SINGAPORE – Spackman Entertainment Group Limited, one of Korea’s leading entertainment production groups, announced that it plans to launch its own Korean entertainment utility tokens ‘K Coins’ through an Initial Coin Offering ‘ICO’ (the “Proposed ICO”).

K Coins can grant token holders future access to products and services originating from Spackman Entertainment Group, including but not limited to merchandise or premium content or events related to hit movies and dramas produced by the Group. In addition, the Group intends to partner with the Company’s associated company, Spackman Media Group Limited (“SMGL”), the largest entertainment talent agency in Korea, to allow K Coins to be used towards the participation and/or purchase of artist-based projects, such as photography works, fan meetings, concerts and merchandise.

The Proposed ICO is still at a preliminary stage of discussions with various parties and the entry of any definitive agreement(s) will be subject to, inter alia, completion of the Company’s due diligence exercise, receipt of approval from the shareholders of the Company if necessary, all other necessary approvals and consents from the relevant parties and regulators. The Company will seek professional advice from qualified legal practitioners to ensure that the Proposed ICO is in compliance with all applicable laws, rules and regulations in Singapore, including legislation for combating money laundering and terrorism financing.

The Company will update its shareholders as and when there are any material developments and/or upon execution of definitive agreements in relation to the Proposed ICO.