Business & Finance
Business and Finance
Business and Finance
Wed, January 11, 2012
Tue, January 10, 2012
Spackman Equities Group Inc. Completes the Acquisition of Shares of Team Vision International Limited
January 10, 2012 17:38 ET
Spackman Equities Group Inc. Completes the Acquisition of Shares of Team Vision International Limited
TORONTO, ONTARIO--(Marketwire - Jan. 10, 2012) - Spackman Equities Group Inc. (TSX VENTURE:SQG) ("SEGI" or the "Company") is pleased to announce that it has completed its previously announced acquisition of 55% of the issued and outstanding shares of Team Vision International Limited ("TVIL") in exchange for the issuance of 30,475,500 common shares of the Company at a deemed price of $0.15 per share (the "Transaction"). The common shares issued in connection with the transaction have a hold period in Canada until May 10, 2012.
TVIL holds 93% of Opus Pictures Co., Ltd. ("Opus") and 92.996% of Zip Cinema Co., Ltd. ("Zip"). The Company also indirectly holds a 7.0% equity ownership in Opus and a 7.004% equity ownership in Zip through its 100% interest in Gold China Technologies Limited. Opus and Zip are engaged in the production and distribution of theatrical motion pictures in the Republic of Korea and other overseas markets.
Charles Spackman, Martin Mohabeer and Richard Lee, currently directors of SEGI, will join the board of directors of TVIL. The other directors of TVIL are Tae Hun Lee and Yoo Jin Lee.
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.
