Target Development Group Buys Land and Warehouse for Hannover House Division
25 Febbraio 2011 - 3:35PM
Marketwired
Target Development Group, Inc. (PINKSHEETS: TDGI) has completed a
transaction for the purchase of 4.5 acres of land and a warehouse
for use by its entertainment division, Hannover House. The property
is located in Washington, County Arkansas, and features an existing
warehouse with foundational preparations underway for a second
building. Hannover House plans to use the property for inventory
and element storage of the company's rapidly growing film library,
with a long-term plan for a direct-to-consumer fulfillment
operation.
Hannover House currently operates out of a leased facility in
Springdale, Arkansas, consisting of both administrative offices and
warehouse space for order processing. Overstock inventory has been
stored in a variety of off-premise, leased locations. The new
warehouse will enable a consolidation of merchandise and materials
and should save the company significantly each month in storage
costs, while building equity and shareholder value.
"We see strategic value in having our operations and order
fulfillment facilities located in Northwest Arkansas," said Eric
Parkinson, C.E.O. of Hannover House and Target Development Group,
Inc. "We are near several key customers, as well as centrally
located within the continental U.S. for ease in shipping to either
coast. We are looking at expanding the company's physical presence
in both New York and Los Angeles for marketing and acquisition
advantages, but remain firmly committed to maintaining and
expanding our Arkansas-based operational centers."
Hannover House currently owns or controls a growing film library
of more than 180 titles, and is in various stages of negotiation to
represent the U.S. home video distribution rights to three
additional film libraries collectively representing an additional
600 titles. The acquisition of new warehouse space was needed to
accommodate the volume of materials, elements and inventory
associated with a growing film library.
The real estate acquisition agreement was negotiated by Hannover
House President D. Frederick Shefte and the mortgage note holder,
details of which will be disclosed in the company's Q1-2011
reports.
For more information on Hannover House and Target Development
Group, Inc., contact: Lauren Sterling, 479-751-4500 / Email:
Lauren@HannoverHouse.com
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.
Contact: Lauren Sterling 479-751-4500 Email:
Lauren@HannoverHouse.com
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