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$SMCE is going to be massive.
A $45m Acquisition, $15m Immediate Capitalization, $1.5B FUM, $50m PIF, 270m shares to be Cancelled, some of which will need to be covered, Audited financials, Nation Exchange Uplisting. $SMCE
How big is this going, that's the only question remaining.
The $45,000,000 Deal is all but signed, $SMCE is gonna run HUGELY.
Less than 13 business days left $SMCE
$SMCE HUGE Share Cancellation >> SMC is seeking to cancel a total of 270,000,000 restricted shares: (i) 200,000,000 shares held by a former executive; (ii) 30,000,000 shares held by a former consultant; and (iii) 40,000,000 shares from unwinding a prior acquisition. SMC will be creating preferred stock series to incentivize its management team and company insiders, preserving common shares for capital funding while minimizing dilution. At least one preferred stock series will have super-voting rights providing management with expeditious execution of corporate actions.
$SMCE .0105 HUGE Share Cancellation >> SMC is seeking to cancel a total of 270,000,000 restricted shares: (i) 200,000,000 shares held by a former executive; (ii) 30,000,000 shares held by a former consultant; and (iii) 40,000,000 shares from unwinding a prior acquisition. SMC will be creating preferred stock series to incentivize its management team and company insiders, preserving common shares for capital funding while minimizing dilution. At least one preferred stock series will have super-voting rights providing management with expeditious execution of corporate actions.
$SMCE .0105 HUGE Share Cancellation >> SMC is seeking to cancel a total of 270,000,000 restricted shares: (i) 200,000,000 shares held by a former executive; (ii) 30,000,000 shares held by a former consultant; and (iii) 40,000,000 shares from unwinding a prior acquisition. SMC will be creating preferred stock series to incentivize its management team and company insiders, preserving common shares for capital funding while minimizing dilution. At least one preferred stock series will have super-voting rights providing management with expeditious execution of corporate actions.
$45,000,000 acquisition with over $20,000,000 in revenue and $1,300,000 NET PROFIT
Trading at $0.0105 with a market cap of $6,000,000
Also 270,000,000 shares could be cancelled anY TIME
$SMCE
$45,000,000 acquisition with over $20,000,000 in revenue and $1,300,000 NET PROFIT
Trading at $0.0105 with a market cap of $6,000,000
Also 270,000,000 shares could be cancelled anY TIME
$SMCE
$45,000,000 acquisition with over $20,000,000 in revenue and $1,300,000 NET PROFIT
Trading at $0.0105 with a market cap of $6,000,000
Also 270,000,000 shares could be cancelled anY TIME
$SMCE @SMCE92539883
#LIFECHANGING #STOCK
$SMCE .0105 HUGE $45M Deal >> SMC Entertainment acquires 100% equity interest in Genesis Financial
Source: Seeking Alpha
To read the full story on Seeking Alpha, click here.
$SMCE .0105 HUGE $45M Deal >> SMC Entertainment acquires 100% equity interest in Genesis Financial
Source: Seeking Alpha
To read the full story on Seeking Alpha, click here.
$SMCE .012 Monster Definitive Agreement >> Pursuant to the Agreement:
the acquisition is valued at $45 million;
SMC will issue convertible Series B Preferred Shares ("Series B Preferred") with a redemption value equal to $45 million;
The Series B Preferred are convertible to common shares, in accordance with the SEC Rule 144 restrictions, at a discount of 10% to the preceding 10-day weighted average price prior to any conversion;
The new board is authorized to issue up to 20m warrants to Genesis stakeholders and other strategic partners, vendors and advisors at an exercise price of $1 per warrant with a 3-year exercise period from the date of issue;
Genesis shall be entitled to nominate two members to the board of directors and the management and executive team of the company will be expanded to reflect the new growth platform. The board will negotiate management and consulting agreements with the extended executive and management team;
Immediately on closing, SMC will perform a 2-year audit of its financial statements, attain a reporting issuer status with the SEC, undertake a company name and symbol change, and commence the process to up list to a senior public listing exchange; and
SMC will embark on a capital raise of $15 million for further expansion, acquisitions and working capital.
