Hannover House cancels Debt Conversion Venture and Officer Trading Plans to reduce public share count
Jan 08, 2014
OTC Disclosure & News Service at 15:50:55 EST
"Springdale, AR -
Hannover House, Inc. (OTCPINK: HHSE) has submitted to MacReport Media a Form 8k Information Statement to be filed today with the Securities and Exchange Commission, describing the cancellation of three stock ventures that will collectively reduce the amount of publicly-available shares in the company by 16.2-million shares.
A Debt Conversion transaction, entered into last August with Greenwood Finance Group, LLC, has been terminated, and a total of 6.2-million freely-trading shares will be immediately returned into Hannover House treasury stock (and thus removed from the market). Additionally, 10(b)5-1 Trading Plans for Hannover House officers Eric Parkinson (CEO) and D. Frederick Shefte (President), which were registered with the S.E.C. last year, have been withdrawn, with all of the 10-million officer-owned shares returning, intact, to "restricted" sale status under Rule 144.
Increasing sales revenues from the distribution of DVDs and Blu-Ray products to Walmart and Redbox have improved Hannover's cash flow over the past year, diminishing the need for significant debt-conversion activities. Additionally, the company's recent entry into major feature film development (and international presale activities) is providing new revenue streams for operations and payables management. The cancellation of the Greenwood venture is felt to be in the best interests of the Hannover House shareholders. The cancellation of the officer 10(b)5-1 Trading Plans represents the ongoing confidence of management in the company's direction and growth, and the analysis that the current share price for the HHSE stock is significantly undervalued." (more)
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Jim
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