Despite the prolific announcements and news alerts that swamped investors last week, the stock of Target Development Group, Inc. (PINK:TDGI) only started improving during the trading session on Jan. 24. Indeed, its price rallied by 12% and the turnover doubled its average value, ultimately reaching 3.4 million shares.
Lots of TDGI updates have kept coming one after another for the last couple of weeks. First, a sweeping press release came up focusing on the company's top priorities for both 2011 and 2012. Second, a comprehensive summary revealed in detail the annual meeting of shareholders that took place on Jan.15. According to the summary, 30 films had already been planned for release throughout this year. It disclosed one more important issue: the delayed audit of the company's financial statements was to be completed by early spring.
Headquartered in Springdale, Arkansas, Target Development Group, Inc. occupies the entertainment industry and deals with the distribution of both movies and books. So far, it has 75 releases. The company expects to venture into the Video-On-Demand market this year.
Although TDGI has already published its annual financial statement for the period ended Dec.31, 2010, the latter has yet to undergo an audit, whose delay was explained with the need to reevaluate the company's portfolio of DVDs/books/rights to distribute movies. The unaudited document provides a fairly positive financial state. A working capital surplus of $3.2 million and revenues to the amount of $900+ thousand add to the overall picture. Moreover, 2010 seems to have brought TDGI a net profit of $400K.
Once the company's have audited its financial reports and, subsequently, started filing with the SEC, investors will have a clearer view of the future development of TDGI stock.