TORONTO, ONTARIO and HONG KONG, HONG KONG--(Marketwire - Dec. 19, 2012) - Spackman Equities Group Inc. ("SEGI") (TSX VENTURE:SQG) announced today that it has entered into a Share Sale and Purchase Agreement to sell all 1,791,667 shares, or 17.916%, of its ownership in Intech LCD Group Limited ("Intech"), a China-based developer and manufacturer of flat panel displays and modules, back to Trinity Capital Advisors Ltd. ("Trinity") for a total purchase consideration of CAD 1,075,000.20. Of this total purchase consideration, CAD 775,000.20 will be paid in cash, and CAD 300,000.00 in a two-year interest bearing (6% p.a.) promissory note issued by the purchaser to SEGI. The total purchase consideration of CAD 1,075,000.20 is equivalent to the consideration SEGI originally paid for these same 1,791,667 shares of Intech from Trinity on October 31, 2011.
Originally, SEGI invested in Intech last year with the intent to acquire a majority of Intech in the future; however, the management of SEGI recently decided not to pursue a majority acquisition of Intech due to its evolving investment strategy to focus on the development of its entertainment businesses, investments in public equities, and other new opportunities. The deal to sell-back the Intech shares was reached amicably, and both SEGI and the management of Intech agreed that this was the optimal path for both parties given SEGI's intent to not pursue a majority acquisition of Intech.
According to the Share Sale and Purchase Agreement between SEGI and Trinity, the completion of this transaction is to take place on or before December 31, 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. www.spackmanequities.com
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.
Contact Information:
Floria Lin
Investor Relations
+852 3902 3287
info@spackmanequities.com
www.spackmanequities.com