NOTE 7 – MATERIAL EVENTS
VODWIZ OPERATIONAL PARTNERSHIP - One of the significant operational goals for the Company during the past three years has been for the development and launch of a Company owned internet “portal” and IPTV (internet protocol television) streaming venture known as “VODWIZ.” During the last half of 2012 and the first quarter of 2013, Company conducted an extensive study into the technical, hardware, facility and operational requirements for VODWIZ to be operated as an in-house function of the Company. Due to the heavy data flow requirements for the streaming of feature films in high-definition over the internet, the implementation of an in-house operation for VODWIZ would require that extremely high capacity fiber optic lines be laid into the Hannover House offices, and that high volume memory banks and internet switching software be purchased and installed. Additional considerations, including clean-room environments for the servers and back-up power generation abilities ultimately indicated that the Company would be incurring an out-of-pocket expenditure of more than $1-million to launch a venture which (until that date), had no revenue generation history. In May of 2013, Hannover House entered into an agreement with Ahnume Business Consultants, Ltd., to offset this extensive expenditure to get VODWIZ ready for the market. The obligations of Ahnume included the identification of an operational partner to help build the VODWIZ site, and the procedures to store & service all data, streaming and technical / operational functions. Ahnume provided an introduction to NanoTech Entertainment, Inc. to perform all of these required services for Hannover House in the development and launch of VODWIZ.
In consideration of providing these services, on May 20, 2013, Hannover House authorized the release of a total of 27-million shares of Common Stock to Ahnume, which shares were restricted from sale under Rule 144 regulations. At the time of this issuance, the HHSE stock price was trading at $.0119 per share, indicating a value of approximately $321,300. Company managers determined that the release of restricted stock (with a market value of approx. $321,300) in order to alleviate both a cash need for more than $1-million and the uncertainty of not having a technical specialist partner for VODWIZ, was in the best interests of the Company and its shareholders. None of the officers, directors or principals of Ahnume Business Consultants, Ltd. are attached in any other way to Hannover House, Inc. in any such principal or managerial capacities. According to public filings for NanoTech Entertainment, Inc., none of the officers, directors or principals of Ahnume hold any such similar positions with NanoTech. Hannover House has obtained contacts or commitments from ten outside supplier studios to provide programming for VODWIZ.
The Company is targeting a formal consumer launch of the website and IPTV Portal for late April, 2015, at which time, it is expected that the initial product offerings on VODWIZ will include more than 2,000 titles, including more than 100 higher-profile theatrical release titles.
VODWIZ OPERATIONAL PARTNERSHIP - One of the significant operational goals for the Company during the past three years has been for the development and launch of a Company owned internet “portal” and IPTV (internet protocol television) streaming venture known as “VODWIZ.” During the last half of 2012 and the first quarter of 2013, Company conducted an extensive study into the technical, hardware, facility and operational requirements for VODWIZ to be operated as an in-house function of the Company. Due to the heavy data flow requirements for the streaming of feature films in high-definition over the internet, the implementation of an in-house operation for VODWIZ would require that extremely high capacity fiber optic lines be laid into the Hannover House offices, and that high volume memory banks and internet switching software be purchased and installed. Additional considerations, including clean-room environments for the servers and back-up power generation abilities ultimately indicated that the Company would be incurring an out-of-pocket expenditure of more than $1-million to launch a venture which (until that date), had no revenue generation history. In May of 2013, Hannover House entered into an agreement with Ahnume Business Consultants, Ltd., to offset this extensive expenditure to get VODWIZ ready for the market. The obligations of Ahnume included the identification of an operational partner to help build the VODWIZ site, and the procedures to store & service all data, streaming and technical / operational functions. Ahnume provided an introduction to NanoTech Entertainment, Inc. to perform all of these required services for Hannover House in the development and launch of VODWIZ.
In consideration of providing these services, on May 20, 2013, Hannover House authorized the release of a total of 27-million shares of Common Stock to Ahnume, which shares were restricted from sale under Rule 144 regulations. At the time of this issuance, the HHSE stock price was trading at $.0119 per share, indicating a value of approximately $321,300. Company managers determined that the release of restricted stock (with a market value of approx. $321,300) in order to alleviate both a cash need for more than $1-million and the uncertainty of not having a technical specialist partner for VODWIZ, was in the best interests of the Company and its shareholders. None of the officers, directors or principals of Ahnume Business Consultants, Ltd. are attached in any other way to Hannover House, Inc. in any such principal or managerial capacities. According to public filings for NanoTech Entertainment, Inc., none of the officers, directors or principals of Ahnume hold any such similar positions with NanoTech. Hannover House has obtained contacts or commitments from ten outside supplier studios to provide programming for VODWIZ.
The Company is targeting a formal consumer launch of the website and IPTV Portal for late April, 2015, at which time, it is expected that the initial product offerings on VODWIZ will include more than 2,000 titles, including more than 100 higher-profile theatrical release titles.
