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Tuesday, November 25, 2014

Quick Updates - various HHSE matters.

Greetings HHSE Friends & Longs - Happy pre-Thanksgiving week.  Although there will be significantly more information provided in filings and releases in the works for this week, here is a quick summary of some key items that various shareholders have written about:

1).  VODWIZ - yes, we successfully closed a participation agreement with a major theatrical distributor last week in Los Angeles; with the credibility of these higher-profile titles, we feel the launch to consumers will be well-received.  Although the total quantity of titles already available to VODWIZ will place the site among the top echelon for programming, we have felt that the caliber of the initial slate needed some theatrical visibility to generate the greatest consumer enthusiasm and response.  We have also initiated a plan for an "advertising-based" model as an option for VODWIZ users (ala the "Hulu" model).  Details of this variation on the pay-per-transaction model are still being formulated.

2).  FORM 4 FILINGS - In Mid-September, Parkinson and Shefte each made the commitment to buy shares directly from the Company, which transaction required the filing of a Form 4 Statement with the S.E.C.  However, in lieu of accepting delivery of the shares immediately, both purchasers agreed to accept an irrevocable assignment letter from the Company and Transfer Agent, allowing the shares to be issued upon demand.  Counsel for the Company's Transfer Agent would not approve the irrevocable authorization letters until after the Form 4's were published.  Shefte's was published by the S.E.C. on Sept. 30, and Parkinson's was published on Oct. 10 (due to a conflicting filing number relating to Parkinson's prior status as C.E.O. of Hemdale Communications, Inc., NASDAQ).  Within one week of both transactions being published, the authorization letters were approved, thus completing the "equitable" consideration exchange for the transactions to be recorded.  Under S.E.C. Edgar Rules, Form 4's must be filed within 2-days following the closure of a transaction but may be filed sooner.

3).  ON ANY SUNDAY: THE NEXT CHAPTER - The film's theatrical release took it to the # 1 spot for top grossing Motorcycle Docs of all time (source: BoxOfficeMojo), and it continues to play in theatres (dates set through Dec. 18).  The home video release is set for Feb. 10, 2015, with commitments already received from Walmart, Target, Best Buy and Netflix. 

More to follow...