[ACCESSWIRE]
CANNES, FRANCE / ACCESSWIRE / May 25, 2017 / Independent film studios Crimson Forest Entertainment Group, Inc. (OTC PINK: CRIM) and Hannover House, Inc. (OTC PINK: HHSE) will wrap-up their collective buying activities at the Cannes Film Festival today, in what C.E.O. Eric Parkinson has described as a "brisk and enthusiastic market" response from producers, sellers and international buyers. The recently merged companies have entered into ten significant agreements at the market, including co-production and co-financing agreements for four current or upcoming productions, and the licensing of North American distribution rights to six completed feature films.
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"We have been presented with so many quality, commercial films that it has been exciting and at times, overwhelming," said C.E.O, Eric Parkinson. "Our task has been to carefully select the films that best fit our business goals and release schedule needs for late 2017 and early 2018, while we await completion of the slate of original productions being funded by our China financing and distribution affiliates, our private financiers, co-production partners and the various incentive programs. We have met our initial goal of acquiring a wide-release theatrical title for Q4 of this year," he continued.
"Some of our releases will fill our need for mid-level theatrical titles that complete our release slate, and can be marketed to Netflix and North American home video retailers, as well as to China and other international territories for which we have acquired rights" Parkinson concluded.
One of the mid-level productions is the science-fiction suspense thriller, "The Final Minute" from writer-director Rick Walker ("The Fun Park," "Sooner Magic"). Crimson and Hannover will co-produce the film, which is scheduled to commence principal photography in and around Fayetteville, Arkansas on July 25. Worldwide distribution rights will be held by Crimson-Hannover, as well as a significant equity and copyright position.
The company is also finalizing terms on a two-picture venture with U.K. Based Silver Lining Productions, which will include a mid-level theatrical title, and a big-budgeted fantasy-adventure, planned for wide USA theatrical release. Due to talent considerations regarding public press announcements, details of these two projects with Silver Lining will be disclosed separately.
Regarding the acquisitions of completed features, two of the six titles acquired at Cannes are expected to be the "official" entries for their country-of-origin in this year's Oscar race for Best Foreign Language Film. Two others are Mandarin-language features, and a final two titles are English-language, USA productions. In respect of the creative and commercial stature of these titles, Crimson Forest and Hannover House have agreed with the producers or licensors to announce the titles and distribution specifics with separate, post-market press releases.
"We are thrilled with the positive response from the international community to our merger and to our plans to become one of the top independent suppliers in the North American market," said Fred Shefte, President. "As the world market for film distribution and consumption evolves, we are pleased to be on the cutting edge of programming needs and opportunities for the coming years."
Although operating under a combined management and operational structure since May 1, the formal stock-for-stock swap agreement for Hannover House shareholders to receive newly rebranded shares of Crimson Forest is still awaiting regulatory approval, which is anticipated promptly following Crimson's restoration of current reporting status with the U.S. Securities and Exchange Commission. Crimson Forest was established four years ago as a fully registered public company, but fell behind on quarterly and annual reporting obligations when managerial attention was diverted to the completion and delivery of the company's first feature production, "Pali Road," a $4.2-million feature fully financed with presales of $3.3-million from China and $900,000 in long-term, convertible notes. Principal managers of Hannover House have assumed day-to-day operations of Crimson Forest, with Eric Parkinson assuming duties as C.E.O., Fred Shefte as President and Tom Sims as V.P. Sales. Crimson Forest founder Jonathan Lim is Chairman of the Board, but will focus primarily on new feature productions and direction, including directorial duties in the upcoming "Kung Fu Cowboys," a $7-million action feature that is slated for U.S. production this August. Two major stars (one American and one Irish) will be announced soon for "Kung Fu Cowboy" in addition to three top Asian movie stars and martial artists.
Hannover House has been operating continuously since 1993, and has been active in video and feature film distribution since 2002. The company's film library now consists of over 400 titles. With distribution offices located in N.W. Arkansas, near the world headquarters of mega-retailer Walmart Stores, Inc., Hannover House has enjoyed a high placement ratio for new release DVDs and Blu-Rays at the chain over the years. Walmart Stores currently hold an impressive 61% of the USA market-share for retail sales of DVDs and BluRays from independent studios. Other key home video accounts for Hannover House include Target Stores, Best Buy, Redbox, Netflix, Family Video and Kroger Group. Hannover House has also licensed films for television to HBO, Starz, Showtime, and USA Networks / SyFy Channel. Theatrical exhibition chains in North America that have supported current or recent Hannover House theatrical titles include AMC Theatres, Carmike, Cinemark, Cineplex Odeon, Harkins, Malco, Marcus, and Regal Entertainment Group.
Crimson Forest has a production office in West Hollywood, California, and a primary financing office in Shanghai, China.
For more information contact: Maryevelyn Jones, [email protected], 479-521-5774
SOURCE: Hannover House
