SOURCE: Target Development Group, Inc.

October 06, 2010 13:46 ET

"Girlfriend" and "Hero" Lead New Acquisitions for Hannover House

NEW YORK, NY--(Marketwire - October 6, 2010) -  The Toronto Film Festival buzz-title "Girlfriend" and a Spring 2011 family production have been added to the film release roster of Hannover House, the entertainment division of Target Development Group, Inc., (PINKSHEETS: TDGI). "Girlfriend" will be launched in theaters in New York and Los Angeles in December, as a qualifying condition for 2010 awards consideration, with a theatrical release expansion planned for late January 2011.

Produced by Beverly Hills-based Wayne/Lauren Film Company in association with PatchMo Entertainment, "Girlfriend" introduces Evan Sneider, the first actor with Down syndrome to be cast as a leading man in an American film. Sneider's star-making performance is supported by Amanda Plummer ("Pulp Fiction"), Jackson Rathbone (the "Twilight" saga) and Shannon Woodward (from the acclaimed new Fox TV comedy "Raising Hope") in the title role. "Girlfriend" was written and directed by Justin Lerner.

"Daddy's Little Hero" is a live-action, family-appeal feature which commences production in April 2011 under the helm of director Andrew Parke. Based on a story by Joseph A. Schilling, the PG-level adventure features a nine-year-old boy whose heroic actions save the family farm and the lives of dozens of rural neighbors. Financing for the film is being provided through SGP Ventures, LLC, with Hannover House handling worldwide distribution, sales and licensing. Casting is underway, and is expected to draw several high-profile stars in key roles.

"As Hannover House expands our distribution to include international sales and licensing, our early attachment and acquisition of new productions will fuel our new foreign activities," said Eric Parkinson, C.E.O. of Hannover House and Target Development Group, Inc. "We will continue to acquire North American rights to completed films as our primary and core film distribution business. But for privately funded new productions, we are more willing to attach the company at a pre-production stage in order to also secure the international rights."

Hannover House also announced that a revision and update of the company's film library valuation report had commenced, in order to accommodate both the rise in Blu-Ray and Video-On-Demand revenues, as well as to adjust the company's prior forecasts for DVD revenues in a declining retail market. A current and independently reviewed library valuation report is a requirement for completion of the company's audit activities underway with Hogan-Taylor, covering 2008 and 2009, with a review for the first three quarters of 2010.

"Our film library is by far the highest value asset on the company's balance sheet," said Parkinson. "We agree that a current valuation that considers Blu-Ray and V.O.D. revenues is a necessary item for a proper audit and filing, and we are taking the steps to expedite the fulfillment of this request." 

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