SOURCE: Target Development Group, Inc.

December 14, 2009 12:28 ET

Target Development Group in Pursuit of Hemdale

Multiple-Oscar-Winning Independent Studio Label Pegged for Acquisition

SPRINGDALE, AR--(Marketwire - December 14, 2009) - 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.

Contact Information

  • For more information on Target Development Group, Inc. and Hannover House,
    contact:
    Fred Shefte
    479-751-4500
    email: Email Contact