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$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
Safe Harbor Statement
SMC Entertainment Expands Its Management Team with the Addition of a New President $SMCE
Press Release | 11/15/2021
POINT ROBERTS, WA /
ACCESSWIRE / November 15, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) is pleased to announce the appointment of Mr. Erik Blum to the position of SMC's president. Mr. Ron Hughes will remain as SMC's chief executive officer, director, and Chairman of the Board. Mr. Blum's appointment is effective immediately.
Mr. Blum's immediate tasks will include but not be limited to the successful and timely closing of SMC's recently announced acquisition of Genesis Financial Inc.; working with institutional investors to raise capital; spearhead SMC's up listing process to a senior tier which entails the completion of 2-year audited financial statements and regulatory filings to be a fully reporting issuer; and future company name and symbol change to reflect SMC's new direction and business plan.
Mr. Blum has been involved with capital markets since the early 1980s and has extensive expertise in corporate finance and equity/debt structure. He was a registered principal compliance officer for almost 27 years on Wall Street and has worked at several investment banks and hedge funds in several capacities. After his time on Wall Street, he founded his corporate consulting firm, which focuses on providing capital structuring and business development services to small publicly listed companies. He has helped several of his clients to expand their operations and he was instrumental in enabling their turnarounds and growth. He has held many management positions including CEO, CFO, and member of several board of directors. With three decades of experience in debt, corporate finance and company management, Mr. Blum has a unique perspective on the equity markets specifically focused on successfully growing small companies.
"I am thrilled to join the executive team at SMC," stated Mr. Erik Blum, SMC's new president. "This is an important milestone for SMC and for Genesis Financial. I look forward to helping the two teams through the closing, integration of corporate cultures and facilitation of a senior tier uplifting. The combined team of SMC and Genesis has a tremendous amount of experience and depth and I look forward to working with them to achieve our goals."
"From our initial contact, I was impressed with Erik's diversified experience in the capital markets, his clear understanding of corporate finance and his proactive personality," stated Mr. Ron Hughes, SMC's chief executive officer. "I'm confident Erik is the right executive to lead the integration of SMC and Genesis business/management team. This is an exciting opportunity for our valued current and future shareholders."
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
$45,000,000 Acquisition//$15,000,000 Immediate Capitalization Plan >> SMC Signs a Letter of Intent to Acquire 100% Equity Interest in Genesis Financial Inc., a Fintech-Powered Wealth Management Service Provider
Press Release | 11/10/2021
POINT ROBERTS, WA /ACCESSWIRE / November 10, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) today announced that it has entered into a letter of intent ("LOI") to acquire 100% equity interest in Genesis Financial, Inc. ("Genesis"), a diversified financial services company with a focus on fintech-powered Wealth Management advisory services. The acquisition is valued at $45 million.
Genesis operates its business mainly through two Australian regulated entities in wealth management, tax and accounting advisory services. For the 9 months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT of approximately $1,035,600 (AUD$1,403,919). All figures are unaudited.
Pursuant to the terms of the LOI, SMC will acquire 100% of the issued and outstanding securities of Genesis for stock. Genesis shareholders will receive SMC's preferred stock convertible to common. Subsequent to acceptance and closing of this transaction, management will strategize an additional capitalization plan minimally of $15 million for immediate implementation. The new capital will be allocated for further expansion, acquisitions and working capital. Management will also explore the ability to seek a more senior public listing exchange along with a reflective name change into 2022.
The Australian Wealth Management industry has over 25,000 financial advisors managing 2.2 million investors. The annual fees generated by the Wealth Management industry is close to $3.9 billion. According to AITE (2020) at least 10 million adults are underserved or not served at all by the Australian Financial Advisors. Genesis has firmly positioned itself to acquire and consolidate to expand in Australia's fragmented Independent Dealer Group business sector.
Warwick Kerridge, Genesis' Chairman said, "this transaction presents an ideal opportunity for Genesis to work with SMC to accelerate our growth strategy and position ourselves in the sector both in the United States and Australia to maximize shareholder value and build a platform that will ultimately allow us to become a significant player in the advisory and wealth management sector. Genesis has identified a number of synergetic acquisitions and growth opportunities in the United States and we are very confident that the acquisition of dealer advisor groups in the United States will integrate seamlessly with our existing and growing platform in Australia. It is critical to us that we have a revenue footprint in both countries so that the market and all stakeholders can easily see and understand the value proposition."
"We look forward to closing this transaction with Genesis in a timely fashion," said Ron Hughes, President and CEO of SMC. "The acquisition will allow us to advance our own growth strategy and enhance shareholder value. Our distinct competencies in understanding and implementing strategies for growth in the fintech and advisory sectors will give SMC a strong competitive advantage to expand Genesis' growth strategy in the United States, Australia and other Asia Pacific Regions."
