Seven Arts Entertainment Announces Filings for Over $8,000,000 of Federal and Louisiana Tax Credits

Seven Arts Entertainment Inc. SAPX announced today that Seven Arts Pictures Louisiana LLC has filed both an audit with the Louisiana Department of Economic Development of its film infrastructure expenses at 807 Esplanade Avenue in New Orleans, Louisiana and a compilation with the Department of Parks, US Department of Interior and the Louisiana Historic District Commission of its historic rehabilitation expenses in connection with the Property. Seven Arts will be entitled to receive on or before December 31, 2012 from SAPLA approximately $8,800,000 of Federal and Louisiana historic rehabilitation tax credits and Louisiana film infrastructure tax credits earned by SAPLA based on the audit and compilation. The Company expects to realize the cash value of these tax credits by assignment to third parties at discounts customary in the market, but which should result in receipt by Seven Arts of in excess of $8,000,000.