SINGAPORE - Media OutReach Newswire - 28 February 2025 – Spackman Entertainment Group Limited (the "Group"), one of Korea's leading entertainment production groups founded in 2011 by global media & technology investor Charles Spackman, wishes to announce that the Group returned to profitability, recording US$3.52 million in total comprehensive income for the financial year ended 31 December 2024 ("FY2024") as compared to a total comprehensive loss of US$8.47 million for the financial year ended 31 December 2023 ("FY2023").

The turnaround was mainly due to an increase of US$6.53 million in other income and gains year-on-year to US$6.56 million for FY2024, which was primarily driven by the reversal of an impairment loss on the share of results of the Group's 43.88%-owned associated company, Spackman Media Group Limited ("SMGL"), by US$5.96 million. This was in relation to the successful listing of Crystal Planet Limited, one of Spackman Media Group Limited's subsidiaries, through a reverse takeover transaction on the TSX Venture Exchange, as announced by the Group on December 6, 2024.

The Group's wholly-owned indirect subsidiary Studio Take Co., Ltd. ("Studio Take") released the Korean adaptation of the Taiwanese hit YOU ARE THE APPLE OF MY EYE on 21 February 2025 in Korean theatres. The romance film remake originally premiered at the 29^th Busan International Film Festival in October 2024. Studio Take plans to release an upcoming film project titled THE GUEST, which is currently in post-production and tentatively scheduled for release in late 2025 or early 2026. The film is based on the short film with the same title directed by Yeon Je-gwang, which was invited to the 2016 Cannes Film Festival.

To sustain the Group's business operations amidst the current slowdown in the Korean movie industry, the Group plans to continue to streamline its existing operations, and explore new business initiatives as well as strategic alternatives.