Newly Rebranded Hannover House Outlines Operational and Growth Plans for 2012
03 Aprile 2012 - 4:42PM
On the first day of trading under the new corporate name and ticker
symbol, Hannover House, Inc. (Pinksheets: HHSE), released an
outline of current and upcoming corporate activities for the
benefit of new and prospective shareholders. Prior to today's
official acknowledgment of corporate name and trading symbol change
by FINRA and the OTC Markets, Hannover House, Inc. had been the
operating division of Target Development Group, Inc.
BUSINESS OVERVIEW - Hannover House, Inc. is one
of only twelve full-service independent entertainment companies
servicing the USA Market (the other companies involved in similar
activities include all of the Major Studios, plus major
independents such as Lionsgate-Summit, and specialty players such
as Anchor Bay Entertainment, Echo Bridge, Phase 4 and Gaiam).
Hannover House was formed in 1993 as a book publisher, and added
DVD products in 2002. The company added theatrical release
activities to the roster in 2008, with a significant expansion of
theatrical activities in 2010. Presently, the company is
concentrating primarily on a solid monthly "home video" release
slate (which includes DVD, Blu-Ray and Video-on-Demand releases),
to supplement the higher-profile (but less frequent) theatrically
released titles. Hannover House, Inc. posted year-over-year
sales gains in 2011 of 373% with year-over-year profit gains of
246%. For 2012, the company is forecasting sales growth of
more than 100% over the 2011 results. The company's primary
office and warehouse are located in Springdale, Arkansas, due in
part to the proximity to the world headquarters for Wal-Mart
Stores, Inc., which represents over thirty-five percent of the
company's current home video sales.
RELEASE OVERVIEW - For calendar year, 2012, the
company is on target to release at least one new title each month
to the home video market, with six films slated for theatrical
release and five new release books scheduled for publication.
The current best-selling DVD release for the company currently in
stores is "Boggy Creek: The Legend is True." The upcoming
release of "Humans vs Zombies" is on track to be the company's
highest grossing, direct-released home video title based on
substantial pre-orders received from Wal-Mart, Blockbuster, Redbox
and others. The company's top theatrical title for summer
2012 is expected to be the acclaimed and award winning feature,
"Toys in the Attic" featuring Forest Whitaker, Joan Cusack and Cary
Elwes.
NEW VENTURES - In addition to the core
activities with film and video distribution, the company is in the
process of establishing a major new revenue division,
www.VODwiz.com. The business model of VODwiz is to provide an
accessible portal to stream movies over the internet directly to
consumers (similar to Netflix and iTunes), with the unique angle of
offering a far broader selection of titles and better pricing on a
per-film basis. Hannover House, Inc. has a significant film
library of quality titles available for video-on-demand release, as
do many other studios and independent suppliers. However,
under the current market model for Netflix, iTunes and others, only
the highest-profile theatrical hits are readily accessible for
consumers to stream. This has resulted in a rapid "burn-out"
for many film aficionados who in most cases, have already seen the
big hits at theatres, and are looking for harder-to-find,
independent gems for streaming. Hannover House has initiated
discussions with most of the independent studio distributors
regarding making their titles available for streaming through
VODwiz. The company believes that more than 2,000 titles will
be available for streaming when VODwiz goes live this summer.
Hannover House is also in active development of three, major motion
picture properties that the company feels could substantially
increase the company's profile and revenues. Recognizing how
a property like "Twilight" transformed Summit Entertainment from a
boutique distributor to a $500-million dollar company, Hannover
House executives have identified three major properties that are
being pursued with various forms of off-balance-sheet
financing.
CORPORATE GOALS - Hannover House has targeted
June 30, 2012 as the outside date anticipated for the completion
and release of two-years of full financial audits (covering the
years-ending 12/31/2010 and 12/31/2011). The company believes
that the results of the audit will substantially conform to the
management prepared and filed financial reports as are presently
available and posted with the OTCMarkets website. While the
company is already fully current and compliant with all OTC Market
reporting and disclosures, it is the company's desire to expand its
shareholder transparency further through the completion of the
audits for the two most recent reporting years.
CORPORATE FINANCING - In the past two years,
Hannover House has improved its balance sheet significantly,
generated eight consecutive quarters of profits, and reduced its
debts by more than 42%, all achieved while simultaneously
maintaining a tight control over the total amount of outstanding
shares. The company has initiated a discussion for an
off-balance sheet fund (of up to $5-mm) to provide acquisition and
releasing capital at no risk to Hannover House. The company
has also been contacted by a major investor regarding a significant
financing opportunity specifically applied to the VODwiz
venture. The company has agreed to two separate "private
financing" ventures that will provide up to ten new release
features over the next two years, at no capital risk to Hannover
House. The company would reasonably consider other financing
opportunities that might provide additional working capital, or
debt reduction means, provided that such ventures would not require
any significant change to the overall quantities of stock in
issue.
PRINCIPALS - The CEO of Hannover House is Eric
Parkinson (53). Mr. Parkinson has been in the film and video
entertainment fields since 1983, and has held several high profile
positions during his 28 years in President or CEO level
positions. He is most notably known for his years at Hemdale
Communications, Inc. (NASDAQ), during which time he set eight video
industry sales achievement records for titles ranging from
"Terminator" to "Little Nemo: Adventures in Slumberland."
Parkinson has also been active in producing or executive-producing
feature films and videos, with over forty feature credits.
The President of Hannover House is Don Frederick Shefte (64), who
worked as an attorney and partner in several major California
law firms before moving into the banking industry in 2002.
Shefte also has significant business and entrepreneurial
experience, and joined Hannover House in 2006. Collectively,
Parkinson and Shefte control approximately 60% of the total
shareholder voting authority for Hannover House (through ownership
of both common stock and preferred shares).
More information on Hannover House, including all required
current financial and disclosure documents and filings, can be
reviewed by visiting: www.OTCMarkets.com/stock/HHSE/quote
Press & Media: For More Information
Contact:
Leigha Schilling, HANNOVER HOUSE, 479-751-4500 /
Leigha@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: Leigha Schilling, HANNOVZER HOUSE, 479-751-4500 / Leigha@HannoverHouse.com
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