ITEM 1 - MINUTES OF THE BOARD OF DIRECTORS MEETING
Post# of 7290
Posted On: 07/16/2013 10:30:16 PM
ITEM 1 - MINUTES OF THE BOARD OF DIRECTORS MEETING OF JULY 10, 2013
A regularly scheduled and properly noticed meeting of the Company's Board of Directors was held at 9:00 am on Wednesday, July 10, 2013 at the Company's principal headquarters in Springdale, Arkansas. The following minutes cover agenda items discussed, and where noted, acted upon by the Board of Directors.
1). APPROVAL OF NTEK VOD AND IPTV VENTURES - The Board reviewed and unanimously approved the ventures with NanoTech Entertainment (NTEK) covering the launch of the Company's VODwiz.com website and the associated IPTV Channel (Roku-enabled); the Board also approved the launch of the HHSE-NTEK "TV-Book" Format venture, which will stream book titles digitally (from Hannover House and from other publishers as Hannover House shall pursue), through IPTV formats and WiFi enabled mobile devices. The Board approved the structures of the deals which essentially moves the technical and operational duties to NanoTech, and the acquisition / publication duties to Hannover.
2). APPROVAL OF VODwiz OUTPUT AGREEMENTS - The Board reviewed and unanimously approved deals covering four independent studio supplier / label sources, which collectively represent over 1,500 new, proprietary and licensed (non-public-domain) titles to be added to the VODwiz product selections. As requested by the studio suppliers, each of these new output ventures will be announced as free-standing press releases.
3). APPROVAL OF CANADIAN SUBDISTRIBUTION VENTURE - The Board reviewed and unanimously approved the agreement for Hannover House DVD and Blu-Ray products to be distributed in Canada by Allegro Distribution Group.
4). APPROVAL OF NEW STAFF HIRES & ADS - The Board reviewed the plans to expand the Company's staff, and approved the placement of ads and recruitment assistance. New positions hiring immediately are: Director of Sales (total estimated annual salary and travel costs: approx. $80,000); Technical Services Manager (annual cost: approx. $45,000); Staff Accountant / Bookkeeper (annual cost: approx. $45,000); Los Angeles Office Acquisitions Manager (annual cost: approx. $60,000).
5). APPROVAL OF QUANTITY DISCOUNT STRUCTURE FOR REDBOX - The Board reviewed and unanimously approved a quantity-discount pricing structure for Redbox Kiosks, which conforms to Fair Trade Act practices.
6). MOTHMAN FINANCING STRUCTURE - The Board reviewed, but did not take formal action, on a proposal from Allegheny Image Factory (production company for "The Mothman Chronicles" aka "Night Skies" feature), regarding a stand-by guarantee from Company , as requested by Allegheny as credit-enhancement for private investors financing the film. It was decided that an analysis of presale net values and cash-flow timing would be pursued in order for the Board to determine the risks and benefits of issuing a contingent liability guarantee for this or any other production.
A regularly scheduled and properly noticed meeting of the Company's Board of Directors was held at 9:00 am on Wednesday, July 10, 2013 at the Company's principal headquarters in Springdale, Arkansas. The following minutes cover agenda items discussed, and where noted, acted upon by the Board of Directors.
1). APPROVAL OF NTEK VOD AND IPTV VENTURES - The Board reviewed and unanimously approved the ventures with NanoTech Entertainment (NTEK) covering the launch of the Company's VODwiz.com website and the associated IPTV Channel (Roku-enabled); the Board also approved the launch of the HHSE-NTEK "TV-Book" Format venture, which will stream book titles digitally (from Hannover House and from other publishers as Hannover House shall pursue), through IPTV formats and WiFi enabled mobile devices. The Board approved the structures of the deals which essentially moves the technical and operational duties to NanoTech, and the acquisition / publication duties to Hannover.
2). APPROVAL OF VODwiz OUTPUT AGREEMENTS - The Board reviewed and unanimously approved deals covering four independent studio supplier / label sources, which collectively represent over 1,500 new, proprietary and licensed (non-public-domain) titles to be added to the VODwiz product selections. As requested by the studio suppliers, each of these new output ventures will be announced as free-standing press releases.
3). APPROVAL OF CANADIAN SUBDISTRIBUTION VENTURE - The Board reviewed and unanimously approved the agreement for Hannover House DVD and Blu-Ray products to be distributed in Canada by Allegro Distribution Group.
4). APPROVAL OF NEW STAFF HIRES & ADS - The Board reviewed the plans to expand the Company's staff, and approved the placement of ads and recruitment assistance. New positions hiring immediately are: Director of Sales (total estimated annual salary and travel costs: approx. $80,000); Technical Services Manager (annual cost: approx. $45,000); Staff Accountant / Bookkeeper (annual cost: approx. $45,000); Los Angeles Office Acquisitions Manager (annual cost: approx. $60,000).
5). APPROVAL OF QUANTITY DISCOUNT STRUCTURE FOR REDBOX - The Board reviewed and unanimously approved a quantity-discount pricing structure for Redbox Kiosks, which conforms to Fair Trade Act practices.
6). MOTHMAN FINANCING STRUCTURE - The Board reviewed, but did not take formal action, on a proposal from Allegheny Image Factory (production company for "The Mothman Chronicles" aka "Night Skies" feature), regarding a stand-by guarantee from Company , as requested by Allegheny as credit-enhancement for private investors financing the film. It was decided that an analysis of presale net values and cash-flow timing would be pursued in order for the Board to determine the risks and benefits of issuing a contingent liability guarantee for this or any other production.
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