|By Marketwired .||
|July 22, 2014 04:09 PM EDT||
TULSA, OK--(Marketwired - July 22, 2014) - Sanwire Corporation (OTC PINK: SNWR) (PINKSHEETS: SNWR) ("Sanwire" or the "Company") and Seven Arts Entertainment Inc. (OTC PINK: SAPX) (PINKSHEETS: SAPX) ("Seven Arts") are pleased to announce the execution of a definitive Stock Purchase Agreement (the "Agreement") under which Seven Arts will acquire Sanwire's two subsidiaries; Oklahoma-based Aeronetworks LLC ("Aeronetworks") and Nevada-based iPTerra Technologies Inc. ("iPTerra").
At a special meeting of Sanwire's majority shareholders, a resolution was duly adopted consenting to Agreement execution. Sanwire's common stock shareholders of record at the close of business on July 16, 2014 will be eligible to receive Seven Arts shares. The Company will release further information on the planned distribution of Seven Arts shares. Transaction closing is expected to be in the next few weeks.
Pursuant to the Agreement, Seven Arts has acquired all the capital stock of iPTerra and all the membership interests in Aeronetworks from Sanwire in return for Seven Arts' Series D Preferred Stock converting into approximately 40% of Seven Arts' common stock and assumption of approximately $2,905,000 in convertible notes. Aero and iPTerra will operate as wholly owned subsidiaries of Seven Arts.
Post closing and pursuant to the Agreement, Sanwire's current Chairman of the Board, Mr. Rick Bjorklund, will be appointed Seven Arts new Chief Executive Officer, Chairman of the Board, and one of three board directors.
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 worldwide and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
About Sanwire Corporation
Sanwire is a global provider of wireless communications services, data solutions, and application software/hardware. Sanwire's vertically integrated portfolio of solutions target a diverse array of enterprises and multiple disciplines with one goal in mind -- deliver efficient and reliable communications. For more information, visit www.sanwire.net.
Certain statements included in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations.
Chairman of the Board
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