Phoenix Entertainment Venture With Hannover House on Hold
August 27 2010 - 12:59PM
Marketwired
Hannover House, the entertainment division of Target Development
Group, Inc. (PINKSHEETS: TDGI), has informed Anthony Perez and
Phoenix Entertainment Group that the proposed asset purchase of
titles owned or controlled by Phoenix is on hold pending further
due diligence. The letter of intent called for a due diligence
period to be completed by September 7, 2010. However, in respect of
new information relative to legal matters and proceedings involving
Perez, Hannover House has elected to put the venture on indefinite
hold until further notice.
"We were surprised and disappointed to learn today of
allegations against Mr. Perez," said Fred Shefte, President of
Hannover House and Target Development Group, Inc. "We have known
and worked with Tony for over six years, and have never had any
problems with any transactions or rights issues. In the film and
video distribution business, claims against distributors are
commonplace as producers often feel that their properties did not
perform as well as hoped, and they blame the distributor. However,
some of the allegations that came to light today go further, and
imply malfeasance in reporting. While Mr. Perez vehemently denies
these charges as baseless, Hannover is disappointed that we were
not informed in advance, regardless of the merits of the claims,"
Shefte concluded.
Hannover House is currently investigating various opportunities
to acquire more titles and additional film libraries to build the
label's presence and revenues. The company currently owns or
controls over 175 properties, and is pursuing a variety of
acquisition ventures that cumulatively represent more than 600
additional titles. Hannover House sees a major opportunity to
generate significant revenues from older catalog titles via
recently opened Video On Demand sources, in addition to the
company's primary income streams from new release theatrical and
home video properties.
For more information on Hannover House contact: SUSANNAH
PATTON or ERIC PARKINSON Hannover House 479-751-4500 818-481-5277
Susannah@HannoverHouse.com HannoverHouse@aol.com
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