$SMCE .012 Monster Definitive Agreement >> Pursuant to the Agreement:
the acquisition is valued at $45 million;
SMC will issue convertible Series B Preferred Shares ("Series B Preferred") with a redemption value equal to $45 million;
The Series B Preferred are convertible to common shares, in accordance with the SEC Rule 144 restrictions, at a discount of 10% to the preceding 10-day weighted average price prior to any conversion;
The new board is authorized to issue up to 20m warrants to Genesis stakeholders and other strategic partners, vendors and advisors at an exercise price of $1 per warrant with a 3-year exercise period from the date of issue;
Genesis shall be entitled to nominate two members to the board of directors and the management and executive team of the company will be expanded to reflect the new growth platform. The board will negotiate management and consulting agreements with the extended executive and management team;
Immediately on closing, SMC will perform a 2-year audit of its financial statements, attain a reporting issuer status with the SEC, undertake a company name and symbol change, and commence the process to up list to a senior public listing exchange; and
SMC will embark on a capital raise of $15 million for further expansion, acquisitions and working capital.
Closing Terms of $45,000,000 Deal >> The Genesis acquisition is scheduled to close on or before December 10th, 2021. Salient points of the SMC, Genesis transaction are set out as follows;
Pursuant to the Agreement:
the acquisition is valued at $45 million;
SMC will issue convertible Series B Preferred Shares ("Series B Preferred") with a redemption value equal to $45 million;
The Series B Preferred are convertible to common shares, in accordance with the SEC Rule 144 restrictions, at a discount of 10% to the preceding 10-day weighted average price prior to any conversion;
The new board is authorized to issue up to 20m warrants to Genesis stakeholders and other strategic partners, vendors and advisors at an exercise price of $1 per warrant with a 3-year exercise period from the date of issue;
Genesis shall be entitled to nominate two members to the board of directors and the management and executive team of the company will be expanded to reflect the new growth platform. The board will negotiate management and consulting agreements with the extended executive and management team;
Immediately on closing, SMC will perform a 2-year audit of its financial statements, attain a reporting issuer status with the SEC, undertake a company name and symbol change, and commence the process to up list to a senior public listing exchange; and
SMC will embark on a capital raise of $15 million for further expansion, acquisitions and working capital.
BOOOOM, $SMCE HUGE NEWS OUT >> SMC Acquires 100% Equity Interest in Genesis Financial Inc., a Fintech-Powered Wealth Management Service Provider
Press Release | 11/22/2021
POINT ROBERTS, WA / ACCESSWIRE / November 22, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) is pleased to announce that it has executed a definitive share purchase agreement ("Agreement") acquiring 100% equity interest in Genesis Financial, Inc. ("Genesis"), a diversified financial services company with a focus on fintech-powered wealth management advisory services.
Genesis, currently having 23 employees under its purview along with 120 financial consultants, advisors, and representatives,operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. For the nine months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT (Earnings Before Income Tax) of approximately $1,035,600 (AUD$1,403,919). All figures are unaudited.
The Genesis acquisition is scheduled to close on or before December 10th, 2021. Salient points of the SMC, Genesis transaction are set out as follows;
Pursuant to the Agreement:
the acquisition is valued at $45 million;
SMC will issue convertible Series B Preferred Shares ("Series B Preferred") with a redemption value equal to $45 million;
The Series B Preferred are convertible to common shares, in accordance with the SEC Rule 144 restrictions, at a discount of 10% to the preceding 10-day weighted average price prior to any conversion;
The new board is authorized to issue up to 20m warrants to Genesis stakeholders and other strategic partners, vendors and advisors at an exercise price of $1 per warrant with a 3-year exercise period from the date of issue;
Genesis shall be entitled to nominate two members to the board of directors and the management and executive team of the company will be expanded to reflect the new growth platform. The board will negotiate management and consulting agreements with the extended executive and management team;
Immediately on closing, SMC will perform a 2-year audit of its financial statements, attain a reporting issuer status with the SEC, undertake a company name and symbol change, and commence the process to up list to a senior public listing exchange; and
SMC will embark on a capital raise of $15 million for further expansion, acquisitions and working capital.
