Seven Arts Pictures Announces Acquisition of Independent Music Label for $5M of Preferred Stock

Seven Arts Pictures PLC SAPX today announced it has executed an agreement for the acquisition of all of the capital stock of Big Jake Music for $5,000,000 of convertible preferred stock, convertible into common stock at a premium to the market price at closing, and which is not subject to conversion for agreed periods of time. Seven Arts expects that BJM will also release sound tracks of Seven Arts films, commencing with the soundtrack albums for Night of the Demons.