Hannover House the operating division of Target Development Group has made a capital commitment to expand the company's in-house post-production facilities to include full mastering capabilities to service all of the company's Video-On-Demand customers. Previously mastering of Hannover House features for VOD clients was handled by several Los Angeles-based labs generating up to six distinctive delivery formats. The move to internalize the mastering and servicing is expected to save the company over $250 000 in the next year and expand Hannover's abilities to create additional delivery materials. This is a logical and wise investment now that we've secured distribution access for all of the major V.O.D. accounts says Fred Shefte president of Hannover House and Target Development Group. Dealing with multiple third-party labs has been inefficient and costly. Creating V.O.D. masters and handling these deliveries internally will save time and money as well as provide greater security and inventory control for the masters in our growing film library. Timothy Ellis has been hired by Hannover House in the newly created position as director of technical services. Ellis is designing purchasing and supervising the assembly of the mastering equipment and post-production suite with assistance from an independent broadcast-engineering consultant. Most recently prior to joining the staff at Hannover House Ellis produced and directed the DVD bonus features that appear on the company's newly released home video Turtle: The Incredible Journey. All of the company's motion picture production equipment vehicles and facilities will be managed by Timothy Ellis operating out of the company's Springdale Arkansas location. In other news Hannover has announced that the company's voluntarily filing of reports detailing all sales income and expenses for the three months ending September 30 will be posted onto the OTC Markets website. The company reports significantly improved sales and profits for the quarter buoyed in large part to theatrical box office for Turtle: The Incredible Journey and home video revenues from the 20th Century Fox Home Entertainment release of the Joel Schumacher thriller Twelve. Gross revenues for the quarter were $1 996 367 with pre-tax gross profits after general and administrative expenses of $896 656.
