TDGI Provides Update on Corporate Activities and New Releases From Hannover House

NEW YORK, Aug. 30, 2011 /PRNewswire/ -- Target Development Group, Inc.  (TDGI.PK) released news of corporate governance and compliance issues today, along with a general update on current and new release activities for its entertainment division, Hannover House.

With respect to compliance matters and reporting status, the company reports that it has met all of the disclosure criteria for the OTC Markets, and has achieved the top tier recognition as of the period ending June 30, 2011.  On a going-forward basis, the company expects to maintain fully compliant status with its reporting and disclosures.

Regarding employee and management incentives, the board of directors for Target accepted back into treasury a total of 20-million shares of the company's common stock, voluntarily surrendered by CEO Eric Parkinson and President Fred Shefte.  The company will retain the shares until at least June 30, 2012, or until such time that specific performance levels for the company have been achieved under the management of Parkinson and Shefte.  Each of the past four, consecutive calendar quarters for the company has been profitable.  The incentive plan for Parkinson and Shefte will reward them with reasonable bonuses as may be determined on or after June 30, 2012, with the potential return of these surrendered shares as a component of the formula.  All of the shares surrendered by Parkinson and Shefte are restricted; if they are re-issued, these shares will still be restricted and subject to the governing rules and regulations for shares owned by company principals and insiders.

On the revenues side of the company, Target provided an update on Hannover House releases for theatrical, video and book activities.

"Turtle: The Incredible Journey" has completed ten weeks of theatrical release, with several more locations scheduled through September 19.  The film will be released onto DVD, Blu-Ray, Digital Copy and Video-On-Demand November 15.  Initial sales and pre-orders indicate that "Turtle" will be the largest, single title shipment for Hannover House since 2005's "Grand Champion" starring Emma Roberts, Bruce Willis, George Strait and Julia Roberts.

Next up theatrically for Hannover House is the acclaimed, romantic comedy, "All's Faire In Love," starring Christina Ricci, Cedric the Entertainer and Ann Margret, opening in 25 markets on October 21.  Based on the large following for fans of Renaissance Faires, and riding a publicity wave that Hannover anticipates for star Christina Ricci, the company expects a favorable audience reaction.  Ricci is starring in a major comedy, "Bucky Larsen" opening wide on Sept. 9th from Columbia Pictures, and is also the principal star of a major new ABC Primetime television series, "Pan Am" launching on Sept. 25.  Hannover House hopes that the marketing and promotions surrounding these two other projects will energize the fan base for Christina Ricci and benefit "All's Faire In Love."

In November, Hannover House will release to theaters in New York and Los Angeles, the acclaimed drama "Cook County" starring Anson Mount and Xander Berkeley.  The Dave Pomes directorial debut will be expanded throughout December and January, and may also benefit from a television series tie-in for Anson Mount, star of the upcoming AMC series, "Hell On Wheels."

Hannover House and Eurocine Films will open "Toys in the Attic" in December.  This stunning stop-motion, animated masterpiece from Czech director Jiri Barta will be positioned for eligibility and consideration with most major awards competitions.

Theatrical release dates for two international titles, "The Weather Station" (Russia) and "Asalto Al Cine" (Mexico)  have not been announced, but may still occur during 2011.

On the home video front, the company is currently manufacturing DVDs and Blu-Ray discs for the September release of "Boggy Creek: The Legend is True."  Hannover is also re-issuing a group of titles from its catalog for V.O.D.  and Blu-Ray, which will be detailed in a separate release.  The made-for-video anthology, "Edgar Allan Poe's Requiem for the Damned" will be released in December under an unusual distribution structure, which will also be detained in a separate release.

On the book publishing side, the company will release its first e-Books in September, and will provide an update on 2011 titles for hardcover, tradeback and e-Book publication in a separate release.

For More Information Contact:

Lauren Sterling, 479-751-4500 / [email protected]

SOURCE Target Development Group, Inc.