Hannover House Corporate Financing Venture to Fuel Enhanced Theatrical and Video Release Slate
19 February 2011 - 2:35AM
Marketwired
Eight theatrical titles set for release through independent
distributor Hannover House during 2011 will benefit from a new
corporate financing venture with Arkansas-based Graham Financial
Services, Inc., as announced today by parent company Target
Development Group, Inc. (PINKSHEETS: TDGI) (Other:
www.HannoverHouse.com). The financing line, which is capped at a
relatively modest level of two-million dollars, will be
supplemented with internal resources, cash flow and vendor credit
lines to collectively provide Hannover House with funding for the
current theatrical slate. Key titles to benefit from the new
financing pact include "Thru The Moebius Strip," the recently
announced "Turtle: The Incredible Journey," and a multi-title
Blu-Ray slate from the company's extensive film library.
"The completion of this corporate financing component was a
critical element to meeting our release and revenue goals for
2011," said Eric Parkinson, C.E.O. of Hannover House and Target
Development Group, Inc. "The cash requirements to prepare and
market films for theatrical and video release can be extensive, and
are compounded with the aggressive slate we have prepared for the
year. Having access to these funds provides the additional
resources and contingencies that will be needed as a bridge until
collections from our release activities mature."
The financing agreement was negotiated by Hannover House
President Fred Shefte and attorney Charles M. Kester with Graham
Financial Services, Inc., with an effective date for the
commencement of funding by February 1, 2011.
Prior to June 30, 2011, Hannover House plans to launch four
films to theatres and eight titles to the home video market. The
company plans to release three additional films to theatres during
the third quarter of 2011, and one title during the fourth quarter.
A total of thirty-six titles are anticipated for release onto DVD
and Blu-Ray, with a larger number expected to reach the various
platforms available for Video-On-Demand. The first quarter of 2011
has already achieved solid results for Hannover House, due largely
to the successful home video release of the company's theatrical
title, "Twelve" through a distribution pact with 20th Century Fox
Home Video. The home video distribution for "Twelve" reached nearly
100% market penetration, with Fox placing the title at all major
retailers for home video products, and shipping as the number three
title for its initial release week of December 28. A second wave of
video revenues through Fox for "Twelve" will commence this summer
with a pricing promotion on the title's DVD and Blu-Ray units.
Shares in Target Development Group, Inc. are currently trading
on the Pinksheets exchange, with activities underway to complete
the required filings and forms to qualify the company for uplisting
onto the OTC-Bulletin Board or other exchange markets.
SAFE HARBOR STATEMENT This press release may contain certain
forward-looking statements within the meaning of Sections 27A &
21E of the amended Securities and Exchange Acts of 1933-34, which
are intended to be covered by the safe harbors created thereby.
Although the company believes that the assumptions underlying the
forward-looking statements contained herein are reasonable, there
can be no assurance that these statements included in this press
release will prove accurate.
For more information on Hannover House and Target Development
Group, Inc., contact: Lauren Sterling 479-751-4500 Email:
Lauren@HannoverHouse.com
Hannover House (PK) (USOTC:HHSE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Hannover House (PK) (USOTC:HHSE)
Historical Stock Chart
From Sep 2023 to Sep 2024