• Simplex is an early stagefilm production firm headed by veteran Korean producer, Ms. Lim Ji-young
• Simplex's first film, JESTERS: THE GAME CHANGERS, a historicalcomedy film starring Cho Jin-woong of THE SPY GONE NORTH(2018) and Son Hyun-joo of ORDINARY PERSON (2017), is expected to be released in August 2019 in Korea
• Acquisition of Simplex enables the Group to expandits film production capacity annually and strengthen the performance of itsfilm production business

SINGAPORE- Media OutReach - 15 July 2019 - SpackmanEntertainment Group Limited ("Spackman Entertainment Group" or the "Company"and together with its subsidiaries, the "Group"), one of Korea's leadingentertainment production groups founded by media investor Charles Spackman,wishes to announce that the Company has entered into a sale and purchaseagreement with four independent third parties to acquire the entire issued andpaid-up share capital of Simplex Films Limited (the "Target Company" or "Simplex")(the "Proposed Acquisition").

The Target Company, a company incorporated in HongKong, owns 100% equity interest in Simplex Films Co., Ltd.  which is founded on 9 May 2014 in theRepublic of Korea. Simplex is an early stage film production firm headed byveteran Korean producer, Lim Ji-young.   She has achieved the following accolades,namely, 2014 PGK (Producer Guild of Korea) Vice President, 2014 Winner for BestFemale Producer of the 15th Annual Woman's Film Awards, 2012 Grand Prize forBest Story for DEMIHUMAN from theKorean Creative Contents Agency and 2012 Grand Prize for Best Story for DEMI HUMAN from theMinistry of Culture, Sports and Tourism.

Simplex intends to produce top quality films to betheatrically released and distributed in Korea and overseas. Simplex shallfirst release its films initially in Korea and subsequently in post-theatricalmarkets such as cable television, broadcast television, IPTV, video-on-demand,and home video/DVD, etc.

Simplex's upcoming film, JESTERS: THE GAMECHANGERS, a historical comedy film starring Cho Jin-woong of INTIMATE STRANGERS (2018) and THE SPY GONENORTH (2018) and Son Hyun-joo of ORDINARYPERSON (2017), is expected to be released in August 2019 in Korea. Thefilm, which is currently in the post-production stage, is distributed by WarnerBros. Korea and directed by Kim Joo-ho. Kim Joo-ho wasnominated for the Best New Director at the 49^th DAEJONG Film Awardsand the 33^rd Blue Dragon Film Awards. Notably, he won the OrientExpress Award at the 33^rd Fantasporto - Oporto International FilmFestival.

JohnKo, Chief Executive Officer of Spackman Entertainment Group said, "Through theacquisition of Simplex, the Group shall be able to expand its film production capacityand look forward to positive contribution from Simplex's maiden film withinthis fiscal year." 

JESTERS: THEGAME CHANGERS relates the story of a'gang of clowns' that manipulates rumors throughout the country and stirs thepublic. The 'gang of clowns' is discovered by Han Myung-hoe (played by SonHyun-joo), the most powerful man in Joseon, and creates legendary stories aboutKing Sejo (played by Park Hee-soon).

Simplex also has the following tentative pipelineof films, namely, A BOLT FROM THE BLUE, IRREVOCABLE PROMISE, OUR SUPERSTARK, HAPPY MURDER, GIRL CRUSH and TEMPTATION. Directed by Kim Ji-mok,A BOLT FROM THE BLUE is a remake of a 2014 Japanese comedy drama and scheduledto start production in 2019.

Thetotal purchase consideration for the Proposed Acquisition shall be 165,000,000newly issuedordinary shares of the Company at S$0.02 per share, which was arrived atfollowing arm's length negotiations on a willing buyer, willing seller basis, aswell as reviewing the average of the Group's past one month's volume weightedaverage price of approximately S$0.018, and taking into account, inter alia, theTarget Company's unaudited net profit before tax of KRW72,288,446(approximately S$83,743)[1] for theperiod from 1 January 2019 to 31 May 2019.

The Group believes that the Proposed Acquisitioncan enable the Group to be better positioned to invest into Simplex's pipelineof -quality films in terms of script and casting in order to seek higherreturns as both a film producer and an investor.

The Proposed Acquisition is in line with theGroup's strategy of aggressively looking out for acquisitions that can addaccretive value to the Group's existing film production business. The Groupviews that Simplex is equipped with the capability to produce top quality filmsbased on Ms. Lim Ji-young's track record and experience in film production. TheProposed Acquisition also allows the sharing of networks and resources to bringabout higher business synergy and efficiency in the Group's film productionbusiness segment.

