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Posted On: 06/20/2023 2:27:09 PM
Post# of 7315
NEWS: HHSE takes steps for return of 15-mm Common Stock Shares to Treasury
Press Release | 06/20/2023
https://www.otcmarkets.com/stock/HHSE/news/HH...?id=404948
Hannover House, Inc. (OTC: HHSE) is working with outside counsel and Standard Registrar regarding the return of fifteen million common stock shares to the company's treasury stock.
Ten Million shares were issued as collateral for the benefit of a credit line issued by TCA Global Master Fund to HHSE. The credit line was fully repaid in 2018, but the collateral stock shares were not promptly returned, due to regulatory actions impacting the operations of TCA. Steps have been initiated to cancel the issuance of these shares and restore them as treasury stock . The second transaction was the issuance of five-million HHSE shares in 2012 to John C. Herklotz as consideration for selected DVD and streaming rights to the movie, "The Giant of Thunder Mountain." An agreement has been made between Hannover House, Inc. and Gorilla Pictures, the beneficiary of rights from the estate of John C. Herklotz, which include a return of the five-million shares or a mutual acknowledgment of ab initio to the licensing rights if the share certificate is not returned.
"In anticipation of the company's Form 10 registration, the MyFlix launch and the completion of both 'Wildfire' and the 'Cowboys of Cannabis' productions, the return of these shares to treasury stock will be a great benefit to the company and our shareholders," said Eric Parkinson, C.E.O. of Hannover House.
Press Release | 06/20/2023
https://www.otcmarkets.com/stock/HHSE/news/HH...?id=404948
Hannover House, Inc. (OTC: HHSE) is working with outside counsel and Standard Registrar regarding the return of fifteen million common stock shares to the company's treasury stock.
Ten Million shares were issued as collateral for the benefit of a credit line issued by TCA Global Master Fund to HHSE. The credit line was fully repaid in 2018, but the collateral stock shares were not promptly returned, due to regulatory actions impacting the operations of TCA. Steps have been initiated to cancel the issuance of these shares and restore them as treasury stock . The second transaction was the issuance of five-million HHSE shares in 2012 to John C. Herklotz as consideration for selected DVD and streaming rights to the movie, "The Giant of Thunder Mountain." An agreement has been made between Hannover House, Inc. and Gorilla Pictures, the beneficiary of rights from the estate of John C. Herklotz, which include a return of the five-million shares or a mutual acknowledgment of ab initio to the licensing rights if the share certificate is not returned.
"In anticipation of the company's Form 10 registration, the MyFlix launch and the completion of both 'Wildfire' and the 'Cowboys of Cannabis' productions, the return of these shares to treasury stock will be a great benefit to the company and our shareholders," said Eric Parkinson, C.E.O. of Hannover House.
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