Complex sentence: The movie was successfully completed and opened the Slamdance Film Festival on January 22nd, 2016, but as of January 2017 has not yet acquired general distribution.
Split into simpler sentences: The movie was successfully completed and opened the Slamdance Film Festival on January 22nd, 2016. Despite a successful run on the festival circuit, as of January 2017, the film has not yet acquired general distribution.