MyFlix, Corporate Filings, Feature Productions and New Releases Dominate Hannover House 2020 Activities

Rhea-AI Summary

Hannover House (OTCPINK:HHSE) is restructuring amidst COVID-19 challenges to enhance its MyFlix streaming platform and film release schedule. Delays in MyFlix's launch, originally set for August 25, are due to rights clearance issues, although the company aims for a late September launch with 2,500 cleared titles. Hannover House is also gearing up for eight new film releases in 2021, addressing a substantial revenue drop through cost reductions. A stock offering to raise up to $8 million is planned for funding operations and expansion.

Positive

• MyFlix has secured 43 supplier agreements representing over 12,000 titles.
• Over 1,100 titles cleared for streaming, with 300 added weekly.
• Plans for eight film releases rescheduled for 2021, indicating future revenue potential.
• Stock registration offering aims to raise up to $8 million for operations and expansion.

Negative

• MyFlix launch delayed due to rights clearance issues.
• Substantial drop in quarterly revenues reported due to COVID-19 impact.

FAYETTEVILLE, AR / ACCESSWIRE / August 25, 2020 / Key managers for Hannover House, Inc. (OTCPINK:HHSE) have taken advantage of the economic slow-down from COVID-19 to restructure, revise and resume activities for the company on a variety of significant fronts. From an enhanced new release film slate for 2021 to an improved launch plan and structure for the company's "MyFlix" multi-studio streaming site, Hannover House is preparing for an ambitious expansion in the coming weeks and months.

MyFlix is a multi-studio streaming site offering both a transactional "pay-as-you-watch" model as well as a subscription plan for consumers. Hannover House has long envisioned this ambitious service as the "Walmart of digital streaming" in that the platform already has made 43 supplier agreements representing over 12,000 titles. Most recently, Hannover House planned for an August 25 launch of MyFlix, which has been delayed due to rights clearance issues from suppliers, including copyright proprietor authorizations and Errors and Omissions coverage. MyFlix has currently cleared over 1,100 titles for streaming with the company's insurance carrier and is adding over 300 clearances per week to the onboarded list of over 2,500 titles. It is the company's goal to launch the service "live" to consumers when the total of cleared titles reaches 2,500, which the company predicts should occur in late September. MyFlix has also acquired three new feature titles under an "exclusive" licensing basis - which will be prominently promoted on the site's home page, alongside an offering of major studio titles and the top picks from the site's extensive library of independent films. MyFlix will operate as a website, an O.T.T. (over-the-top) streaming service, and as an APP for smart devices and phones. VODWIZ, Inc. is handling the onboarding, clearances, and operations for MyFlix, which is a fully recognized and recorded trademark. Hannover House, Inc. has a management agreement with VODWIZ / MyFlix and the option to purchase both the entities and trademark upon the achievement of certain corporate benchmarks, including the retirement of a special purpose loan for the launch of the venture.

On the new release front, eight titles previously planned for release during 2020 by Hannover House were delayed due to a shut down of theatres and a general shutdown of the physical home video market for new titles due to COVID-19. These new releases have been rescheduled for launch in February, March, April, and May of 2021, with initial promotions, marketing, and solicitation activities already in motion. In response to the COVID-19 shutdowns, Hannover House has seen a substantial drop in quarterly revenues - but has adapted by reducing overhead, salaries, and expenses proportionately.

The company's corporate registration with the Securities and Exchange Commission, via a Form 10-12(g) filing is imminent and was most recently planned to occur simultaneously with the company's launch of the MyFlix site. Instead, Hannover House will remove from the Form 10 filing certain proprietary information about MyFlix and key MyFlix title and supplier disclosures that are intended for release upon the public launch of the streaming service. Accordingly, Hannover House has reset the schedule for the registration filing as mid-September, to precede the MyFlix launch.

A component of the company's filings includes the previous announcement of a stock registration offering, which will be released on or about the same time as the MyFlix launch. Hannover House hopes to quickly raise an initial $1.5-mm from this offering, the majority of which will go towards operations, expansion, and promotion of MyFlix, with additional offerings to occur at stepped stock pricing, for a raising of up to $8-million. A portion of the initial raising is earmarked for debt management and payables.

The first soup-to-nuts production shepherded by Hannover House is approaching completion. "WILDFIRE" is a family-appeal film shot in the Cherokee Nation of eastern Oklahoma. The film stars 18-year old country singing sensation Chevel Shepherd, who earned over 13-million votes from prime-time television viewers to win "The Voice" competition on the popular NBC show. "Wildfire" has completed 19 of 24 shooting days, including all scenes with Anne Heche, singer-songwriter Michael Martin Murphey and Native American actor Mo Brings Plenty ("Yellowstone"). The final week of filming will include additional scenes with Chevel Shepherd as well as a significant worldwide star to be announced separately. About 60-minutes of assembled scenes have been completed, which will be supplemented with the final 5-1/2 days of filming in September. As a teaser for international buyers, a six-minute sneak-peek of shots from the "now-in-production" footage has been edited to music from the 60+ minutes of assembled scenes and is available for public viewing on the Internet Movie Database (IMDB).

WILDFIRE: Sneak Peek Teaser Reel:

https://www.imdb.com/video/vi2807676441?playlistId=nm0003826&ref_=nm_ov_vi

Hannover House will be launching pre-production activities on three new productions in the coming months, utilizing a similar financing structure of State Rebates, Co-Production funds, Pre-sales, and Bank "Gap" financing. Overhead for operations and management are included within these feature productions, providing both a cash flow relief for Hannover House, as well as an assured supply of higher-profile titles for distribution and licensing. Previously announced features in development through Hannover House include the period-western / true story "The Legend of Belle Starr" and the action-adventure "Meltdown" (described as ‘Die Hard in a Nuclear Plant').

Principal managers for Hannover House, Inc. are Eric Parkinson (CEO), D. Frederick Shefte (President), and interim C.F.O. Randall Blanton.

For More Information Contact:
Eric Parkinson
818-481-5277
Eric@HannoverHouse.com

SOURCE: Hannover House, Inc.

View source version on accesswire.com:
https://www.accesswire.com/603340/MyFlix-Corporate-Filings-Feature-Productions-and-New-Releases-Dominate-Hannover-House-2020-Activities

FAQ

What is Hannover House's plan for MyFlix?

Hannover House aims to launch MyFlix, a streaming platform, by late September with 2,500 cleared titles.

How much is Hannover House looking to raise from its stock offering?

Hannover House plans to raise up to $8 million through a stock offering.

When will new films from Hannover House be released?

Eight films planned for release in early 2021 have been rescheduled due to COVID-19.

What challenges has Hannover House faced due to COVID-19?

The company has experienced a substantial drop in quarterly revenues and delays in film releases.

How many titles has MyFlix cleared for streaming?

MyFlix has cleared over 1,100 titles for streaming and is adding 300 titles weekly.