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CORRECTION - The Movie Studio, Inc. Completes Acquisition of 60% Membership Interest in Thirteen Motion Pictures From Seven Arts Entertainment, Inc.
CORRECTION - The Movie Studio, Inc. Completes Acquisition of 60% Membership Interest in Thirteen Motion Pictures From Seven Arts Entertainment, Inc..
About this update from The Movie Studio, Inc.
[{"type":"text","content":"\n \n \n CORRECTION - The Movie Studio, Inc. Completes Acquisition of 60% Membership Interest in Thirteen Motion Pictures From Seven Arts Entertainment, Inc.\n \n \nCORRECTION - The Movie Studio, Inc. Completes Acquisition of 60% Membership Interest in Thirteen Motion Pictures From Seven Arts Entertainment, Inc.\n \n HOLLYWOOD, FL--(Marketwired - Oct 1, 2015) - In the news release issued earlier today by The Movie Studio, Inc. (OTC PINK: MVES), we are advised by the company that the headline should read \"The Movie Studio, Inc. Completes Acquisition of 60% Membership Interest in Thirteen Motion Pictures From Seven Arts Entertainment, Inc.\" rather than \"The Movie Studio, Inc. Completes Acquisition of 60% Interests in Thirteen Seven Arts Entertainment, Inc.\" as originally issued.  Complete corrected text follows.\n The Movie Studio, Inc. Completes Acquisition of 60% Membership Interest in Thirteen Motion Pictures From Seven Arts Entertainment, Inc.\n HOLLYWOOD, FL -- Oct 1, 2015 -- The Movie Studio, Inc. (OTC PINK: MVES) (\"TMS\" or the \"Company\"), a vertically integrated motion picture production and distribution company with completed motion picture and production assets, has completed the acquisition of Seven Arts Entertainment Inc.'s (\"SAE\") 60% membership interests in Seven Arts Filmed Entertainment Louisiana LLC (\"SAFELA\"). SAFELA is the owner of distribution rights to thirteen motion pictures (\"SAFELA Movie Library\"). Post acquisition SAFELA will operate as Safela, Inc., a wholly owned subsidiary of TMS, and will continue to manage and service all existing contracts and distribution channels. In addition, TMS and SAFELA will cooperatively pursue new markets and distribution channels for the SAFELA Movie Library.\n Under the terms of the acquisition, TMS has paid SAE $750,000 in the form of a new issue of TMS preferred voting stock convertible to TMS common stock with a conversion price of the three (3) day volume weighted average of the last sale price of TMS common stock prior to the date of conversion; and TMS has assumed approximately $2,000,000 in SAE's convertible notes.\n The SAFELA Movie Library consists of films with Hollywood iconic movie stars such as John Goodman, Tom Sizemore, John Malkovich, Burt Reynolds and others. The distribution agreements on the SAFELA Movie library include, but not l...