Spackman Equities Group Inc.

May 22, 2012 09:16 ET

Spackman Equities Subsidiary Zip Cinema Takes Top Spot in Korean Box Office With All About My Wife

Dethrones AVENGERS For Weekend Box Office Title

TORONTO, ONTARIO and SEOUL, KOREA--(Marketwire - May 22, 2012) - Spackman Equities Group Inc. ("SEGI") (TSX VENTURE:SQG) announced today that ALL ABOUT MY WIFE, a romantic comedy produced by its Korean movie production subsidiary, Zip Cinema Co., Ltd. ("Zip"), finished #1 at the Korean box office this past weekend. Through favourable critical and word-of-mouth reviews and its star-studded lineup, ALL ABOUT MY WIFE knocked off Hollywood blockbuster, AVENGERS, from its two week hold on the top spot. The movie posted the best opening weekend performance to date by a domestic film in 2012. According to official data provided by the Korea Box Office Information System, ALL ABOUT MY WIFE sold an estimated 887,774 tickets since its opening day on May 17, 2012, grossing more than KRW 6.74 billion (CAD 5.88 million) over its first 5 days, and capturing over 30% of the nation's box office gross revenues during the period.

With a total budget of approximately KRW 4.9 billion (CAD 4.27 million), ALL ABOUT MY WIFE is a romantic comedy directed by Min Gyoo-dong and features top Korean stars, Im Soo-jeong, Lee Seon-gyoon, and Ryoo Seung-yong. Lee plays a timid husband that marries a seemingly perfect wife, but quickly discovers her overbearing nature is too much for him to handle. To justify asking for a divorce, he asks a womanizer (Ryoo) to seduce his wife, but the honey trap does not turn out as expected.

The last film produced by Zip, WOOCHI, was Korea's number one film of the year in 2009 in terms of tickets sold (over 6.2 million tickets). With the box office success of ALL ABOUT MY WIFE, Zip, led by its founder and CEO Eugene Lee, whom Hollywood's Variety selected in 2007 as one of the world's "10 Producers to Watch," has reconfirmed its reputation as one of the most skilled and respected film production firms in Asia.

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 SEGI indirectly owns, through its subsidiaries, majority stakes in two leading Korean movie production companies, namely, Opus Pictures Co., Ltd. and Zip Cinema Co., Ltd.

About Zip Cinema Co., Ltd.

Zip Cinema Co., Ltd. ("Zip") is a Korean movie production firm founded by renowned film producer Eugene Lee, who was named in 2007 as one of the world's "10 Producers to Watch" by Variety, the leading Hollywood journal. The company was incorporated on December 23, 2005 in the Republic of Korea and engages in the development, production, financing, and distribution of theatrical motion pictures with a strong commitment to bringing the most original stories to the big screen from the most innovative Korean filmmakers. From its early days, Zip has achieved notable critical and box office success with such hits as "VOICE OF A MURDERER" (2006) which sold 3.25 million tickets at the domestic box office and "HAPPINESS," a film that premiered at the Toronto International Film Festival in 2007. More recently, "WOOCHI" (2009), with 6.2 million tickets sold domestically, became one of the highest grossing movies in Korean movie history and also achieved significant success in overseas markets. "HAUNTERS" also achieved over 2.5 million tickets domestically in 2010. Zip's most recent release, ALL ABOUT MY WIFE opened in Korean theatres on May 17, 2012, and overtook Hollywood film AVENGERS in its first debut weekend as the #1 movie at the Korean box office, cementing Zip's industry-wide reputation as a serial hit-maker. Films produced by Zip are licensed to ancillary markets including new media, cable, broadcast television, and home video/DVD and its films are distributed and shown throughout Asia.

Spackman Equities Group Inc. owns a majority equity interest in Zip through its entertainment subsidiary Spackman Entertainment Group Limited.

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.

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