"I am very pleased that the first stage of our consolidation and growth plan has been completed, and we look forward to working together to take our company to the next phase of its development." stated Warwick Kerridge, Chairman of Genesis. "We are now positioned to finalize a business model that delivers for our advisors, and those wishing to join us, an opportunity to generate both revenues and value for themselves. This includes our dealer group and delivers to our clients the best practice advisory platform. Finally, but by no means least, we are nicely positioned to provide our stakeholders with the opportunity to be with us at such an exciting time in our corporate journey."
Erik Blum President of SMC commented "This is an exciting time and a major inflection point for both companies, as a first step in developing Genesis as the premier FinTech financial services disruptor. The commitment from both teams to realize our combined vision has been tremendous. Management has over 60 years combined experience in financial services, and we have a well-developed plan for disrupting the industry. I am looking forward to quickly closing the transaction, consolidating the books, engaging institutional investment funds, starting the process of up listing, and executing on our clear vision".
Ron Hughes, Chairman and CEO of SMC, stated "The market, I believe will be pleasantly awakened to this acquisition. Genesis has a wonderful path ahead of itself, and I am very pleased that our shareholders will be the beneficiaries of Genesis' expansion into the United States. Closing this transaction can clearly put 2022 on notice, that it will be a rousing year indeed for both Genesis and SMC shareholders."
About Genesis Financial, Inc.
Genesis is a diversified financial services company focusing on fintech-powered Wealth Management business mainly through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.
About SMC Entertainment, Inc.
SMC is a versatile holding company that is focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC's multi-discipline growth by acquisition approach is a building platform and block to enhance revenues and shareholder equity. For more information, visit www.smceinc.com
Press Release Contact:
Ronald E Hughes
Chief Executive Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.com
Safe Harbor Statement
This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, members of its management, and assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
SOURCE: SMC Entertainment, Inc.
BOOOOM, $SMCE HUGE NEWS OUT >> SMC Acquires 100% Equity Interest in Genesis Financial Inc., a Fintech-Powered Wealth Management Service Provider
Press Release | 11/22/2021
POINT ROBERTS, WA / ACCESSWIRE / November 22, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) is pleased to announce that it has executed a definitive share purchase agreement ("Agreement") acquiring 100% equity interest in Genesis Financial, Inc. ("Genesis"), a diversified financial services company with a focus on fintech-powered wealth management advisory services.
Genesis, currently having 23 employees under its purview along with 120 financial consultants, advisors, and representatives,operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. For the nine months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT (Earnings Before Income Tax) of approximately $1,035,600 (AUD$1,403,919). All figures are unaudited.
The Genesis acquisition is scheduled to close on or before December 10th, 2021. Salient points of the SMC, Genesis transaction are set out as follows;
Pursuant to the Agreement:
the acquisition is valued at $45 million;
SMC will issue convertible Series B Preferred Shares ("Series B Preferred") with a redemption value equal to $45 million;
The Series B Preferred are convertible to common shares, in accordance with the SEC Rule 144 restrictions, at a discount of 10% to the preceding 10-day weighted average price prior to any conversion;
The new board is authorized to issue up to 20m warrants to Genesis stakeholders and other strategic partners, vendors and advisors at an exercise price of $1 per warrant with a 3-year exercise period from the date of issue;
Genesis shall be entitled to nominate two members to the board of directors and the management and executive team of the company will be expanded to reflect the new growth platform. The board will negotiate management and consulting agreements with the extended executive and management team;
Immediately on closing, SMC will perform a 2-year audit of its financial statements, attain a reporting issuer status with the SEC, undertake a company name and symbol change, and commence the process to up list to a senior public listing exchange; and
SMC will embark on a capital raise of $15 million for further expansion, acquisitions and working capital.
"I am very pleased that the first stage of our consolidation and growth plan has been completed, and we look forward to working together to take our company to the next phase of its development." stated Warwick Kerridge, Chairman of Genesis. "We are now positioned to finalize a business model that delivers for our advisors, and those wishing to join us, an opportunity to generate both revenues and value for themselves. This includes our dealer group and delivers to our clients the best practice advisory platform. Finally, but by no means least, we are nicely positioned to provide our stakeholders with the opportunity to be with us at such an exciting time in our corporate journey."
