Seven Arts Entertainment, Inc. (OTCPK:SAPX) signed a definitive agreement to acquire Aeronetworks LLC and iPTerra Technologies Inc. from Sanwire Corporation (OTCPK:SNWR) for $5.9 million on July 17, 2014. Seven Arts has acquired all the capital stock of iPTerra and all the membership interests in Aeronetworks from Sanwire in return for Seven Arts' 30,000 Series D Preferred Stock converting into approximately 40% of Seven Arts' common stock and assumption of approximately $2.9 million in convertible notes. Aero and iPTerra will operate as wholly owned subsidiaries of Seven Arts. Post closing and pursuant to the Agreement, Sanwire's current Chairman of the Board, Rick Bjorklund, will be appointed Seven Arts new Chief Executive Officer, Chairman of the Board, and one of three board directors. The transaction is expected to close in the next few weeks.

Seven Arts Entertainment, Inc. (OTCPK:SAPX) completed the acquisition of Aeronetworks LLC and iPTerra Technologies Inc. from Sanwire Corporation (OTCPK:SNWR) on August 22, 2014.