TORONTO, ONTARIO and HONG KONG, HONG KONG--(Marketwire - Dec. 18, 2012) - Spackman Equities Group Inc. (TSX VENTURE:SQG) ("SEGI") announced today that it has entered into a Share Sale and Purchase Agreement to increase its ownership in its majority-owned subsidiary, Spackman Entertainment Group Limited ("SEGL"), from 5,500 shares, or 55.0%, to 6,580, or 65.8%, by purchasing a total of 1,080 shares, or 10.8%, of SEGL from Blackwell Associates Group Inc. ("Blackwell"), an arm's-length minority shareholder of SEGL, for a total purchase consideration of CAD 897,642.00 in cash.
The purchase consideration per share paid in this transaction is the same as the purchase consideration paid when SEGI acquired 55% of SEGL at the beginning of this year. On January 10, 2012, SEGI acquired 5,500 common shares, or 55%, of SEGL in exchange for the issuance of 30,475,500 common shares of SEGI at a deemed price of CAD 0.15 per share (equivalent to an acquisition value of CAD 4,571,325).
SEGL is a non-operating holding company incorporated in Hong Kong that holds 93.0% of Opus Pictures Co., Ltd. and 92.996% of Zip Cinema Co., Ltd, the two operating Korean movie production subsidiaries of SEGI. SEGI owns an additional 7% of both Opus and Zip through a wholly-owned subsidiary, Spackman Equities Limited. As a result of its 65.8% ownership in SEGL and its 100% ownership in Spackman Equities Limited, SEGI is the ultimate beneficial owner of 68.2% of both Opus and Zip.
According to the Share Sale and Purchase Agreement between SEGI and Blackwell, the completion of this transaction is to take place on or before December 24, 2012.
About Spackman Equities Group Inc.
Spackman Equities Group Inc. ("SEGI") is a diversified investment holding company that invests into and develops small/medium-sized growth companies that possess proprietary technologies or industry-specific know-how, primarily in Asia. SEGI also makes investments in selected publicly-traded companies that SEGI believes are attractive investment propositions. The objectives of SEGI are to (i) invest into or acquire businesses with compelling growth potential at attractive valuations, (ii) build a diversified and balanced portfolio of investments, and (iii) deliver the collective value derived from the performance of its portfolio of investments to the shareholders of SEGI.
About Spackman Entertainment Group Limited
Spackman Entertainment Group Limited ("SEGL" or "the Company"), incorporated in Hong Kong on July 31, 2011, is a non-operating holding company that owns two operating subsidiaries, namely, Opus Pictures Co., Ltd. ("Opus") and Zip Cinema Co., Ltd. ("Zip"). Both Opus and Zip are leading independent motion picture production companies in Korea that have produced some of Korea's biggest box office hits, including THE MAN FROM NOWHERE (Opus 2010) and ALL ABOUT MY WIFE (Zip 2012).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.