Erik Blum President of SMC commented "This is an exciting time and a major inflection point for both companies, as a first step in developing Genesis as the premier FinTech financial services disruptor. The commitment from both teams to realize our combined vision has been tremendous. Management has over 60 years combined experience in financial services, and we have a well-developed plan for disrupting the industry. I am looking forward to quickly closing the transaction, consolidating the books, engaging institutional investment funds, starting the process of up listing, and executing on our clear vision".
Ron Hughes, Chairman and CEO of SMC, stated "The market, I believe will be pleasantly awakened to this acquisition. Genesis has a wonderful path ahead of itself, and I am very pleased that our shareholders will be the beneficiaries of Genesis' expansion into the United States. Closing this transaction can clearly put 2022 on notice, that it will be a rousing year indeed for both Genesis and SMC shareholders."
About Genesis Financial, Inc.
Genesis is a diversified financial services company focusing on fintech-powered Wealth Management business mainly through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.
About SMC Entertainment, Inc.
SMC is a versatile holding company that is focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC's multi-discipline growth by acquisition approach is a building platform and block to enhance revenues and shareholder equity. For more information, visit www.smceinc.com
Press Release Contact:
Ronald E Hughes
Chief Executive Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.com
Safe Harbor Statement
This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, members of its management, and assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
SOURCE: SMC Entertainment, Inc.
BOOOOM, $SMCE HUGE NEWS OUT >> SMC Acquires 100% Equity Interest in Genesis Financial Inc., a Fintech-Powered Wealth Management Service Provider
Press Release | 11/22/2021
POINT ROBERTS, WA / ACCESSWIRE / November 22, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) is pleased to announce that it has executed a definitive share purchase agreement ("Agreement") acquiring 100% equity interest in Genesis Financial, Inc. ("Genesis"), a diversified financial services company with a focus on fintech-powered wealth management advisory services.
Genesis, currently having 23 employees under its purview along with 120 financial consultants, advisors, and representatives,operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. For the nine months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT (Earnings Before Income Tax) of approximately $1,035,600 (AUD$1,403,919). All figures are unaudited.
The Genesis acquisition is scheduled to close on or before December 10th, 2021. Salient points of the SMC, Genesis transaction are set out as follows;
Pursuant to the Agreement:
the acquisition is valued at $45 million;
SMC will issue convertible Series B Preferred Shares ("Series B Preferred") with a redemption value equal to $45 million;
The Series B Preferred are convertible to common shares, in accordance with the SEC Rule 144 restrictions, at a discount of 10% to the preceding 10-day weighted average price prior to any conversion;
The new board is authorized to issue up to 20m warrants to Genesis stakeholders and other strategic partners, vendors and advisors at an exercise price of $1 per warrant with a 3-year exercise period from the date of issue;
Genesis shall be entitled to nominate two members to the board of directors and the management and executive team of the company will be expanded to reflect the new growth platform. The board will negotiate management and consulting agreements with the extended executive and management team;
Immediately on closing, SMC will perform a 2-year audit of its financial statements, attain a reporting issuer status with the SEC, undertake a company name and symbol change, and commence the process to up list to a senior public listing exchange; and
SMC will embark on a capital raise of $15 million for further expansion, acquisitions and working capital.
"I am very pleased that the first stage of our consolidation and growth plan has been completed, and we look forward to working together to take our company to the next phase of its development." stated Warwick Kerridge, Chairman of Genesis. "We are now positioned to finalize a business model that delivers for our advisors, and those wishing to join us, an opportunity to generate both revenues and value for themselves. This includes our dealer group and delivers to our clients the best practice advisory platform. Finally, but by no means least, we are nicely positioned to provide our stakeholders with the opportunity to be with us at such an exciting time in our corporate journey."
Erik Blum President of SMC commented "This is an exciting time and a major inflection point for both companies, as a first step in developing Genesis as the premier FinTech financial services disruptor. The commitment from both teams to realize our combined vision has been tremendous. Management has over 60 years combined experience in financial services, and we have a well-developed plan for disrupting the industry. I am looking forward to quickly closing the transaction, consolidating the books, engaging institutional investment funds, starting the process of up listing, and executing on our clear vision".
