updated 5/12/2011 1:16:58 PM ET 2011-05-12T17:16:58

LOS ANGELES, May 12, 2011 (GLOBE NEWSWIRE) -- Los Angeles based Fantastic Films won an IFTA arbitration award and a court judgment totaling over $340,000 against Hannover House (Truman Press Inc. d.b.a Hannover House), Target Development Group Inc. and Empire Film Group Inc. for failing to distribute the film "Thru The Moebius Strip" in the United States and for failing to pay a six figure Minimum Guarantee.

Lincoln Bandlow of Lathrop & Gage LLP, counsel for Fantastic Films, said that the Arbitrator's award and judgment was entered only after the Arbitrator had offered the principals of defendant Hannover House, Eric Parkinson and Fred Shefte, an opportunity to cure their breach of contract and proceed with the distribution of the film provided that certain conditions were met (which included paying the outstanding Minimum Guarantee and extending the film release window for Hannover), but Mr. Parkinson and Mr. Shefte did not comply with the Arbitrator's requirements resulting in the award to Fantastic Films.

"The IFTA Arbitrator found that it was undisputed that the defendants, particularly Hannover House, had repeatedly breached their contractual obligations and, indeed, the Arbitrator witnessed yet another breach firsthand by watching Hannover break a promise made at the arbitration to finally comply with the contract," said Bandlow. "Although Fantastic Films is disappointed in Hannover's failure to release this film in the U.S., my clients are happy that the Arbitrator and the Court have held defendants responsible for their improper conduct. We are pursuing every avenue to collect this award, including seeking to have defendants barred from participating in future film markets and we will continue to take any and all necessary steps until the Judgment is satisfied."

About Fantastic Films

Fantastic Films is a full service, worldwide sales company created by Roxane Barbat and Fred deWysocki. The company, launched in January 2002, specializes in theatrical films, such as their 3D stereoscopic animated features DELHI SAFARI and GALAXY GANG (formerly Z-BAW). In 2005, Fantastic Films expanded into Executive Producing in order to bring their expertise and resources to improve their product by getting involved at the early stage. Fantastic Films represents a brand of "fantastic" independent films in every sense of the word. For additional info, contact Roxane Barbat at 323-661-7088 or visit: www.fantasticfilmsinternational.com.

CONTACT: Roxane Barbat

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