SOURCE: Target Development Group Inc.

February 18, 2011 10:35 ET

Hannover House Corporate Financing Venture to Fuel Enhanced Theatrical and Video Release Slate

SPRINGDALE, AR--(Marketwire - February 18, 2011) - Eight theatrical titles set for release through independent distributor Hannover House during 2011 will benefit from a new corporate financing venture with Arkansas-based Graham Financial Services, Inc., as announced today by parent company Target Development Group, Inc. (PINKSHEETS: TDGI) (Other: The financing line, which is capped at a relatively modest level of two-million dollars, will be supplemented with internal resources, cash flow and vendor credit lines to collectively provide Hannover House with funding for the current theatrical slate. Key titles to benefit from the new financing pact include "Thru The Moebius Strip," the recently announced "Turtle: The Incredible Journey," and a multi-title Blu-Ray slate from the company's extensive film library.

"The completion of this corporate financing component was a critical element to meeting our release and revenue goals for 2011," said Eric Parkinson, C.E.O. of Hannover House and Target Development Group, Inc. "The cash requirements to prepare and market films for theatrical and video release can be extensive, and are compounded with the aggressive slate we have prepared for the year. Having access to these funds provides the additional resources and contingencies that will be needed as a bridge until collections from our release activities mature."

The financing agreement was negotiated by Hannover House President Fred Shefte and attorney Charles M. Kester with Graham Financial Services, Inc., with an effective date for the commencement of funding by February 1, 2011. 

Prior to June 30, 2011, Hannover House plans to launch four films to theatres and eight titles to the home video market. The company plans to release three additional films to theatres during the third quarter of 2011, and one title during the fourth quarter. A total of thirty-six titles are anticipated for release onto DVD and Blu-Ray, with a larger number expected to reach the various platforms available for Video-On-Demand. The first quarter of 2011 has already achieved solid results for Hannover House, due largely to the successful home video release of the company's theatrical title, "Twelve" through a distribution pact with 20th Century Fox Home Video. The home video distribution for "Twelve" reached nearly 100% market penetration, with Fox placing the title at all major retailers for home video products, and shipping as the number three title for its initial release week of December 28. A second wave of video revenues through Fox for "Twelve" will commence this summer with a pricing promotion on the title's DVD and Blu-Ray units.

Shares in Target Development Group, Inc. are currently trading on the Pinksheets exchange, with activities underway to complete the required filings and forms to qualify the company for uplisting onto the OTC-Bulletin Board or other exchange markets. 

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 Hannover House and Target Development Group, Inc., contact:
    Lauren Sterling