Ron Hughes, Chairman and CEO of SMC, stated "The market, I believe will be pleasantly awakened to this acquisition. Genesis has a wonderful path ahead of itself, and I am very pleased that our shareholders will be the beneficiaries of Genesis' expansion into the United States. Closing this transaction can clearly put 2022 on notice, that it will be a rousing year indeed for both Genesis and SMC shareholders."
About Genesis Financial, Inc.
Genesis is a diversified financial services company focusing on fintech-powered Wealth Management business mainly through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.
About SMC Entertainment, Inc.
SMC is a versatile holding company that is focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC's multi-discipline growth by acquisition approach is a building platform and block to enhance revenues and shareholder equity. For more information, visit www.smceinc.com
Press Release Contact:
Ronald E Hughes
Chief Executive Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.com
Safe Harbor Statement
This press release contains statements, which may constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company, members of its management, and assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.
SOURCE: SMC Entertainment, Inc.
$SMCE .0093 270,000,000 Share Cancellation Coming
$SMCE .0093 270,000,000 Share Cancellation Coming
$SMCE .0093 Acquisition to close Soon!
$SMCE .0093 Acquisition to close Soon!
$SMCE .0093 Huge News Out, >> $45,000,000 Acquisition Update >> SMC and Genesis have exchanged second draft of the definitive agreement. SMC anticipates signing the definitive agreement soon and plans to close the acquisition in calendar 2021.
SMC has held discussions with a number of investment banking firms/hedge funds to either lead or syndicate SMC's capital raise to support the Genesis acquisition. SMC will make appropriate announcements once investment partners have been selected.
SMC will be coordinating activities with its securities attorney to file required documentation with the SEC to attain a reporting issuer status. This filing will be after the closing of the Genesis acquisition and completion of consolidated audited financial statements for the combined entities. After becoming a reporting issuer, SMC plans to apply for a company name and symbol change, and up list to a senior exchange.
$SMCE .0093 Huge News Out, >> $45,000,000 Acquisition Update >> SMC and Genesis have exchanged second draft of the definitive agreement. SMC anticipates signing the definitive agreement soon and plans to close the acquisition in calendar 2021.
SMC has held discussions with a number of investment banking firms/hedge funds to either lead or syndicate SMC's capital raise to support the Genesis acquisition. SMC will make appropriate announcements once investment partners have been selected.
SMC will be coordinating activities with its securities attorney to file required documentation with the SEC to attain a reporting issuer status. This filing will be after the closing of the Genesis acquisition and completion of consolidated audited financial statements for the combined entities. After becoming a reporting issuer, SMC plans to apply for a company name and symbol change, and up list to a senior exchange.
$45,000,000 Acquisition Update >> SMC and Genesis have exchanged second draft of the definitive agreement. SMC anticipates signing the definitive agreement soon and plans to close the acquisition in calendar 2021.
SMC has held discussions with a number of investment banking firms/hedge funds to either lead or syndicate SMC's capital raise to support the Genesis acquisition. SMC will make appropriate announcements once investment partners have been selected.
SMC will be coordinating activities with its securities attorney to file required documentation with the SEC to attain a reporting issuer status. This filing will be after the closing of the Genesis acquisition and completion of consolidated audited financial statements for the combined entities. After becoming a reporting issuer, SMC plans to apply for a company name and symbol change, and up list to a senior exchange.
