Business
Spackman Equities Group Inc. Provides Update on Reverse Take-over with Crystal Planet Limited
Toronto, Ontario--(Newsfile Corp. - August 4, 2023) - Spackman Equities Group Inc. (TSXV: SQG) ("...
About this update from Spackman Equities Group Inc.
[{"type":"text","content":"Spackman Equities Group Inc. Provides Update on Reverse Take-over with Crystal Planet LimitedToronto, Ontario--(Newsfile Corp. - August 4, 2023) - Spackman Equities Group Inc. (TSXV: SQG) (\"SQG\" or the \"Company\") wishes to provide an update on the reverse take-over (the \"RTO\") with Crystal Planet Limited (\"CPL\") described in the press release of the Company dated February 6, 2023. Share Exchange Agreement The Company and CPL have agreed to amend the share exchange agreement (the \"Agreement\") pursuant to which SQG will acquire all of the issued and outstanding shares in the capital of CPL from the shareholders of CPL (collectively, the \"Vendors\"). The amended Agreement will be available on the Company's SEDAR profile and the disclosure in this press release reflect the current Agreement. In addition to the details noted below, the Company wishes to note that the outside date for completion of the RTO has been extended from June 30, 2023 to October 31, 2023.CPL CPL is a private company incorporated under the laws of Hong Kong with two wholly-owned subsidiaries, SBD Entertainment Inc. and MSTeam Entertainment Co., Ltd. that operate full-service talent agencies, representing some of the top artists in the Korean entertainment industry. CPL leverages its portfolio of artists as a platform to develop, produce, finance, and own the highest quality of entertainment content projects, including theatrical motion pictures and TV dramas. This platform also creates and derives opportunities to provide entertainment media consulting services as well as to make strategic investments in development stage businesses that can collaborate with represented artists. The Target's revenue is derived mainly from talent management services, including the artists' participation in advertisements, television programs and other entertainment content projects, including artists' appearances at fan-meeting events, and is based on contractual arrangements between the Target and the artists it manages. The following table sets out certain selected audited financial information of CPL for the year ended December 31, 2022. All figures below are presented in US$. Revenue$16,159,528Total expenses$(13,864,366)Net income (loss) before income taxes $2,295,162Comprehensive income (loss)$1,692,801Earnings (loss) per share - basic and diluted$0.209Weighted a...