Spackman Equities Group Inc. ('SQG' or the 'Company'), an investment holding company listed on the TSX Venture Exchange in Canada, wishes to announce that the Company (the 'Purchaser') has today entered into a non-binding memorandum of understanding ('MOU') with Spackman Entertainment Group Limited, a company listed on the Catalist Board of the Singapore Stock Exchange ('SEG' or the 'Seller'), to acquire SEG's entire interest in Spackman Media Group Limited ('Spackman Media Group') (the 'Proposed Acquisition').
Under the MOU, the Purchaser intends to acquire all of the Seller's 13,968,038 common voting shares of Spackman Media Group (the 'Sale Shares'), representing a 43.88% interest in Spackman Media Group. The purchase consideration will be fully satisfied by newly issued common shares of the Purchaser ('Consideration'). Accordingly, following the completion of the Proposed Acquisition, SQG will be a subsidiary of SEG.
John D. Pennal, Director & Vice President of SQG, said, 'We are pleased to have the opportunity to revitalize Spackman Equities Group through the acquisition of Spackman Media Group, one of Korea's leading and most renowned talent agencies. Through this acquisition, we plan to actively engage in the development, production and financing of major U.S. film projects and expand the talent representation business into North America.' Spackman Media Group is collectively one of the largest entertainment talent agencies in Korea in terms of the number of artists under management. It operates its talent management business through renowned agencies such as MSteam Entertainment Co., Ltd. (Son Ye-jin, Lee Min-jung, Ko Sung-hee), UAA&CO Inc. (Song Hye-kyo, Yoo Ah-in, Park Hyung-sik), Fiftyone K Inc. (So Ji Sub, Ok Taec-yeon), SBD Entertainment Inc. (Bae Doo-na, Son Suk-ku), and Kook Entertainment Co., Ltd. (Kim Sang-kyung, Kim Ji- young).
About Spackman Media Group Limited
Spackman Media Group Limited ('SMGL'), a company incorporated in Hong Kong, together with its subsidiaries, is collectively one of the largest entertainment talent agencies in Korea in terms of the number of artists under management, including some of the top names in the Korean entertainment industry. SMGL operates its talent management business through renowned agencies such as MSteam Entertainment Co., Ltd. (Son Ye-jin, Lee Min-jung, Ko Sung-hee), UAA&CO Inc. (Song Hye-kyo, Yoo Ah-in, Park Hyung-sik), Fiftyone K Inc. (So Ji Sub, Ok Taec-yeon), SBD Entertainment Inc. (Bae Doo-na, Son Suk-ku), and Kook Entertainment Co., Ltd. (Kim Sang-kyung, Kim Ji- young). Through these full-service talent agencies in Korea, SMGL represents and guides the professional careers of a leading roster of award-winning actors/actresses in the practice areas of motion pictures, television, commercial endorsements, and branded entertainment. SMGL leverages its unparalleled portfolio of artists as a platform to develop, produce, finance and own the highest quality of entertainment content projects, including theatrical motion pictures, variety shows and TV dramas. This platform also creates and derives opportunities for SMGL to make strategic investments in development stage businesses that can collaborate with SMGL artists.
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 securitiesstatutes 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.
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SPACKMAN EQUITIES GROUP INC. 