About Spackman Entertainment Group Limited

SpackmanEntertainment Group Limited ("SEGL"or the "Company"), and together withits subsidiaries, (the "Group"), oneof Korea's leading entertainment production groups founded by investmentveteran, Mr. Charles Spackman, is primarily engaged in the independentdevelopment, production, presentation, and financing of theatrical motionpictures in Korea. In order to diversify our revenue streams, we have expandedour business portfolio to include the production of Korean television dramas.In addition to our content business, we also make investments intoentertainment companies and film funds that can financially and strategicallycomplement our existing core operations. SEGL is listed on the Catalist of theSingapore Exchange Securities Trading Limited under the ticker 40E.

SEGL'sZip Cinema Co., Ltd. ("Zip Cinema")is one of the most recognised film production labels in Korea and hasoriginated and produced some of Korea's most commercially successful theatricalfilms, consecutively producing 9 profitable movies since 2009 representing anindustry leading track record. Recent theatrical releases of Zip Cinema'smotion pictures include some of Korea's highest grossing and award-winningfilms 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 https://zipcine.com  

SEGLalso owns Novus Mediacorp Co., Ltd. ("NovusMediacorp"), an investor, presenter, and/or post-theatrical distributor fora total of 79 films (58 Korean and 21 foreign) including ROSE OF BETRAYAL, THE OUTLAWSand SECRETLY, GREATLY, which was oneof 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 ABOUT MY WIFE, a top-grossingromantic comedy produced by Zip Cinema. In 2018, THE OUTLAWS, co-presented by Novus Mediacorp broke the all-timehighest Video On Demand ("VOD")sales records in Korea. Novus Mediacorp is currently in the process of seekinga listing on the Singapore Stock Exchange. For more information on NovusMediacorp, do visit  https://novusmediacorp.com 

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

Wealso operate a café-lounge called Upper West, in the Gangnam district of Seouland own a professional photography studio, noon pictures Co., Ltd..

TheCompany holds an effective shareholding interest of 43.88% in Spackman MediaGroup Limited ("SMGL"). SMGL, acompany incorporated in Hong Kong, together with its subsidiaries, iscollectively one of the largest entertainment talent agencies in Korea in termsof the number of artists under management, including some of the top names inthe Korean entertainment industry. SMGL operates its talent management businessthrough renowned agencies such as MS Team Entertainment Co., Ltd., UAA & CoInc., Fiftyone K Inc., SBD Entertainment Inc., and Kook Entertainment Co., Ltd.Through these full-service talent agencies in Korea, SMGL represents and guidesthe professional careers of a leading roster of award-winning actors/actressesin the practice areas of motion pictures, television, commercial endorsements,and branded entertainment. SMGL leverages its unparalleled portfolio of artistsas a platform to develop, produce, finance and own the highest quality ofentertainment content projects, including theatrical motion pictures, varietyshows, and TV dramas. This platform also creates and derives opportunities forSMGL to make strategic investments in development stage businesses that cancollaborate with SMGL artists. SMGL is an associated company of the Company.

The Group owns a 100% equity interest inFrame Pictures Co., Ltd. ("Frame Pictures"). Frame Pictures is aleader in the movie/drama equipment leasing business in Korea. Established in2014, Frame Pictures has worked with over 25 top directors and provided thecamera and lighting equipment for some of Korea's most notable drama and movieprojects including the upcoming Korean film GIRL COPS (2018) featuring rising starWi Ha-jun of SMGL and THE GREATESTDIVORCE (2018) starring Bae Doona of SMGL. In 2018, Frame Pictures has also won contracts to supplyequipment 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), THEGUEST (2018), historical Korean movie MALMOI, SUITS (2018) featuringPark 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). Frame Pictures andNovus Mediacorp are currently seeking to list on the Singapore Stock Exchange.

The Company owns a 100% equity interestin Take Pictures Pte. Ltd.("Take Pictures") which has a stronglineup of 10 film projects including STONESKIPPING and the co-production with Zip Cinema for THE PRIESTS 2.

The Company owns a 100% equity interestin Constellation Agency Pte. Ltd. ("ConstellationAgency"). Constellation Agency, which owns The P Factory Co., Ltd. ("The P Factory") and Platform MediaGroup Co., Ltd. ("PMG"), isprimarily involved in the business of overseas agency for Korean artistsventuring into the overseas market. The P Factory is an innovative marketingsolutions provider specializing in event and branded content production. PMG isa talent management agency which represents and manages the careers of majorartists in film, television, commercial endorsements, and brandedentertainment.

The Company owns a 100% equity interest in Greenlight ContentLimited which is mainly involvedin the business of investing into dramas and movies, as well as providingconsulting services for the production of Korean content.

On 7 May 2018, the Company announced thatit would spin-off Novus Mediacorp and Frame Pictures into a combined entity toseek listing on the Catalist Board of the Singapore Exchange Securities TradingLimited to exploit the growing post-theatrical and camera equipment leasingmarkets.

Formore details, do visit https://www.spackmanentertainmentgroup.com/