[News] 130709 Spackman Equities Subsidiary Zip Cinema’s Cold Eyes Dominates Korean Box Office

TORONTO, ONTARIO and SEOUL, KOREA — (Marketwired) — 07/09/13 — Spackman Equities Group Inc. (“SEGI”) (TSX VENTURE:SQG) announced today that COLD EYES, the highly anticipated summer blockbuster produced by its Korean movie production subsidiary, Zip Cinema Co., Ltd. (“Zip”), finished #1 at the Korean box office this past weekend. COLD EYES surpassed Hollywood blockbuster, WORLD WAR Z, knocking it from the top spot. The movie posted the best opening weekend performance to date by any film this year in Korea. According to official data provided by the Korea Box Office Information System, COLD EYES sold an estimated 1.97 million tickets since its opening day on July 3, 2013, grossing KRW 14.3 billion (CAD 13.2 million) over its first 6 days, and capturing over 52% of the nation’s box office gross revenues during the period.

With a total budget of approximately KRW 4.5 billion (CAD 4 million), COLD EYES is a crime thriller directed by Jo Eui-seok and Kim Byeong-seo, and features top Korean stars, Seol Kyeong-gu, Jung Woo-sung, Han Hyo-joo, and Junho, of the K-pop group 2PM. Han plays Ha Yoon-Ju, a rookie member of the Special Forces Unit of the Korean Police specializing in covert surveillance of high profile criminal targets, who teams up with veteran team leader Hwang Sang-jun (played by Seol) to track down James (played by Jung), an elusive and merciless leader of a dangerous criminal organization.

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 film has already recouped its production budget and the marketing costs, reaching the breakeven point (estimated at 2 million tickets) in its first 6 days.

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”.

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.

cr : stockhouse.com

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