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Wednesday, October 12, 2016
Arkansas Incentives will help fund "Big" Pictures for Hannover House to Distribute
Hannover House and Medallion Releasing will be the worldwide distributors of four new feature film productions, being produced in the State of Arkansas, and utilizing three separate incentive and rebate programs for financing. Based upon eligible expenditures, up to forty-two percent (42%) of some of these production budgets may be provided through rebates by the State of Arkansas. For a movie such as "Mother Goose: Journey to Utopia," these incentives are expected to exceed two-million dollars (USD $2,000,000).
Watch this blog for more updates on the specific films, budgets, casts and schedules.
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Hannover House to Benefit from State of Arkansas Incentives
Oct 12, 2016
OTC Disclosure & News Service
Fayetteville, AR - Hannover House, Inc., (OTC: HHSE), a N.W. Arkansas based film and video distribution company, will be the beneficiary of a variety of film and industry financial incentives from the State of Arkansas, the company reported today. Four feature film productions, each being produced through special purpose, Arkansas entities, have received preliminary approval for state incentives subject to a customary post-production audit verification for each film. All four of these films are slated for worldwide distribution through Hannover House and Medallion Releasing, including theatrical release, home video, video-on-demand, television and international licensing.
"We have waited patiently for over ten years for the Arkansas Film Incentives to reach the level of being not only competitive with other states, but in many instances, better," said Eric Parkinson, C.E.O. "The Film Incentives program, combined with a rebate for Arkansas employees and entities, and additional incentives for new technologies and industries collectively provide a greater benefit to these productions that we feel could be obtained in any other state. By keeping these productions within Arkansas, it will enable us to help accelerate the growing infrastructure of facilities, equipment and competent crews," he concluded.
Hannover House has been active in film distribution since 2002, when the book publishing company added DVDs to its product lines. The company became more active in theatrical distribution in 2014 in response to the maturing market for DVDs and the retail and consumer preferences towards higher profile, theatrical titles. Although Hannover House has been involved in several feature film productions over the years, the new slate of films to be produced in Arkansas represent an enhanced involvement in all phases of the productions, from the screenplay to theatres.
"The worldwide entertainment market is maturing and evolving" said Fred Shefte, President of Hannover House. "We need to look at the areas of growth within the entertainment industry, and focus our efforts on reaching those markets. As DVD and BluRay sales have flattened or declined, we have stepped up our activities into the theatrical and video-on-demand arenas Our current involvement in the development and production of original feature films is in response to the need for higher-profile films for theatres, and the realities that in most cases, producing such films is more cost-effective than hoping to license completed, higher-end films from the festival circuits."