$SMCE $45,000,000 Acquisition+ $15,000,000 Capitalization News >> https://www.otcmarkets.com/stock/SMCE/news/SMC-Signs-a-Letter-of-Intent-to-Acquire-100-Equity-Interest-in-Genesis-Financial-Inc-a-Fintech-Powered-Wealth-Management?id=330054
$SMCE .0093 $45,000,000 Acquisition+ $15,000,000 Capitalization News >> https://www.otcmarkets.com/stock/SMCE/news/SMC-Signs-a-Letter-of-Intent-to-Acquire-100-Equity-Interest-in-Genesis-Financial-Inc-a-Fintech-Powered-Wealth-Management?id=330054
$SMCE .0093 $45,000,000 Acquisition+ $15,000,000 Capitalization News >> https://www.otcmarkets.com/stock/SMCE/news/SMC-Signs-a-Letter-of-Intent-to-Acquire-100-Equity-Interest-in-Genesis-Financial-Inc-a-Fintech-Powered-Wealth-Management?id=330054
$SMCE .0093 Huge Key Points >>
*75% Held by INSIDER'S
*270m Share Cancellation
*$600k Debt Retirement = DEBT FREE = NO DILUTION
*$45m Acquisition brings >>
$21m Revenues//$1.3m Net Profit//$15m New Capitalization//Expansion into U.S.
*New President/Management/Name Change
*Senior Exchange NYSE//NASDAQ Uplisting
TARGET PRICE $0.07+ Short Term $0.30+ Long Term
Current Market Cap $6.6M is a Min. of 10.5X Undervalued
$SMCE
$SMCE .0093 Huge Key Points >>
*75% Held by INSIDER'S
*270m Share Cancellation
*$600k Debt Retirement = DEBT FREE = NO DILUTION
*$45m Acquisition brings >>
$21m Revenues//$1.3m Net Profit//$15m New Capitalization//Expansion into U.S.
*New President/Management/Name Change
*Senior Exchange NYSE//NASDAQ Uplisting
TARGET PRICE $0.07+ Short Term $0.30+ Long Term
Current Market Cap $6.6M is a Min. of 10.5X Undervalued
$SMCE
$SMCE Key Points >>
*75% Held by INSIDER'S
*270m Share Cancellation
*$600k Debt Retirement = DEBT FREE = NO DILUTION
*$45m Acquisition brings >>
$21m Revenues//$1.3m Net Profit//$15m New Capitalization//Expansion into U.S.
*New President/Management/Name Change
*Senior Exchange NYSE//NASDAQ Uplisting
TARGET PRICE $0.07+ Short Term $0.30+ Long Term
Current Market Cap $6.6M is a Min. of 10.5X Undervalued
$SMCE
SMC Entetainment retires $600K in debt
$SMCE .0096 SMC Entetainment retires $600K in debt
$SMCE .0096 SMC Entetainment retires $600K in debt
SMC is seeking to cancel a total of 270,000,000 restricted shares: (i) 200,000,000 shares held by a former executive; (ii) 30,000,000 shares held by a former consultant; and (iii) 40,000,000 shares from unwinding a prior acquisition.
$SMCE .0096 270m Share Cancellation//Debt Free//$45m Acquisition and a NYSE/NASDAQ Uplisting
$SMCE .0096 270m Share Cancellation//Debt Free//$45m Acquisition and a NYSE/NASDAQ Uplisting
$SMCE .01 SMC is seeking to cancel a total of 270,000,000 restricted shares: (i) 200,000,000 shares held by a former executive; (ii) 30,000,000 shares held by a former consultant; and (iii) 40,000,000 shares from unwinding a prior acquisition.
$SMCE .01 SMC is seeking to cancel a total of 270,000,000 restricted shares: (i) 200,000,000 shares held by a former executive; (ii) 30,000,000 shares held by a former consultant; and (iii) 40,000,000 shares from unwinding a prior acquisition.
$SMCE .01 HUGE NEWS >> SMC Entertainment Provides Shareholder and Performance Update and a Message from its Newly Appointed President
Tuesday, November 16, 2021 7:05 AM
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Topic:
Company Update
SMC Entertainment, Inc.
POINT ROBERTS, WA / ACCESSWIRE / November 16, 2021 / The newly-appointed president of SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), Mr. Erik Blum, is pleased to provide a personal message and year-to-date shareholder and performance update.
To our valued shareholders:
I'm excited and thankful for SMC's Board's vote of confidence in me as the new president and it's with great honor to be part of SMC's management team. As your new president, I intend to accelerate our agile and rapid growth strategy by focusing on our immediate goals which include raising capital, become a fully reporting company, up listing to a senior tier and explore additional acquisitions and partnerships. With its recent acquisition announcement of Genesis Financial Inc.("Genesis"), SMC is transforming itself to take advantage of emerging trends in the Financial Technology ("Fintech") industry.
