Washington, D.C., April 2, 2012 (GLOBE NEWSWIRE) -- The financial industry's self-regulatory organization, FINRA, has completed its review of Target Development Group, Inc., (Pinksheets: TDGI) and approved the company's application to change the corporate name to Hannover House, Inc., which will be announced today on the FINRA website. Effective Tuesday, April 3, 2012, equity trades in the company's stock will be under the new symbol, "HHSE," to correspond better with the brand name of the operating entity for the company.
Existing shareholders of TDGI shares will not be required to do anything as a result of the company rebranding and symbol change. Standard Registrar and Transfer Company, the transfer agent for Hannover House, will continue to recognize and accept stock certificates issued under the Target Development Group, Inc., name, but will begin issuing stock in the name of Hannover House, Inc., HHSE, effective tomorrow.
"We are pleased to implement this key step for our shareholders," said Fred Shefte, President of Hannover House. "As we step-up our release activities of films, videos and books, the changing of the corporate name and stock symbol to match our consumer releasing brand will improve clarity and identity for the company. The Hannover House brand is well-established within the retail community, and recognized by millions of consumers. Our move to identify the corporate entity and stock symbol with our brand name was a logical decision."
Hannover House was founded in 1993 as a book publisher, and expanded into DVD products in 2002. The company was acquired by Target Development Group, Inc., in December, 2009, and has posted nine consecutive quarters of profitability since the merger. The company is currently in process for two years of full audits, covering the year's ending 12-31-2010 and 12-31-2011, and sees the completion of these audits as the next step towards delivering further transparency for the company. The company is already fully current and compliant with reporting and disclosure requirements for the OTC Markets.
The release schedule for Hannover House during 2012 covers more than twice as many new titles than the company's 2011 schedule. Revenues from the DVD, Blu-Ray and Video-On-Demand markets in the USA will comprise a majority of the company's 2012 results, with additional income forecasted from theatrical, television and international licenses. The company has forecasted a sales increase of more than 100% for 2012 as compared to 2011, based on sales already achieved during Q1, as well as market indicators for current and upcoming releases.
Press & Media: For More Information, contact: Leigha Schilling, 479-751-4500, Leigha@HannoverHouse.com
Safe Harbor Statement and Disclaimer
This news release includes "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects", "projects", "plans", and certain of the other foregoing statements may be deemed forward-looking statements. Although Hannover House believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. These include risks related to unexpected adverse developments in the status of the properties, or other unanticipated occurrences.