Seven Arts Announces Letter of Intent to Acquire Music Assets

Seven Arts Entertainment Inc. (NASDAQ:

) announced today that it has executed a letter of intent to acquire the music assets of David Michery, a music industry veteran with an extensive track record within the industry. These music assets include recording agreements with several artists including two completed albums with multi platinum artist DMX. DMX's last four albums released between seven and twelve years ago earned United States gross revenues according to Soundscan of more than $140 million, or an average of more than $35 million