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. Those subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit us at www.ballast.com.au and www.tflg.com.au
About SMC Entertainment, Inc.
SMC's multi-discipline revenue approach provides a building block to enhance both revenue and balance sheet growth thru acquisitions. For more information, visit www.smceinc.com.
Press Release Contact:
Ronald E Hughes
President & CEO
}SMC Entertainment, Inc.
ron.hughes.operations@gmail.com
$SMCE
40,000,000 Share Cancellation >>> SMC has now entered discussion with the former members of Spectrum Entertainment LLC (Spectrum) to rescind SMCs acquisition of Spectrum. As part of the rescission agreement, SMC is seeking repayment of funds made to Spectrums lenders by SMC, the return and cancellation of 40,000,000 common shares issued to Spectrum members as consideration in both cash and equity of the purchase price, along with additional legal and accounting fees that SMC incurred as part of the acquisition. SMCs acquisition of Spectrum was initiated, lead and concluded by SMCs previous Chief Executive Officer. $SMCE
I couldn't agree more, $45,000,000 acquisition with $20,000,000 in Revenues is Huge. The Expansion into the USA, a name change and an Uplisting to a senior stick exchange will be paramount.. $SMCE
That's some big news right there. $SMCE
$SMCE NEWS!!!!
SMC Entertainment Expands Its Management Team with the Addition of a New President
https://stockhouse.com/news/press-releases/2021/11/15/smc-entertainment-expands-its-management-team-with-the-addition-of-a-new
$SMCE NEWS!!!!
SMC Entertainment Expands Its Management Team with the Addition of a New President
https://stockhouse.com/news/press-releases/2021/11/15/smc-entertainment-expands-its-management-team-with-the-addition-of-a-new
Amazing close today. Looking forward to next week and weeks to come $SMCE
Holy shit, I went outside to do some yard work at 3:45, told myself the day was over. WTF happened HS? $SMCE
What are the chances the 40m share cancellation is going through. That L2 became intensely thin. $SMCE
My Price Target is $0.30-$1.00, a Senior Exchange Uplisting will be amazing. $SMCE
$SMCE .011 Up, Bashers/Shorts are Screwed!
$SMCE .011 Up, Bashers/Shorts are Screwed!
L2 just got crazy thin, Holy moly
$SMCE .0095 The bashers left the room. Chase later..
$SMCE .0095 The bashers left the room. Chase later..
$SMCE .0094 About to run, $0.30+ Target
$SMCE .0094 About to run, $0.30+ Target
$SMCE .0083 x .0089 MUST SEE >>
75% Held by INSIDER'S
40m Share Cancellation
$45m Acquisition
$21m Revenues
$1.3m Net Profit
$15m New Capitalization
$8m Market Cap
NO DILUTION
$2m Assets
$1.5m Liabilities
New Management
New Name Change
Senior Exchange Uplisting
Absolutely Undervalued
$SMCE .0083 x .0089 MUST SEE >>
75% Held by INSIDER'S
40m Share Cancellation
$45m Acquisition
$21m Revenues
$1.3m Net Profit
$15m New Capitalization
$8m Market Cap
NO DILUTION
$2m Assets
$1.5m Liabilities
New Management
New Name Change
Senior Exchange Uplisting
Absolutely Undervalued
$SMCE Reasons to Buy/Hold >>
75% of O/S Held by INSIDER'S
40m Share Cancellation
$45m Acquisition
$21m Revenues
$1.3m Net Profit
$15m New Capitalization
$8m Market Cap
NO DILUTION
$2m Assets
$1.5m Liabilities
New Management
New Name Change
Senior Exchange Uplisting
Absolutely Undervalued
TARGET PRICE $0.30+
$SMCE HOLY HUGE 40,000,000 SHARE CANCELLATION in the works >>
SMC has now entered discussion with the former members of Spectrum Entertainment LLC (“Spectrum”)
SMC is seeking repayment of funds made to Spectrum’s lenders by SMC, the return and cancellation of 40,000,000 common shares issued to Spectrum members as consideration in both cash and equity of the purchase price, along with additional legal and accounting fees that SMC incurred
https://www.otcmarkets.com/stock/SMCE/news/SMC-Entertainment-Announces-Management-and-Board-of-Directors-Changes?id=324840
$SMCE .0089 HOLY HUGE 40,000,000 SHARE CANCELLATION >>
SMC has now entered discussion with the former members of Spectrum Entertainment LLC (“Spectrum”)
SMC is seeking repayment of funds made to Spectrum’s lenders by SMC, the return and cancellation of 40,000,000 common shares issued to Spectrum members as consideration in both cash and equity of the purchase price, along with additional legal and accounting fees that SMC incurred
https://www.otcmarkets.com/stock/SMCE/news/SMC-Entertainment-Announces-Management-and-Board-of-Directors-Changes?id=324840
