TORONTO, ONTARIO and SEOUL, KOREA--(Marketwired - Jul 30, 2013) - Spackman Equities Group Inc. ("SEGI") (TSX VENTURE:SQG) announced that COLD EYES, the summer blockbuster produced by its Korean movie production subsidiary, Zip Cinema Co., Ltd. ("Zip"), has been invited to the Gala Presentations at the 2013 Toronto International Film Festival ("TIFF"), which is set to run September 5-15. Variety magazine described the TIFF as "second only to Cannes in terms of high profile pics, stars, and market activity."
COLD EYES, a story of a highly specialized police surveillance team tasked with tracking down an elusive and merciless leader of a dangerous criminal organization, will make its North American debut at the 38th annual TIFF. It becomes only the third Korean film to be invited to the Gala Presentations, which serves to showcase only the best films at the festival. Directors Jo Eui-seok and Kim Byeong-seo and the film's stars, Seol Kyeong-gu, Jung Woo-sung, Han Hyo-joo, and Junho, of the K-pop group 2PM are expected to participate in the red carpet event. (www.tiff.net/filmsandschedules/festival/2013/coldeyes)
As of today, according to official data provided by the Korea Box Office Information System, COLD EYES has sold 5.28 million tickets in just 27 days, making it the fourth most watched film of the year. Since its release on July 3, 2013, the film has grossed KRW 37.8 billion (CAD 34.9 million). Considering its total budget of KRW 4.5 billion (CAD 4 million), the film is a critical and commercial success as it recouped its production budget and the marketing costs within 6 days of release. (www.coldeyes.co.kr)
In Korea, as the production company generally takes 40% of the net profit from a film's box office performance and ancillary revenues, the potential box office success of COLD EYES is expected to contribute significantly to the future bottom line of Zip, and ultimately, to the profits of SEGI, which indirectly owns 68% of Zip through its entertainment holding subsidiary, Spackman Entertainment Group Limited.
The last film produced by Zip, ALL ABOUT MY WIFE (2012), was Korea's highest grossing romantic comedy of all time, selling over 4.6 million tickets and grossing over KRW 34.2 billion (CAD 31.4 million). Zip is led by its founder and CEO Eugene Lee, whom Hollywood's Variety selected in 2007 as one of the world's "10 Producers to Watch."
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 68.2% ownership of two leading Korean movie production companies, Opus Pictures Co., Ltd. ("Opus") and Zip Cinema Co., Ltd. ("Zip");
- 100% of Spackman Entertainment Korea Inc., an investment company that invests into films produced by Opus and Zip;
- indirectly-held 67.4% ownership of Upper West Inc. which owns and operates the Martini Kitchen, an entertainment café and lounge located in Seoul, Korea:
- 100% of SEGI Investments Limited, an investment company that invests into Korean public equities;
Visit www.spackmanequities.com for further information.
About Zip Cinema Co., Ltd.
Zip Cinema Co., Ltd. ("Zip") is a Korean movie production firm founded by veteran film producer Eugene Lee, who was named in 2007 as one of the world's "10 Producers to Watch" by Variety, the leading Hollywood journal. Established on December 23, 2005 in the Republic of Korea, Zip engages in the development, production, financing, and distribution of theatrical motion pictures with a strong commitment to bringing original content to moviegoers from the most innovative Korean filmmakers. From its early days, Zip has achieved notable critical and box office success with such hits as VOICE OF A MURDERER (2006) which sold 3.25 million tickets at the domestic box office and HAPPINESS, a film that premiered at the Toronto International Film Festival in 2007. WOOCHI (2009), with 6.2 million tickets sold domestically, became one of the highest grossing movies in Korean movie history and also achieved significant success in overseas markets. HAUNTERS (2010) also achieved over 2.5 million tickets domestically, establishing Zip's reputation as a serial hit-maker. Zip's film in 2012, ALL ABOUT MY WIFE, opened in Korean theaters in May 2012, and eventually sold over 4.6 million tickets (and grossing over KRW 34.2 billion) domestically, becoming Korea's highest-grossing romantic comedy of all time. Zip's most recent release, COLD EYES, a crime thriller, opened in Korean theaters on July 3, 2013, and posted the best opening weekend performance to date by any film in 2013 in Korea. Films produced by Zip are also licensed to ancillary markets including new media, cable, broadcast television, and home video/DVD and its films are distributed and shown in Korea and internationally.
Visit www.zipcine.com for further information.
About Toronto International Film Festival
Founded in 1976 with the aim to showcase the best films from around the world, the Toronto International Film Festival has become the largest in North America with over 400,000 attendees in 2012 watching 372 films from 72 countries. By claiming early September, the TIFF has also become one of the most important and influential film events of the year as it marks the unofficial start for potential Oscar nominees. TIFF is also unique in that the major prize, the People's Choice Award, is not awarded by jury, but rather given to the film with the highest ratings as voted by the TIFF attendees.
Visit www.tiff.net for further information.
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