WASHINGTON, Nov. 10, 2020 (GLOBE NEWSWIRE) -- via InvestorWire -- Hollywall Entertainment, Inc. (OTC: HWAL), a multifaceted construction/developer, telecommunications, technology, media, entertainment and broadcasting company, today announces expansion of 5G Fiber Network Business Enterprises and provides a financial update.
Hollywall Entertainment, Inc. (“HWAL”) established Hollywall Development Company (“HWDC”), a wholly owned subsidiary, that specializes in the design, build and management of 5G fiber networks. HWAL will further expand its services to offer: internet access, HW Signature brand cellular equipment and services, streaming media, live television and on-demand content, including HWAL’s entertainment library and future entertainment and education assets, to be distributed throughout its network(s) to residential homes and commercial businesses.
HWAL continues to work with numerous city and state municipalities and government agencies including: our nation’s capital, Washington, D.C., throughout the states of Alabama, Georgia, South Carolina, North Carolina, Virginia and Maryland, New York City and surrounding counties, Austin and Houston, Texas, Chicago, Illinois, Fullerton, California, Denver, Colorado and many other areas to lead the way in developing and implementing solutions to bridge the broadband digital divide forced upon the most vulnerable in underserved urban and rural communities nationwide.
The coronavirus (COVID-19) pandemic, which has prompted most states in the U.S. to issue stay-at-home or shelter-in-place orders, has highlighted this issue and demonstrated the need for additional communication network infrastructure nationwide.
U.S. telecommunication companies are working 24/7 to bring fiber-optic and wireless internet service to Americans who are quarantined at home and need access to the internet for tele-health services, education, online banking, government safety alerts, job opportunities, and access to food.
The auditing firm of Accell Audit and Compliance P.A. and the accounting firm of Noble Accounting and Consultant Executives are in the final stages of completing examination and audit of Hollywall Entertainment Inc. financial statements and corporate disclosures for the periods ending Dec. 31, 2019, and Dec. 31, 2018.
HWAL has strengthened its financial position by retiring all debt on its books, including all convertible promissory notes.
HWAL recently retained VStock Transfer, LLC, as its transfer agent.
HWAL is preparing a Form S1 registration to file with the Securities and Exchange Commission, which will include a proposed public stock offering to enable HWAL to accelerate its strategic roll up of key acquisition targets and execute on its expansion plans in the areas of broadband, energy, entertainment, media and education.
HWAL’s security council Craig Huffman states, “We have a superior auditing group, Accell Audit and Compliance, with completely compliant series of disclosures of accurate projects and ventures which are being disclosed, as well as valuations of the holdings of Hollywall, and the business ventures to be completely and accurately described and disclosed.”
President/CEO Darnell Sutton states, “We wish to thank all of the professional firms, strategic telecommunication partners and leaders within this Nation’s great cities and municipalities in their tireless support of our vision to bring ‘Fiber to the People.’ We are especially grateful for all of our stakeholders for their ongoing support with our commitment to you… We shall remain vigilant, steadfast and productive in all of our endeavors of expansion into new and innovative growth products and services and that we may continue to pursue our time honored promise of delivering the very best of offerings to the communities we serve. We continue to pray for our front-line health providers during this pandemic, our Nation and the World… The Best is Yet to Come.”
The United States Telecom Operators Country Intelligence Report states, “The telecom service revenue growth in the U.S. over 2019-2024 will be driven by mobile data and fixed broadband revenues. Mobile data service revenue will grow from US$130.4 billion in 2019 to US$211.7 billion by 2024 at a fastest compounded annual growth rate (CAGR) of 10.2%. This growth will be driven by a continued rise in mobile Internet subscriptions and mobile data ARPU. Fixed broadband service revenue will grow at a CAGR of 3.7% over the period 2019-2024 to reach US$77.1 billion by the end of 2024.”
About Accell Audit and Compliance
Accell Audit and Compliance, P.A., is a full-service PCAOB-registered and licensed certified public accounting and consulting firm that provides services in several niche areas of audit & assurance, internal audit/SOX 404 consulting, employee benefit plan audits, CIRA/HOA and condominium services, audit preparation/year end close assistance, and tax services. Accell has provided services to several hundred clients, from high-tech startup companies to the Fortune 500. Their current client portfolio includes numerous public and private companies across many industries, with operations on at least five continents. For more information, visit http://www.theaccellgroup.com/index.php.
About VStock Transfer
VStock Transfer is a stock transfer agent providing best-in-class service and offering a unique combination of technology and proactive, energetic, personalized and experienced customer service. VStock provides online access to shareholder data and reports and can assist in online proxy services, voting and tabulation. For more information, visit www.vstocktransfer.com.
About Hollywall Development Company
Hollywall Development Company (“HWDC”) is a wholly owned subsidiary of Hollywall Entertainment Inc., and is a majority controlled and operated consortium enterprise company led by its founder and President/CEO Darnell Sutton, who is an award-winning visionary, strategist and entrepreneur. HWDC consists of seasoned corporate executives from major industries along with partnerships that include: investment banks, global capital funds, public financial and wealth management firms, construction and engineering companies, federal agencies, state and local governments, nonprofits, faith-based organizations and housing authorities.
HWDC is building, restoring and creating “smart” cities/communities and networks throughout the U.S. Areas of HWDC services, initiatives and investments include broadband and 5G networks, IOT, smart city technologies, affordable housing, energy, tele-medicine, tele-education, transportation, clean water, waste management and green environment.
About Hollywall Entertainment Inc.
Hollywall Entertainment Inc., a public company trading under the symbol (OTC: HWAL), is a multifaceted construction/developer, telecommunications, technology, media, entertainment and broadcasting company that operates through one subsidiary, Hollywall Development Company (HWDC), and seven divisions: Hollywall School, Hollywall Music, Hollywall TV, HW Productions, HW Networks, HWRadio, and Hollywall Foundation. HWAL is engaged in maximizing rights to its music, film, television, home videos and software game libraries. Hollywall owns exclusive and nonexclusive rights to market, manufacture and distribute music master recordings performed by legends such as Ray Charles, Ella Fitzgerald, The Jackson 5, Frank Sinatra, Dolly Parton, Elvis Presley, Tony Bennett, The Bee Gees, Chicago, The Platters, George Gershwin, Marvin Gaye, James Brown, The Who, Janis Joplin, Rolling Stones, Nat King Cole, John Lee Hooker, Willie Nelson, Rod Stewart, Hall and Oates, James Taylor, Etta James, Aretha Franklin and other multiple-platinum-selling acts. For more information, visit www.hollywall.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and, as such, may involve risks and uncertainties. These forward-looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company’s actual performance, results and achievements may differ materially from those expressed or implied in such forward-looking statements as a result of a wide range of factors.
Hollywall Entertainment, Inc.