Target Recaps Recent Developments for Hannover House Division
January 13 2011 - 11:56AM
Marketwired
In anticipation of the company's annual meeting of shareholders on
January 15, Target Development Group, Inc. (PINKSHEETS: TDGI)
(Other: www.HannoverHouse.com), the parent company of entertainment
distributor Hannover House, has issued a summary of recently
released news and developments.
STRATEGY & MEDIA Theatrically released feature films will
drive the revenue engine for Hannover House in 2011 and 2012 under
a multimedia business strategy to be presented at the shareholders
meeting. Major new acquisitions will see their theatrical
activities quickly followed-up with DVD and Blu-Ray releases, an
aggressive new Video-On-Demand mandate, and enhanced exposure via
cable and other television media. The company has also acquired
eight new release books that will be published in both traditional
book formats and as e-Books in 2011 through the Hannover House
label.
"We have carefully studied all aspects of our business, our
industry and the current marketplace for entertainment media," said
Eric Parkinson, C.E.O. of Hannover House and Target Development
Group, Inc. "Our strategy for 2011 and 2012 involves an
acceleration of growth into seven, primary areas of activity. We
are excited to present this business plan to our shareholders as we
embark on a path to maximize our overall vertical integration,
gross revenues and bottom-line results."
Home video and new book releases will continue as the core
businesses for Hannover House, but will be enhanced with an
aggressive expansion into Video-On-Demand and e-Book formats. The
company will also announce eight theatrical titles for 2011, which
are expected to generate the majority of Home Video revenues for
the company. Approximately twenty-four direct-to-video titles are
also expected in 2011. The company is also involved with several
high-profile productions, most of which are not expected to be
ready for release until 2012.
"TWELVE" The Hannover House theatrical release of Joel
Schumacher's teen-thriller, "Twelve" in August did not perform well
at the box office. However, the consumer momentum from the
theatrical release ads and publicity paid big dividends for the
title when 20th Century Fox Home Entertainment released it December
28th to the DVD, Blu-Ray and Video-On-Demand markets. Based on
industry reports, the wholesale value of the Fox shipments of
"Twelve" rank the film as the number four highest volume, new
release title for the week, which results have positioned the
project for significant profitability to Hannover House.
"The video results that Fox generated for 'Twelve' validate the
business model the company has been pursuing," said Parkinson.
"While we hope for better box office results with our new releases
this year, it's comforting to have a financial safety net from the
video market in the event that a film does not work in theatres. We
will continue to refine our theatrical release strategies and
budgets to better position our films for financial success in the
coming year."
NEW PRODUCTIONS & ACQUISITIONS Hannover House has contracted
for distribution rights to several, high-profile, theatrical films
currently in production or in various stages of pre-production. The
strategy in pursuing the licensing or acquisition of titles at an
early, pre-buy stage is to provide a greater assurance that the
company will have major titles available on a going-forward basis.
While Hannover House attends most of the major film festivals to
view and consider new films for acquisitions, many of the higher
profile titles are already licensed to distributors before Hannover
or other studios have the opportunity to bid. Festival acquisitions
will continue to be the primary source for new acquisitions in 2011
and 2012, but the production pre-buys will provide the company's
guarantee of major titles for the upcoming release slate. In 2011,
Hannover House plans to attend multiple film festivals on its new
release acquisitions hunt, including Sundance, Cannes, Toronto and
the American Film Market.
Recently contracted productions that have previously been
announced include: "WILD OATS," a road-buddy comedy starring
Shirley MacLaine, Christina Ricci, Maria Bello, John Corbett and
Bill Pullman; "DADDY'S LITTLE HERO," a family adventure starring
Mickey Rooney; and "DANCES WITH WEREWOLVES," a 3-D format sci-fi
thriller scheduled to commence production in March. Hannover House
has contracted for three additional titles, details for which have
not been released. The company is also negotiating for rights and
involvement with four additional titles, including two
"franchise-level" ventures.
ADMINISTRATIVE SUMMARY The company will be revamping its
corporate websites in January, and developing a new catalog of
items. Additional employees will be needed in 2011 and are being
pursued, including accounting and operations staff, as well as
sales directors for the television, video and book markets. The
company is currently working with Final Cut Films for international
licensing, but is exploring a variety of opportunities to modify
the manner that its international film rights are sold. The company
has been operating on a cash-flow basis, with supplemental
assistance from vendor lines-of-credit and creative
deal-making.
The Shareholders Meeting for Target Development Group, Inc. will
be held on Saturday, Jan. 15, 2011 from 10:00 am until 1:00 pm at
the Inn at Carnall Hall, on the campus of the University of
Arkansas in Fayetteville, AR. The meeting will be streamed live,
on-line with interactive Q&A made possible via email for
shareholders not in attendance. New release materials and documents
presented at the meeting will also be available on-line to
shareholders through a password-accessed link on the Hannover House
website.
For more information on Target Development Group, Inc. and
Hannover House, contact D. Frederick Shefte or Eric Parkinson at
479-751-4500, email: dfs.HannoverHouse@sbcglobal.net or
Eric@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.
D. Frederick Shefte Eric Parkinson 479-751-4500
dfs.HannoverHouse@sbcglobal.net Eric@HannoverHouse.com
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