Spackman Equities Group Inc.

Spackman Equities Group Inc.

June 24, 2014 08:00 ET

Spackman Equities Group Appoints New Chief Financial Officer

Management Restructuring in Preparation of Listing of Entertainment Subsidiary in Singapore

TORONTO, ONTARIO--(Marketwired - June 24, 2014) - Spackman Equities Group Inc. (the "Company" or "SEGI") (TSX VENTURE:SQG) has announced today the appointment of Alex Falconer, CPA and CA as the company's new Chief Financial Officer with immediate effect.

Alex Falconer succeeds Kyoungwon Na, who will continue to serve as the Chief Financial Officer (CFO) of Spackman Entertainment Group Limited ("SEGL"). In preparation for the planned listing of SEGL tentatively targeted for July 22, 2014 on the Singapore Stock Exchange's Catalist market, the management of SEGI is being restructured to avoid any conflicts of interest with SEGL.

Mr. Falconer, who is Certified Public Accountant and Chartered Accountant, has 18 years of experience providing corporate financial services to public and private companies. He also acts as the CFO of Rainbow Resources Inc., a publicly traded company on the TSX, and the CFO of Monarch Resources Inc., a publicly traded company on the CSX.

Commenting on the appointment, Spackman Equities Group CEO Charles Spackman said: "As we restructure our management in preparation for the planned listing of Spackman Entertainment Group, we're delighted to appoint Alex Falconer as the company's new CFO. He brings a wealth of experience in finance and will add local expertise to our team."

About Spackman Equities Group Inc.

Spackman Equities Group Inc. ("SEGI") is an investment holding company that invests into and develops small/medium-sized growth companies that possess industry-specific know-how or proprietary technologies, 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. As of April 30, 2014, SEGI's holdings include:

  • 44.9% ownership of Spackman Entertainment Group Limited, an entertainment holding company that wholly-owns Zip Cinema Co., Ltd., Opus Pictures Limited Liability Company, and Spackman Entertainment Korea Inc.;

  • 100% of SEGI Investments Limited, an investment company that invests into Korean public equities; and

  • a selective portfolio of marketable securities.

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About Spackman Entertainment Group Limited

Spackman Entertainment Group Limited ("SEGL") is a leading entertainment production company that is primarily engaged in the independent development, production, and financing of theatrical motion pictures in Korea.

Its two wholly-owned motion picture production subsidiaries, namely, Zip Cinema Co., Ltd. ("Zip") and Opus Pictures Limited Liability Company ("Opus"), are two of the most recognized film production labels in Korea, and have originated and produced some of Korea's most commercially successful theatrical films for the past seven years. Films produced by Zip and Opus are theatrically distributed and released in Korea and overseas markets, as well as for subsequent post-theatrical worldwide release in other forms of media, including cable television, broadcast television, IPTV, video-on-demand, and home video/DVD, etc. Zip and Opus' motion pictures are released into wide-theatrical exhibition initially in Korea, and then in overseas and ancillary markets.

Collectively, Zip and Opus produced and released a total of 15 theatrical motion pictures since 2007, the majority of which were profitable and some of which were among the top grossing films in Korea in recent years. Recent theatrical releases of our motion pictures include some of Korea's highest grossing and award-winning films such as SNOWPIERCER (2013), COLD EYES (2013), and ALL ABOUT MY WIFE (2012).

SEGL also owns 100% of Spackman Entertainment Korea Inc. ("SEKI"), an investment company incorporated in Korea that makes early-stage investments into films developed and produced by Zip and Opus. SEKI also owns a majority equity interest in Upper West Inc., the operator of a trendy café lounge in Korea's Gangnam district.

On August 2, 2013, SEGL engaged PrimePartners Corporate Finance Pte. Ltd. as its Full Sponsor to prepare for an initial public offering on the Catalist board of the Singapore Exchange. Through this proposed listing, SEGL plans to raise capital to expand Zip's and Opus' future slate of productions, make further acquisitions of production businesses and brands, and for general working capital. The listing is tentatively targeted for July 22, 2014.

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Forward-Looking Statements

Included in this news release may be matters that constitute "forward-looking" information within the meaning of Canadian securities law. Such forward-looking statements may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may" or words of a similar nature. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include among others, regulatory risks, risk inherent in foreign operations, commodity prices and competition. Most of these factors are outside the control of the Company. All subsequent forward-looking statements attributable to the Company or its agents are expressly qualified in their entirety by these cautionary comments. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has in any way approved or disapproved of the contents of this press release.

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