Business
Hannover House Describes Current, Recent and Other Events Required for New OTC Markets Disclosure
Hannover House Describes Current, Recent and Other Events Required for New OTC Markets Disclosure.
About this update from Hannover House, Inc.
[{"type":"text","content":"In compliance with new formatting and disclosure rules implemented by the OTC Markets as of March 1, 2021. Hannover House, Inc. (OTC: HHSE) hereby releases to the OTC Markets those items of a mandatory disclosure or material nature as described in section 2 and section 9 of the revised and updated reporting format instructions. Each of these items described below has been previously disclosed through either OTC Markets filings in a different format, through newswire releases, through the company’s shareholder blog and / or through Form 8 Information Statements filed with the Securities and Exchange Commission.A). Change in Officer / Director – On March 15, 2021, Don Frederick Shefte resigned his position as President of Hannover House, Inc., as well as notified the board of directors of his planned withdrawal from the board to occur on or about April 15, 2021. Until a replacement President is hired, Hannover House C.E.O. Eric Parkinson will handle any additional duties to properly address this personnel change.B). Bankruptcy Filing of Former Officer – On or about February 8, 2021, Don Frederick Shefte filed for personal bankruptcy in Arkansas. Included within the assets of his estate were the 6,743,773 Common Stock, Restricted Shares owned by Shefte, as well as a listing of his 1,800,000 “preferred” voting shares (which under corporate bylaws are forfeited back to company treasury upon an officer’s departure from the company). Due to the S.E.C. Rule 144 sale restrictions imposed upon officer or affiliate owned shares, the trustee has indicated that they are unlikely to attempt to circumvent the precedent of securities laws in order to sell Shefte’s shares.C). 20th Century Fox Agreement – Termination of an Agreement - on or about February 1, 2021, Hannover House informed 20th Century Fox that the sub-distribution agreement entered into as of August, 2010 for the home video and digital distribution of the movie “TWELVE,” would not be renewed. The timing of this notification of termination to Fox takes into account the 6-month sell-off period allowed within the contract for disposition of inventory at the end of the ten (10) year term. HHSE plans to remarket the film to home video, streaming and television media in North America.D). Entertainment Studios / FreeStyle Releasing – Termination of an Agreement – ...