Post-acquisition of Genesis, SMC management team will be an ensemble of seasoned and talented professionals with decades of experience in the financial and Fintech industries, managing and growing public companies to name a few. Our quest for sustainable growth will be relentless for years to come.
To reflect on fiscal year 2021, I'm pleased to provide the following shareholder and performance highlights.
Debt Retirement.
As reported in an earlier press release, SMC retired $600,000 in long term debt in the form of convertible note with zero dilution to our shareholders. In our 2021 third quarter Disclosure Statement filings, under Subsequent Events section, we announced that SMC has forwarded a share cancellation and debt retirement proposal to a former executive of the Company for a lump sum buyout. SMC will make an announcement once the proposal has been accepted and an agreement is executed. SMC will use a similar proposal for other former executives, consultants, and debt holders to retire debt. Our goal is to retire (or convert to preferred stock) as much debt as possible to enhance and strengthen our balance sheet in anticipation of senior capital funding.
Share Capital Structure.
As at 11/15/2021, SMC's total outstanding common shares were 672,126,974 representing 498,339,506 restricted shares and 173,787,468 unrestricted shares. SMC is seeking to cancel a total of 270,000,000 restricted shares: (i) 200,000,000 shares held by a former executive; (ii) 30,000,000 shares held by a former consultant; and (iii) 40,000,000 shares from unwinding a prior acquisition. SMC will be creating preferred stock series to incentivize its management team and company insiders, preserving common shares for capital funding while minimizing dilution. At least one preferred stock series will have super-voting rights providing management with expeditious execution of corporate actions.
Please note, SMC's share count of 672,126,974 outstanding and 498,339,506 restricted is the correct count compared to what OTC Markets is displaying on our profile. This 20,000,000 share discrepancy stems from an April 1, 2021, share cancellation that SMC already accounted for, however, SMC's Transfer Agent has not processed the cancellation request. SMC and its Transfer Agent are rectifying the discrepancy.
Unwinding of Spectrum Entertainment LLC Acquisition.
As reported in an earlier press release, SMC announced it entered in discussion with the former members of Spectrum Entertainment LLC("Spectrum") to rescind SMC's acquisition of Spectrum. As part of the rescission agreement, SMC is seeking (i) the repayment of $145,274.93 which includes payments made by SMC to Spectrum's lenders, legal and accounting fees; and (ii) the return and cancellation of 40,000,000 common shares issued to Spectrum members as consideration for acquiring Spectrum. To secure its rightful ownership and protect its interest in Spectrum, until Spectrum repays owed amounts and the return of 40,000,000 shares, SMC filed a Uniform Commercial Code (UCC) filing in the states of Michigan and Wisconsin against Spectrum. SMC took these extra measures to secure, protect and preserve its investment and equity. SMC's attorney is drafting a demand letter to Spectrum seeking an amicable resolution to unwind the acquisition. In the event Spectrum decides to be uncooperative, SMC will explore other options including but not limited to seizing and selling off Spectrum's equipment to recover what's owed to SMC plus additional costs.
Non-core Wireless Asset Divestures.
In prior press releases, SMC announced the complete divesture and sale of previously owned wireless technology assets. One of the assets was sold to Wyoming-based privately held Aktiv-Trak, Inc. ("Aktiv-Trak") for $600,000 in cash and future Aktiv-Trak common shares ("Aktiv-Trak Shares"). Aktiv-Trak will pay SMC a minimum of $250,000 in cash and the balance in either cash, Aktiv-Trak Shares, or a combination of both. Total cash received year-to-date from Aktiv-Trak is $102,000.
In summary, fiscal year 2021 has been a challenging year not only for SMC's management but also for our valued shareholders. As we get closer to completing our acquisition of Genesis, we look forward to a more rewarding 2022. I am certain we will succeed and look forward to better times.
Sincerely,
Erik Blum,
President
SMC Entertainment Inc.
About SMC Entertainment, Inc.
SMC's multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.
Press Release Contact:
Ronald E Hughes
Chief Executive Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.com
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