Spackman Entertainment Group Enters into Memorandum of Understanding with Korean Strategic Partner for the Proposed Partnership in Entertainment-related Business and Investment

  • Under
    the Proposed Partnership, the Group's Korean strategic partner, Sunwoo Produce which
    shall be the single largest shareholder of ESA, an entertainment company listed
    on the KOSDAQ, intends to collaborate with the Group to penetrate new overseas
    market in entertainment-related content and businesses, and strategically
    invest into the Group and/or its affiliates
  • The Proposed Partnership can
    enable both parties to utilize their respective networks and resources to
    expand their foothold in entertainment-related sectors across multiple regions

OutReach�- 5 November
2019 - Spackman Entertainment Group Limited ("Spackman
Entertainment Group
" or the "Company" and together with its
subsidiaries, the "Group"), wishes to announce that yesterday it has entered
into a non-binding memorandum of understanding with a strategic partner, Sunwoo
Produce Inc. ("Sunwoo Produce"), a company incorporated in the Republic
of Korea, to collaborate in entertainment-related business and investment (the
"Proposed Partnership").

Sunwoo Produce has signed a
definitive share purchase agreement (the "Share Purchase") on 18 October
2019 to acquire 15.68% of ESA Co. Ltd. ("ESA"), an entertainment company
listed on the KOSDAQ. Following the completion of the Share Purchase, which is
expected to be in the second half of this month, Sunwoo Produce will become the
single largest shareholder of ESA.

Under the Proposed Partnership,
Sunwoo Produce and the Group shall collaborate in opportunities for overseas
production, investment and distribution of various entertainment-related
content and businesses by utilizing the Group's global networks. Sunwoo Produce
and its affiliates, including but not limited to ESA, shall seek opportunities
to strategically invest into the Group and/or its affiliates.

In addition, Sunwoo Produce and
the Group intend to partner in other entertainment-related businesses and
projects such as film/TV production, talent management, and other media
businesses in the markets of Korea, Southeast Asia, and U.S. The Group shall
also arrange foreign investors for Sunwoo Produce, as well as advise and assist
in the management of the overseas business of ESA.

Sunwoo Produce and the Group
shall also cooperate to establish a fund focusing on investments in
entertainment and technology, which is to be co-managed by the Group and Sunwoo

The Proposed Partnership can
allow both parties to utilize their respective networks and resources in order
to venture and expand their foothold in entertainment-related sectors across multiple

The memorandum of understanding
of the Proposed Partnership shall be terminated if a definitive agreement is
not executed by 31 December 2019, unless extended by mutual written agreement.

The Company will update its
shareholders as and when there are any material developments and/or upon
execution of definitive agreements in relation to the Proposed Partnership.

About Spackman Entertainment Group Limited

Spackman Entertainment Group
Limited ("SEGL" or the "Company"), and together with its
subsidiaries, (the "Group"), one of
Korea's leading entertainment production groups founded by Mr. Charles
Spackman, is primarily engaged in the independent development, production,
presentation, and financing of theatrical motion pictures in Korea. In order to
diversify our revenue streams, we have expanded our business portfolio to
include the production of Korean television dramas. In addition to our content
business, we also make investments into entertainment companies and film funds
that can financially and strategically complement our existing core operations.
SEGL is listed on the Catalist of the Singapore Exchange Securities Trading
Limited under the ticker 40E.

SEGL's Zip Cinema Co., Ltd. ("Zip Cinema") is one of the most
recognised film production labels in Korea and has originated and produced some
of Korea's most commercially successful theatrical films, consecutively
producing 9 profitable movies since 2009 representing an industry leading track
record. Recent theatrical releases of Zip Cinema's motion pictures include some
of Korea's highest grossing and award-winning films such as DEFAULT (2018), MASTER (2016), THE PRIESTS
(2015), COLD EYES (2013), and ALL ABOUT MY WIFE (2012). For more
information on Zip Cinema, do visit��

