Seung-Hwan Oh agreed to acquire 40% stake in Spo Live Co., Ltd. from homecast Co., Ltd..
February 15, 2015
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Seung-Hwan Oh agreed to acquire 40% stake in Spo Live Co., Ltd. from homecast Co., Ltd. (KOSDAQ:A064240) on February 16, 2015. Under the terms of the deal, 1600 shares will be acquired. In a related deal, Hot-tech Co., Ltd. (KOSE:A015540) agreed to acquire 25% stake in Spo Live Co., Ltd. from Seung-Hwan Oh for KRW 2 billion on February 16, 2015. Hot-tech Co., Ltd. paid performance bond of KRW 2 billion to Oh, Seung-Hwan, following the contract to acquire 25% stake in Spo Live Co., Ltd. Seung-Hwan Oh will offset the transaction amount for 40% stake in Spo Live Co., Ltd., with the deposit of KRW 2 billion of performance bond received as consideration for 25% stake in Spo Live Co., Ltd. If Seung-Hwan Oh does not acquire shares from homecast Co., Ltd., the entire performance bond will be returned to Hot-tech Co., Ltd.
For the year ended December 31, 2014, Spo Live Co. recorded total assets of KRW 6.7 billion, total liabilities of KRW 8.7 billion, sales revenue of KRW 13.16 million, operating losses of KRW 1.7 billion, net losses of KRW 2.05 billion and negative total stockholders' equity of KRW 2.01 billion.
HOMECAST CO.,LTD. is a Korea-based company specialized in the manufacture of set top boxes (STBs). The Company mainly engaged in the provision of digital STBs and STB components. The company provides its products under the brand name of HOMECAST. The Company distributes its products within domestic market and to overseas markets, including India, China, Japan, Middle East, Africa, Europe and Oceania countries.
HOMECAST CO.,LTD. 
