As some of you already know (from HHSE filings to the OTC), both Eric Parkinson and Fred Shefte have purchased $200,000 worth of restricted HHSE common stock at a price of $.031 per share. The Form 4 for Shefte has already been published; the Form 4 for Parkinson was delayed due to a filer's identifying number error, that goes back to 1995 when Parkinson was CEO of Hemdale Communications, Inc. (NASDAQ). The Parkinson form has been corrected and is expected to be filed tomorrow.
The officer purchase of shares was intended as a mechanism to provide financial relief to HHSE without the pursuit of unpopular (and painful) "debt-conversion" ventures. As has been oft-stated by management, based on industry P/E formulas and baseline valuations, the HHSE stock carries a value of $.10 per share, and logically should be trading in the $.06 to $.10 range. Purchasing shares at $.031 each is a premium price over the current "open market" pricing for shares... but it's still only half of what management feels is the baseline value of shares. The purchase price was deemed to be fair and reasonable based upon management's knowledge of the company. A lower price - while theoretically available on the open-market - would not have provided funds to the company and would not have been made at a logical and fair price per share.
Other big events for the week?
Well first of all, never underestimate the logistics and complexity of getting posters and trailers of ON ANY SUNDAY: THE NEXT CHAPTER into the hands of 262 theatre managers and projectionists. We are so pleased to have that massive mailing off our docks (we'll post some theatre displays and trailer big-screen grabs next week!). While all those kits and calls were happening, Tom Sims and Caitlin McKenzie were busy with release slate plans for February, March and April - selecting titles, making announcements and flyers, etc... Then, to add another dimension of activity to the HHSE offices, Josh Irwin and Katherine Mills were hiring cast and crew for a production shoot that starts on Monday for HHSE. It has been so busy here that some staff have been parking over a block away from the office! All of these activities and more will be updated separately.
Have a GREAT day!
