WASHINGTON, DC / ACCESSWIRE / May 29, 2020 / Hollywall Entertainment, Inc., (OTC PINK:HWAL), through its subsidiary Hollywall Development Company, (HWDC) continues to support the restoration and build of Smart Cities, Communities, and Fiber Networks to close the Digital Divide of underserved communities throughout the United States. HWAL has also totally engaged various professional financial services, accounting and legal advisory companies and taken prudent steps in furthering its compliance efforts to become a fully reporting publicly traded company to the Securities and Exchange Commission (SEC) as follows:
- The accounting firm of Gonzalez and Hawkins has prepared Independent Accountant Review Reports for HWAL's Financial Statements and filings to the OTC markets for period ending:
o First quarter ending 12/31/2019
o A Pre-Audit Review of HWAL's historical financial records for the period of 5/30/2012 -12/31/2019 has been completed.
- The accounting firm of Accell Audit and Compliance, P.A.(Accell) has been retained to audit the balance sheets of the Company as of September 30, 2019 and 2018, and the related statements of operations, stockholders' equity, and cash flows for the years then ended. Based on the audits, Accel will issue a written report in the coming weeks on Hollywall Entertainment, Inc.'s financial statements and schedules supporting the financial statements proposed to be filed in a Form S-1 by the Company under the Securities Exchange Act of 1933.
- The securities law firm of Securus Law Group has been retained to provide all legal services relating to the full preparation of the HWAL S-1 Registration for filing to the SEC; as well as remain available to respond to any and all questions during a subsequent SEC Q & A period.
- HWAL currently has 195,500 shares available within the float registered at the Depository Trust Corporation (DTC). HWAL Current Market Cap: $445, 201,704.00.
- Any and All previous convertible promissory notes held by HWAL on its books have been fully satisfied and completely retired and will no longer be represented on its books going further. No future convertible promissory notes will be considered or allowed.
President/CEO Darnell Sutton states,"We at Hollywall pray blessings upon you and hope that this note finds you, your families and communities in the best of health and spirits, during this season of famine, loss of life, unemployment and sometimes despair. We remain faithful in our mission to serve our shareholders and communities with the best of the very best of Hollywall!
"This COVID 19 pandemic has highlighted the harsh realities of our country's digital divide and we fully accept the clarion call placed upon us to be a voice and a leader of building a Hollywall Consortium based upon the vision of serving undervalued and underserved communities most in need of solving its digital dis-connectivity, as well as its economic, educational and health disparities that plague our most vulnerable citizens.
"Racial minorities, rural residents, and Americans with lower incomes are disproportionately affected by the digital divide. Forty-four percent of households with annual income less than $30,000 and 37% of rural households do not have broadband at home. Thirty-nine percent of Hispanic households and 31% of black households lack home broadband, compared to 21% of white households, according to the Pew Research Center.
"The Coronavirus pandemic illustrates the dramatic effect that the lack of information has on vulnerable populations. Americans who are quarantined at home or social-distancing need access to information more than ever for their jobs, education, tele-medicine, government safety alerts, employment opportunities, and even access to food.
"I was most recently invited by Washington, DC, Mayor Muriel Bowser and honored to serve on the Re-Open DC Task Force subcommittee of Transportation and Infrastructure Committee and quickly learned that Health and education are two areas that illustrate stark racial and income disparities. As of April 28, black residents accounted for 80% of Washington, DC's COVID-19 fatalities, yet only 47% of the District's population. According to the DC Department of Health, there is an approximate 21-year difference in life expectancy across 51 neighborhoods in DC with those living in poorer, minority communities dying two decades earlier than those who live in affluent regions. Education and access to healthcare are sited among the leading drivers for this discrepancy. Before the pandemic, researchers noted a "homework gap" in which students are not able to complete homework assignments due to the lack of a reliable internet connection. Twenty-five percent of black teenagers and 17% of Hispanic teenagers reported being affected by the homework gap, compared to 13% of white students, according to the Pew Research Center. Extended school closures, where all learning is digital, bring this issue to a critical level.
"In spite of these uncertain times Hollywall remains vigilant and fully engaged in its efforts to aggressively continue ramping up our efforts in forming new powerful alliances and stimulating our formidable strategic telco, construction, design and financial partnerships from Wall Street to our Nation's Federal and Local Government agencies and municipalities to answer our defined clarion call to continue to bring… Fiber to the People™!"
About Accell Audit and Compliance
Accell Audit and Compliance, P.A. is a full service PCAOB registered CPA firm, a licensed 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 start-up 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.
About Hollywall Development Company
Hollywall Development Company LLC, (HWC) is a subsidiary of Hollywall Entertainment Inc., a minority-majority controlled, and operated consortium enterprise company led by founder, President & CEO Darnell Sutton, an award-winning visionary, strategist, and entrepreneur.
HWDC consists of seasoned corporate executives from major industries along with partnerships including investment banks, global capital funds, financial and wealth management firms, P3 Partnerships, construction and engineering companies, federal agencies, state and local governments, non-profits, faith-based organizations, and housing authorities.
HWDC is building, restoring and creating "smart" cities, communities, and networks throughout the United States. Areas of HWDC services, initiatives, and investments include Broadband, Fiber and 5G networks, smart city buildout and IoT technologies, affordable smart housing, new and innovative energy, schools, education and distance learning, transportation, clean water, waste management, and sustainable environment.
About Hollywall Entertainment Inc.
Hollywall Entertainment Inc., a public company, trading under the symbol, (OTC:HWAL), is a multi-faceted 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 non-exclusive rights to market, manufacture and distribute over 17,500 songs from 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, 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. Learn more at 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 the expressed or implied in such forward-looking statements as a result of a wide range of factors.
Hollywall Entertainment, Inc.
SOURCE: Hollywall Entertainment, Inc.
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