NEWS --
EL SEGUNDO, CA, Aug 27, 2010 (MARKETWIRE via COMTEX) -- Hannover House, the
entertainment division of Target Development Group, Inc. (PIN KSHEETS: TDGI), has
entered into a letter of intent to acquire the assets of Phoenix Entertainment
Group, a California-based distributor of videos and video-on-demand products.
Phoenix Entertainment President, Anthony Perez, will join Hannover House in the
capacity of Senior Vice President of Domestic Sales, and will work out of the
company's new West Coast offices in El Segundo, CA.
The existing library of film and video titles from Phoenix Entertainment
consists of over forty feature films, primarily in the genres of Latino, urban
and horror. An additional twenty Asian-origin titles are expected to be added to
the venture following closure of the Phoenix acquisition, and will feature
martial arts and anime releases.
"We're very excited to be adding such a diverse mix of product to our existing
library of films," said Hannover House President D. Frederick Shefte. "Hannover
House had previously assisted Phoenix with the placemen t of some of their titles
into WalMart, but this will be the first opportunity for Phoenix to place our
titles into their large network of wholesale, retail and VOD accounts. Our
product lines are complementary, not competitive, and this new venture will give
us a much needed office and West Coast sales presence," Shefte concluded.
"Hannover House is one of the most dynamic independent studios in the market
today," said Perez. "The momentum from their high-profile releases has enhanced
their corporate credibility in the industry, and we think our Phoenix titles are
a perfect fit. I'm pleased to be formalizing a working relationship with Eric
Parkinson, Fred Shefte and the Hannover House team, and am confident that our
fourth quarter sales promotion will be a success."
With the addition of the Phoenix titles, the Hannover House library will expand
to over 250 titles, inclusive of the prior acquisitions of the Elite
Entertainment and FocusFilms libraries. The letter of intent between Hannover
House and Phoenix allows for a due diligence period, with a planned closing of
the venture on Tuesday, September 7.
For more information on Hannover House contact:
SUSANNAH PATTON or
ERIC PARKINSON
Hannover House
479-751-4500
818-481-5277
email at: Susannah@HannoverHouse.com
HannoverHouse@aol.com
SOURCE: Target Development Group, Inc.
CONTACT: mailto:Susannah@HannoverHouse.com
mailto:HannoverHouse@aol.com
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SUBJECT CODE: Media and Entertainment:Television
Media and Entertainment:Movies