SEGL also owns Novus Mediacorp
Co., Ltd. ("Novus Mediacorp"), an
investor, presenter, and/or post-theatrical distributor for a total of 79 films
(58 Korean and 21 foreign) including ROSE
, THE OUTLAWS and SECRETLY, GREATLY, which was one of the
biggest box office hits of 2013 starring Kim Soo-hyun of MY LOVE FROM THE STARS fame, as well as FRIEND 2: THE GREAT LEGACY. In 2012, Novus Mediacorp was also the
post-theatrical rights distributor of ALL
, a top-grossing romantic comedy produced by Zip Cinema. In
2018, THE OUTLAWS, co-presented by
Novus Mediacorp broke the all-time highest Video On Demand ("VOD") sales records in Korea. For more
information on Novus Mediacorp, do visit��

Our films are theatrically
distributed and released in Korea and overseas markets, as well as for
subsequent post-theatrical worldwide release in other forms of media, including
cable TV, broadcast TV, IPTV, video-on-demand, and home video/DVD, etc. We
release all of our motion pictures into wide-theatrical exhibition initially in
Korea, and then in overseas and ancillary markets.

We also operate a caf�-lounge
called Upper West, in the Gangnam district of Seoul and own a professional
photography studio, noon pictures Co., Ltd..

The Company holds an effective
shareholding interest of 43.88% in Spackman Media Group Limited ("SMGL"). 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 MS Team Entertainment Co., Ltd., UAA & Co Inc., Fiftyone K
Inc., SBD Entertainment Inc., and Kook Entertainment Co., Ltd. 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. SMGL is an associated company of the Company.

The Group owns a 100% equity interest in Frame Pictures Co., Ltd.�("Frame Pictures"). Frame Pictures is a leader in the movie/drama equipment leasing business in Korea. Established in 2014, Frame Pictures has worked with over 25 top directors and provided the camera and lighting equipment for some of Korea's most notable drama and movie projects�including the upcoming Korean film�GIRL COPS�(2018) featuring Wi Ha-jun of SMGL and�THE GREATEST DIVORCE�(2018) starring Bae Doona of SMGL.�In 2018, Frame Pictures has also won contracts to supply equipment to�FOUR MEN�(2019), ASADAL CHRONICLES�(2019), THE CROWNED CLOWN�(2019), THE BEAUTY INSIDE�(2018), HUNDRED MILLION STARS FROM THE SKY�(2018),LOVELY HORRIBLY�(2018),�THE GUEST�(2018), historical Korean movie�MALMOI,�SUITS�(2018) featuring Park Hyung-sik of SMGL,�MISTRESS�(2018),�LIFE�(2018),�LIVE�(2018) starring Lee Kwang-soo of�RUNNING MAN,�MY MISTER�(2018) and Netflix's first Korean original production�LOVE ALARM(2018).

The Company owns a 100% equity interest Take Pictures Pte. Ltd.�("Take Pictures") which has an upcoming film�STONE SKIPPING�and a line-up of other films such as the co-production with Zip Cinema for�THE PRIESTS 2.

The Company owns a 100% equity interest in Constellation Agency Pte. Ltd.�("Constellation Agency"). Constellation Agency, which owns The P Factory Co., Ltd. ("The P Factory") and Platform Media Group Co., Ltd. ("PMG"), is primarily involved in the business of overseas agency for Korean artists venturing into the overseas market. The P Factory is an innovative marketing solutions provider specializing in event and branded content production. PMG is a talent management agency which represents and manages the careers of major artists in film, television, commercial endorsements, and branded entertainment.

The Company owns a
100% equity interest in Greenlight Content Limited which is mainly involved in the business of
investing into dramas and movies, as well as providing consulting services for
the production of Korean content.

The Company owns a 100% equity
interest in Simplex Films Limited ("Simplex Films") which is an early
stage film production firm. Simplex Films has several
films in the pipeline including, A BOLT FROM THE BLUE, IRREVOCABLE

For more details, do visit

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