|By Marketwired .||
|November 26, 2012 08:00 AM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/26/12 -- Spackman Equities Group Inc. ("SEGI") (TSX VENTURE:SQG) announces its financial results for the third quarter and nine months ended September 30, 2012.
For the third quarter ended September 30, 2012 revenue was $1.2 million and net income was $70,000 or $0.0004 per share. For the nine month period ended September 30, 2012 revenue was $3.7 million and net income was $295,000 or $0.001 per share. The increase in revenue and net income is primarily attributable to the commercial success of the film "All About My Wife" which was produced by SEGI's subsidiary ZIP Cinema Co., Ltd. "All About My Wife" became Korea's highest grossing romantic comedy of all time.
At September 30, 2012 SEGI had $8.0 million in cash, cash equivalents and marketable securities, and investments in private companies or projects totalling $1.2 million. There are 148,829,183 common shares outstanding.
The complete financial statements for the three and nine months ended September 30, 2012, including Management's Discussion and Analysis of the results, are posted on SEGI's website, www.spackmanequities.com and are also available on SEDAR at www.sedar.com.
Highlights of the Third Quarter
-- The Company reported positive cash flow and positive net income during the three and nine month periods ended September 30, 2012 -- SEGI Investments Limited was established as a wholly-owned subsidiary to focus on small-cap investments in Korea -- Spackman Entertainment Korea Inc. was established as a wholly-owned subsidiary to invest selectively in films produced by the Company's Korean movie production subsidiaries, Opus Pictures Co. Ltd. and Zip Cinema Co., Ltd. -- SEGI, along with its wholly-owned subsidiary SEGI investments Limited, has accumulated over 5% of Cheongbo Industrial Co. Ltd., a Korean auto- parts manufacturer listed on the KOSDAQ
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. 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. Currently, SEGI's holdings include:
-- indirectly-held majority ownership of two leading Korean movie production companies, namely, Opus Pictures Co., Ltd. ("Opus") and Zip Cinema Co., Ltd. ("Zip"); -- 100% of Spackman Entertainment Korea Inc., a movie investment company that invests into films produced by Opus and Zip; -- 100% of SEGI Investments Limited, an investment company that invests into Korean public equities; -- 17.92% equity in Intech LCD Group Limited, a China-based developer and manufacturer of flat panel displays and modules
Visit www.spackmanequities.com for further information.
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.
Spackman Equities Group Inc.
+852 3902 3287
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