Hannover House Inc (HHSE)

[Louied91]

$HHSE Board of Directors Approves Debt Funding for Purchase of Land


https://www.otcmarkets.com/stock/HHSE/news?id=317286

The authorization to accept debt financing for the purchase of twelve acres of land in Oklahoma was approved during a telephonic meeting of the Hannover House, Inc. Board of Directors held on Wednesday, August 18. The acquisition of the land, and associated closing costs, will result in a principal mortgage debt of approximately $100,000 and monthly payments on a ten-year note of $1,009 (with no penalty for early retirement). Hannover House expects to use the land as the location for the construction of a 100 X 150 foot warehouse-office combination building, which can host corporate activities as well as function as a production stage for upcoming feature film productions for the Company. Under the State of Oklahoma film incentives program, entities and facilities located within Oklahoma are eligible for a greater financial rebate than non-Oklahoma applicants.



The Board of Directors unanimously approved a resolution stating that the long-term value of the real estate and construction plans justify the modest, monthly mortgage obligation. Additional details and disclosures will be provided upon closing of the transaction.