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Sep 4, 2017

Spackman Entertainment Group's Upcoming Korean Movie with Working Title SOVEREIGN DEFAULT to be Produced by Zip Cinema

SOVEREIGN DEFAULT, a Korean financial crisis movie, will be produced by Zip Cinema on the heels of GOLDEN SLUMBER

Film to commence filming at end of 2017 or early 2018 and targeted to open in Korean theatres in the second half of 2018

Spackman Entertainment Group Limited ("Spackman Entertainment Group" or the "Company" and together with its subsidiaries, the "Group"), one of Korea's leading entertainment production groups, wishes to announce that the next major film by Zip Cinema Co., Ltd. ("Zip Cinema"), the Company's indirect wholly-owned subsidiary, after "GOLDEN SLUMBER" will be "SOVEREIGN DEFAULT" (working title). The film will be distributed by CJ Entertainment.

Against the backdrop of the 1997 Asian Financial Crisis, SOVEREIGN DEFAULT is a historical financial thriller depicting the behind-the-scenes story of the tumultuous week leading up to the rescue package agreed upon between the International Monetary Fund ("IMF") and the Republic of Korea to prevent bankruptcy.

SOVEREIGN DEFAULT will be Zip Cinema's next movie after GOLDEN SLUMBER and will commence filming at end of 2017 or early 2018. The film is targeted to open in Korean theatres in the second half of 2018 on the heels of the release of GOLDEN SLUMBER. In order to take advantage of one of the peak box office weeks of the year and in anticipation of the future easing of China-Korea relations, Zip Cinema has secured the coveted 2018 Chinese New Year holiday (February 2018) for the release of GOLDEN SLUMBER.

Mr. Charles Spackman, Executive Chairman & Chief Executive Officer of Spackman Entertainment Group, said, "We are pleased to introduce SOVEREIGN DEFAULT, the next major Zip Cinema film after GOLDEN SLUMBER, the latter of which has secured the golden box office slot of Chinese New Year. Zip Cinema will have two films released in the 2018 fiscal year and we hope that these timely releases will increase Zip Cinema's chances of continuing its long streak of commercially successful films."

The estimated total production budget (including prints and advertising costs) for SOVEREIGN DEFAULT is tentatively set at approximately KRW9.7 billion (or US$8.6 million).

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