Hannover House on Target to Acquire Phoenix Entertainment
27 August 2010 - 9:45PM
Marketwired
Hannover House, the entertainment division of Target Development
Group, Inc. (PINKSHEETS: TDGI), has entered into a letter of intent
to acquire the assets of Phoenix Entertainment Group, a
California-based distributor of videos and video-on-demand
products. Phoenix Entertainment President, Anthony Perez, will join
Hannover House in the capacity of Senior Vice President of Domestic
Sales, and will work out of the company's new West Coast offices in
El Segundo, CA.
The existing library of film and video titles from Phoenix
Entertainment consists of over forty feature films, primarily in
the genres of Latino, urban and horror. An additional twenty
Asian-origin titles are expected to be added to the venture
following closure of the Phoenix acquisition, and will feature
martial arts and anime releases.
"We're very excited to be adding such a diverse mix of product
to our existing library of films," said Hannover House President D.
Frederick Shefte. "Hannover House had previously assisted Phoenix
with the placement of some of their titles into WalMart, but this
will be the first opportunity for Phoenix to place our titles into
their large network of wholesale, retail and VOD accounts. Our
product lines are complementary, not competitive, and this new
venture will give us a much needed office and West Coast sales
presence," Shefte concluded.
"Hannover House is one of the most dynamic independent studios
in the market today," said Perez. "The momentum from their
high-profile releases has enhanced their corporate credibility in
the industry, and we think our Phoenix titles are a perfect fit.
I'm pleased to be formalizing a working relationship with Eric
Parkinson, Fred Shefte and the Hannover House team, and am
confident that our fourth quarter sales promotion will be a
success."
With the addition of the Phoenix titles, the Hannover House
library will expand to over 250 titles, inclusive of the prior
acquisitions of the Elite Entertainment and FocusFilms libraries.
The letter of intent between Hannover House and Phoenix allows for
a due diligence period, with a planned closing of the venture on
Tuesday, September 7.
For more information on Hannover House contact: SUSANNAH
PATTON or ERIC PARKINSON Hannover House 479-751-4500 818-481-5277
email at: Susannah@HannoverHouse.com HannoverHouse@aol.com
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