LAS VEGAS, NV / ACCESSWIRE / February 5, 2024 / Hollywall Entertainment, Inc. (OTC PINK:HWAL) ("Hollywall"), a legacy entertainment company with an extensive catalog consisting of rights to 27,000 songs, announces it is creating a transition team (the "Transition Team") which will play a significant role in guiding Hollywall's transformation into a pure-play cutting-edge technology-driven company, while actively seeking sales and revenue from its music library (the "Library").
Significant announcements are expected to be made starting this month regarding the latest opportunities to emerge for Hollywall.
In order to explore these new avenues and opportunities, Hollywall is assembling a diverse group of experts to serve on the Transition Team and bring fresh insights, strategic focus, knowledge, and contacts to help propel us to success. The Transition Team will be comprised of industry executives who have not previously worked with Hollywall, and will contribute to its rebranding, growth, and future positioning within one or more new technology industries.
As part of the transition plan, several actions are underway or will be taken, including among others:
- Rebranding Hollywall, including changing its name, likeness, and image.
- Retaining a new board of directors and a new management team to oversee the company's future ventures.
- The sale of the Library.
- Endeavoring to identify one or more suitable merger and/or acquisition candidates.
- Measures will be undertaken to improve Hollywall's capital structure, which may involve retiring the company's outstanding convertible debt, retiring the remaining preferred shares outstanding, a share buyback plan; and other actions to be disclosed in the future.
Hollywall's Board of Directors (the "Board") and current management ("Management") have unanimously approved the plan to sell the Library and Management is in discussions with various interested parties. No sale will be made unless it is at a price and terms deemed sufficiently beneficial to Hollywall and its shareholders.
The Board and Management want our shareholders to know that Hollywall intends to provide a cash dividend to the shareholders with the net proceeds from a sale of the Library, and that Hollywall is actively and diligently pursuing efforts to grow and maximize shareholder value. Hollywall will endeavor to keep our shareholders abreast of new developments as they occur.
About Hollywall Entertainment, Inc.
Hollywall Entertainment, Inc. (OTC Pink: HWAL), is an emerging publicly traded company that is engaged in the development and acquisition of technology, media, and entertainment content, through its diverse range of subsidiaries and divisions. Hollywall remains dedicated to innovation and continuously adapts to the ever- evolving landscape of the new tech industries. For more information about Hollywall Entertainment, Inc., and its activities, please visit www.hollywall.com
Corporate Communications:
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HWAL: https://hollywall.com
HWAL IR: https://hollywall.com/investor-relations/
Investor Relations Contact: info@hollywall.com
Safe Harbor Forward-Looking Statements:
This press release and the statements of representatives of Hollywall Entertainment, Inc. (the "Company") related thereto contain, or may contain, among other things, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements," including any other statements of non-historical information. These forward-looking statements are subject to significant known and unknown risks and uncertainties and are often identified by the use of forward-looking terminology such as "guidance," "projects," "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "ultimately" or similar expressions. All forward-looking statements involve material assumptions, risks and uncertainties, and the expectations contained in such statements may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results (including, without limitation, the Company's ability to advance its business, generate revenue and profit and operate as a public company) could differ materially from those stated or anticipated in these forward-looking statements as a result of a variety of factors, including factors and risks discussed in the periodic reports that the Company files with OTC Markets (Pink Sheets). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. The Company undertakes no duty to update these forward-looking statements except as required by law.
SOURCE: Hollywall Entertainment Inc.
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