Global Entertainment Holdings, Inc. (OTCMKTS:GBHL)
Global Entertainment Holdings, Inc. (OTCMKTS:GBHL) recently announced signing of a distribution agreement with Hollywood Visionary Pictures for distribution of the extensive digital library of Hollywood Classic motion pictures and the older TV series in the Asian market across all media.
As part of the agreement, Hollywood Visionary Pictures placed a down payment against the revenue sharing agreement. Hollywood Visionary Pictures will act as bridge between Asian producers, investors and distributors with American entertainment companies and the media.
Global Entertainment Holdings CEO Gary Rasmussen said the deal with Hollywood Visionary Pictures will unveil unlimited opportunities to the Asian market and fill the demand for content produced in America – especially content with some of the most accomplished and iconic stars in the Hollywood industry. He added that many people prefer classic, old TV programs and movies which do not contain violence, vulgar language, or sexually explicit scenes. Rasmussen said the company’s old classic library can be viewed globally by any audience.
Hollywood Visionary Pictures President, Miranda Chen, said it is thrilling to work with Global Entertainment Holdings to introduce the television programs and movies that have never been viewed in the Asian market. He added that they will make arrangements to distribute them to mobile and digital platforms as well as broadcasting houses. Chen said the content will be particularly useful to the young generation and this is the start of a long term engagement between the two companies.
On the financial front, Global Entertainment Holdings released its financial results for quarter ending September 30, 2016. As of September 30, 2016, the company reported $1,266 in cash and cash equivalent. This represents a decrease of $1,162 from the $2,428 that was reported at the close of the 2015 financial year. The company’s liability at the time were more that the current assets in excess of$627,985. Sales from films, growth in the shareholder base, revenue from private placement of the company’s stock and the issuance of debentures payable were the company’s main source of revenue.
The company’s main expense included investment in developing new opportunities that generate revenue as well as operating costs. In a statement, the company said it is exploring different channels of financing. The company’s net cash for the period ended September 30, 2016, amounted to $26,232.
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About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.