Target Development Group in Pursuit of Hemdale
14 Dicembre 2009 - 6:27PM
Marketwired
Target Development Group, Inc. (PINKSHEETS: TDGI) (Other:
www.TargetDevelopmentGroup.com, www.HannoverHouse.com), the parent
company of entertainment distributor Hannover House, is in
negotiations to acquire and resurrect Hemdale Communications as a
vehicle for Target's higher profile film releases.
Eric Parkinson, Target Chairman and Chief Executive Officer, was
formerly C.E.O. of Hemdale Home Video, Inc. and Hemdale
Communications, Inc. Over the past few weeks, and on behalf of
Target Development Group, Parkinson has contacted the major
shareholders of Hemdale Communications, Inc. and commenced
negotiations to acquire certain assets, including the license
authority for the company's releasing brand.
"This is a tremendous opportunity to build on the brand legacy
of Hemdale and provide a quality releasing vehicle for Target,"
said Parkinson. "For more than 20 years, Hemdale was the most
respected releasing label for independent cinema, filling a market
segment that exists again today. The major studios have been moving
their release plans entirely toward mega-event releases on 3,000 or
more screens. In doing so, they have virtually walked away from the
billion-dollar market segment for quality, mid-level theatrical
titles. We believe that Hemdale brand will provide Target with the
ideal releasing entity to address this significant market," he
concluded.
During the late 1980s and early 1990s, the Hemdale name was
synonymous with quality, independent cinema. The company produced
and distributed over 100 major feature titles including two Best
Picture Oscar winners, "Platoon" and "The Last Emperor." Other
notable titles from Hemdale include "Terminator," "Hoosiers,"
"Impromptu," "Salvador," "Hidden Agenda" and "Vampire's Kiss."
Target's plan for a revived Hemdale would include the opening of
a Los Angeles-based office to oversee production and acquisition
opportunities.
"We're extremely excited about this opportunity, and hope to
reach an agreement with the rest of the principal Hemdale
shareholders soon," Parkinson concluded.
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 Target Development Group, Inc. and
Hannover House, contact: Fred Shefte 479-751-4500 email: Email
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