Spackman Equities Group Inc.
TSX VENTURE : SQG

Spackman Equities Group Inc.

May 29, 2015 17:00 ET

Spackman Equities Group Reports First Quarter 2015 Results

TORONTO, ONTARIO and HONG KONG, CHINA--(Marketwired - May 29, 2015) - Spackman Equities Group Inc. (the "Company" or "SEGI") (TSX VENTURE:SQG) today reported its financial results for the three months ended March 31, 2015 (the "current quarter").

Revenue for the current quarter was $(12,711,000) compared to $356,000 for the same period one year ago. Net loss for the current quarter was $11,549,000 or $(0.08) per share compared to net income of $108,000 or $0.001 for the same period one year ago.

Both the revenue and net loss for the current quarter reflect an unrealized loss on the fair value of the Company's 38.77% stake in Spackman Entertainment Group Limited ("SEGL"). The shares of SEGL are listed on the Catalist of the Singapore Exchange (ticker:40E) and the Company's investment in SEGL is presented at fair value.

The Company owns 38.77% of SEGL, and based on the most recent closing price of SEGL's shares of SGD 0.126, the market value of the Company's stake in SEGL is SGD $19,482,120 (CAD $17,860,396) or CAD $0.115 per SEGI share.

At March 31, 2015, SEGI had $20,454,000, or $0.137 per share in cash or cash equivalents, marketable securities and investment in shares of public companies.

The unaudited financial statements for the three months ended March 31, 2015 and Management's Discussion and Analysis of the results are posted on SEDAR at www.sedar.com.

About Spackman Equities Group Inc.

SEGI is an investment company that selectively invests into growth companies that possess proprietary know-how or technology, primarily in Asia. Our objective is to originate opportunities to invest into businesses at attractive valuations, build a compelling portfolio of holdings, and deliver the collective value of our investments to our shareholders.

The current holdings of SEGI consist of investments in public equities as well as privately-held companies. SEGI's holdings include:

  • 38.77% ownership of Spackman Entertainment Group Limited, which is listed on the Catalist of the Singapore Exchange (ticker: 40E) and is a leading Korean film and entertainment company. Visit www.spackmanentertainment.com for further information.

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

  • marketable securities.

Visit www.spackmanequities.com for further information.

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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