Seven Arts Announces Execution of Definitive Agreement to Acquire Michery Music Assets

Seven Arts Entertainment Inc.

announced today that it has executed a definitive agreement with David Michery to acquire his music assets. Mr. Michery is a music industry veteran with an extensive track record of accomplishments. The acquired Michery assets are comprised of recording agreements with several artists, including two completed albums with multi-platinum artist DMX. Seven Arts also announced that "Undisputed," the first of these two completed DMX albums, is scheduled to be released in the United States in the second quarter of 2012 through Fontana Distribution, a division of Universal Music Group. The terms of the acquisition were not disclosed. DMX's last four albums, which were released between seven and twelve years ago, earned gross revenues averaging more than $35 million per album in the United States, according to SoundScan. DMX is the only artist in the history of The Billboard 200 to reach No. 1 with his first five albums. DMX's last solo album, "The Great Depression," topped the chart with debut week sales of 440,000 copies. Earlier albums, "...And Then There Was X" and "Flesh of My Flesh, Blood of My Blood," both sold more than 600,000 units in their opening weeks.