subsequently, he
returned to Wall Street and worked as a Senior Managing Director and Head of the Media &
Entertainment Group at Bear Stearns & Co., during which time he provided advice to and helped
raise capital for a number of independent film companies including Carolco Pictures, on whose
Board of Directors he served on for a number of years. Michael is well known and respected in
financial circles for his understanding of motion picture financing and accounting".
Michael Garstin commented:-
"I am very excited to have the opportunity to join Seven Arts Pictures at this stage of its
development. I believe that Seven Arts has the opportunity to consolidate its position as a one of
the leading profitable independent film production and distribution companies in the business and
I look forward to assisting my friend and former Carolco Board Member and CEO, Peter Hoffman, as
well as his talented team, in achieving this goal."
Peter Hoffman, CEO of Seven Arts, said about the appointment, "It is a great pleasure to bring
Michael's expertise in the world of finance and motion picture accounting to our company. I have
known Michael for more than 20 years and worked with him on many transactions. There is no more
knowledgeable and experienced executive in our business."
The Directors of the Issuer accept responsibility for this announcement.
ENQUIRIES:
Seven Arts Pictures plc US contact:
Erik Smith, +1-323-692-5010
esmith@7artspictures.com
or
Seven Arts Pictures plc UK contact:
Elaine New, Finance Director
+44-203-006-8222
enew@7artspictures.com
Barry Hocken/Duncan Vasey
St Helen's Capital Plc
020 7628 5582
About Seven Arts:
Seven Arts Pictures plc 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 Form 20-F (annual report pursuant to
Section 13 or 15(d) of the Exchange Act) for the year ended March 31, 2007 and as updated to
December 31st, 2007 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.
END
For more information, please contact
Seven Arts Pictures plc