Spackman Equities Group Inc.

February 21, 2012 12:07 ET

Spackman Equities Group Movie Subsidiary Produces #1 Box Office Hit in Korea

TORONTO, ONTARIO and SEOUL, KOREA--(Marketwire - Feb. 21, 2012) - Spackman Equities Group Inc. ("SEGI") (TSX VENTURE:SQG) announced today that HOWLING, a crime thriller produced by its Korean movie production subsidiary, Opus Pictures Co., Ltd. ("Opus"), opened at #1 at the Korean box office on Thursday, February 16, and maintained its top position throughout the first opening weekend. HOWLING beat out such Hollywood features as GHOST RIDER: SPIRIT OF VENGEANCE, ONE FOR THE MONEY, THE GREY, THE WOMAN IN BLACK, and THE DESCENDANTS to top the domestic weekend box office. According to official data provided by the Korea Box Office Information System, HOWLING sold an estimated 638,362 tickets grossing a four-day take of over KRW 4.73 billion (CAD 4.18 million), which represents 26.6% of the nation's box office gross revenues for the weekend.

Completed with a budget of approximately CAD 7 million, HOWLING, directed by Korean filmmaker Yoo Ha and featuring two of Korea's leading film stars, Song Kang-Ho and Lee Na-Young, is a crime drama about an obsessive, promotion-hungry veteran detective and his novice partner who try to unlock the secrets behind a perplexing series of murders committed by a killer wolf dog.

The last film produced by Opus, THE MAN FROM NOWHERE, was the #1 film at the Korea box office in 2010 with over 6.2 million tickets sold, surpassing all other domestic and overseas movies for the year. With the successful debut of HOWLING, Opus, led by producer Lee Tae Hun, has now produced two consecutive films that have reached #1 at the domestic box office despite the traditionally strong competition posed from higher-budgeted Hollywood films.

About Opus Pictures Co., Ltd.

Opus Pictures Co., Ltd. ("Opus") was established in August 12, 2005 in Korea by movie producer, Lee Tae Hun. Opus is an independent developer, producer, and investor of theatrical motion pictures in Korea. In 2010, Opus produced THE MAN FROM NOWHERE, the biggest box office success of the year with 6.2 million box office tickets sold domestically and one of the highest grossing movies in Korean movie history. Opus licenses its films to ancillary markets including cable, broadcast television, and home video/DVD. Its movies are distributed and shown throughout Asia.

Opus's production capabilities consist of the originating and financing of motion pictures, as well as the development of screenplay, actual filming activities, and the post-filming editing/post-production process. Opus works in cooperation with Korea's major distribution companies for the release of its films and selectively participates in its productions as an investor. Opus also opportunistically acquires distribution rights to motion pictures produced by third parties for distribution in theatrical, video and television markets in Korea.

On January 10, 2012, Spackman Equities Group Inc. indirectly acquired a majority equity interest in Opus through a special purpose holding entity, Team Vision International Limited.

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. The objectives of SEGI are to (i) selectively invest into or acquire businesses with compelling growth potential at attractive valuations, (ii) build a diversified portfolio of investments, and (iii) deliver the collective value derived from the performance of its portfolio of investments to the shareholders of SEGI. Currently, SEGI's investment portfolio consists of a 17.92% equity stake in Intech LCD Group Limited, a China-based developer and manufacturer of flat panel displays and modules, and, through its holding subsidiaries, SEGI indirectly owns majority stakes in two leading Korean movie production companies, namely, Opus Pictures Co., Ltd. and Zip Cinema Co., Ltd.

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