Spackman Equities Group Reports 2015 Year End Results
16:00 EDT Friday, April 29, 2016
TORONTO, ONTARIO and HONG KONG, CHINA--(Marketwired - April 29, 2016) - Spackman Equities Group Inc. (the "Company" or "SEGI") (TSX VENTURE:SQG) today reported its audited financial results for the year ended December 31, 2015.
Investment income (loss) for the year ended December 31, 2015 was $(9,215,000) compared to $23,120,000 for the same period one year ago.
Net loss for the year was $9,198,000 or $0.06 per share compared with net profit of $17,493,000 or $0.12 per share for fiscal 2014.
The investment loss and net loss for 2015 reflects the decrease in value of the Company's 38.77% stake in Spackman Entertainment Group Limited ("SEGL") which is listed on the Catalist of the Singapore Exchange.
At December 31, 2015, SEGI had $22,715,000, or $0.15 per share in cash or cash equivalents, marketable securities and investment in shares of a public company.
The Company owns 38.77% of SEGL, and based on the most recent closing price of SEGL's shares of SGD $0.131, the market value of the Company's stake in SEGL is SGD $20.3 million (CAD $18.2 million) or CAD $0.125 per SEGI share.
Regarding the results for 2015 and the outlook for 2016, Charles Spackman, Chairman and Chief Executive Officer of the Company, said, "Spackman Entertainment has announced plans to restructure its investments to dispose of Opus Pictures which has recorded losses for the past several years. This will streamline our core operations and allow us to better focus our resources on the profitable theatrical film businesses carried out by Zip Cinema (100% owned) and Novus Mediacorp (51.0% owned).
"Our goal for our shareholders continues to be to maximize, and ultimately realize, the value of the Company's core investments in the Korean film and entertainment business."
The audited financial statements for the year ended December 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. Its 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact Information:
Spackman Equities Group Inc.
Richard Lee
+852 8191 3370
info@spackmanequities.com
www.spackmanequities.com