Seven Arts Pictures PLC (NASDAQ:SAPX) entered into production agreement with Prodigy Pictures, Inc. to produce and distribute the highly-anticipated motion picture “Neuromancer,” based on the novel by William Gibson.
As of 12:30 p.m. SAPX traded over 540K shares vs 620K free trading & settled for the multi-percentage gains in up-coming sessions.
Seven Arts Pictures PLC Signs Production Agreement With Prodigy Pictures, Inc. to Finance $60 Million Budget for Neuromancer
LOS ANGELES, CA–(Marketwire – 07/25/11) – Seven Arts Pictures PLC (NASDAQ:SAPX) (“Seven Arts” or the “Company”) today announced an agreement with Prodigy Pictures, Inc. (“Prodigy”) to jointly produce and distribute the highly-anticipated motion picture “Neuromancer,” based on the best-selling science fiction novel by William Gibson.
Prodigy hopes to arrange substantial financing for the film, which is expected to have a production budget of approximately $60 million. Prodigy’s Founder and CEO, Jay Firestone, will be the lead producer on “Neuromancer,” and will supervise all elements of production for the film.[…]
Seven Arts Pictures PLC
136-144 New Kings Road
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Seven Arts Pictures PLC (SAPX) is an independent motion picture production company engaged in developing, financing, producing and licensing theatrical motion pictures with budgets in the range of $2 million to $15 million for exhibition in domestic (i.e. the United States and Canada) and foreign theatrical markets and for subsequent post-theatrical worldwide release in other forms of media, including DVD, home video, pay-per-view, and free television. We endeavor to release many of our motion pictures into wide-theatrical exhibition initially; however, certain of our motion pictures will either receive only a limited theatrical release, or may even be released directly to post-theatrical markets, primarily DVD. Those pictures that receive either a limited theatrical release or a post-theatrical release typically benefit from lower prints and advertising (“P & A”) costs and, in turn, may enjoy greater gross profit margins.