$SMCE .0089 HOLY HUGE 40,000,000 SHARE CANCELLATION >>
SMC has now entered discussion with the former members of Spectrum Entertainment LLC (“Spectrum”)
SMC is seeking repayment of funds made to Spectrum’s lenders by SMC, the return and cancellation of 40,000,000 common shares issued to Spectrum members as consideration in both cash and equity of the purchase price, along with additional legal and accounting fees that SMC incurred
https://www.otcmarkets.com/stock/SMCE/news/SMC-Entertainment-Announces-Management-and-Board-of-Directors-Changes?id=324840
There yah go, I love facts. That's amazing my friend. $SMCE
40m share buy back would be an incredible opportunity for shareholders, especially with the pending $45m Acquisition. $SMCE
Digging for it. $SMCE
$SMCE SMC announced debt retirement of $600,000 in convertible notes. With todays debt payment announcement, total 2021 year-to-date debt retired is approximately $641,000. The Spectrum acquisition will add approximately $1,500,000 in net tangible
https://www.otcmarkets.com/stock/SMCE/news/SMC-Entertainment-Inc-Reduces-Institutional-Debt-Year-to-Date-Debt-Retired-is-Approximately-641000?id=314771
$SMCE .0089 DEBT FREE >> SMC announced debt retirement of $600,000 in convertible notes. With todays debt payment announcement, total 2021 year-to-date debt retired is approximately $641,000. The Spectrum acquisition will add approximately $1,500,000 in net tangible
https://www.otcmarkets.com/stock/SMCE/news/SMC-Entertainment-Inc-Reduces-Institutional-Debt-Year-to-Date-Debt-Retired-is-Approximately-641000?id=314771
$SMCE .0089 DEBT FREE >> SMC announced debt retirement of $600,000 in convertible notes. With todays debt payment announcement, total 2021 year-to-date debt retired is approximately $641,000. The Spectrum acquisition will add approximately $1,500,000 in net tangible
https://www.otcmarkets.com/stock/SMCE/news/SMC-Entertainment-Inc-Reduces-Institutional-Debt-Year-to-Date-Debt-Retired-is-Approximately-641000?id=314771
$SMCE .0089 2 Subsidiaries, 56 Employees, $16m Revs thru 9 months >> $SMCE
The FinancialLink Group maintains a strict approach to compliance issues. We maintain a thorough understanding of existing regulatory requirements, emerging iss... Read More
Phone:
+61 1300 133 511
Website:
www.tflg.com.au
Employees:
31
Revenue:
$6 Million
BALLAST ACCOUNTANTS PTY LTD is located in JANDAKOT, WESTERN AUSTRALIA, Australia and is part of the Accounting, Tax Preparation, Bookkeeping, and Payroll Services Industry. BALLAST ACCOUNTANTS PTY LTD has 25 employees at this location and generates $10.36 million in sales (USD). (Employees figure is estimated, Sales figure is modelled). There are 13 companies in the BALLAST ACCOUNTANTS PTY LTD corporate family.
Key Principal: WAYNE BLAZEJCYZK
https://www.ballast.com.au/
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. Those subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit us at www.ballast.com.au and www.tflg.com.au
$SMCE .0089 2 Subsidiaries, 56 Employees, $16m Revs thru 9 months >> $SMCE
The FinancialLink Group maintains a strict approach to compliance issues. We maintain a thorough understanding of existing regulatory requirements, emerging iss... Read More
Phone:
+61 1300 133 511
Website:
www.tflg.com.au
Employees:
31
Revenue:
$6 Million
BALLAST ACCOUNTANTS PTY LTD is located in JANDAKOT, WESTERN AUSTRALIA, Australia and is part of the Accounting, Tax Preparation, Bookkeeping, and Payroll Services Industry. BALLAST ACCOUNTANTS PTY LTD has 25 employees at this location and generates $10.36 million in sales (USD). (Employees figure is estimated, Sales figure is modelled). There are 13 companies in the BALLAST ACCOUNTANTS PTY LTD corporate family.
Key Principal: WAYNE BLAZEJCYZK
https://www.ballast.com.au/
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. Those subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit us at www.ballast.com.au and www.tflg.com.au
Both Subsidiaries, 56 Employees, $16m Revs thru 9 months >> $SMCE
The FinancialLink Group maintains a strict approach to compliance issues. We maintain a thorough understanding of existing regulatory requirements, emerging iss... Read More
Phone:
+61 1300 133 511
Website:
www.tflg.com.au
Employees:
31
Revenue:
$6 Million
BALLAST ACCOUNTANTS PTY LTD is located in JANDAKOT, WESTERN AUSTRALIA, Australia and is part of the Accounting, Tax Preparation, Bookkeeping, and Payroll Services Industry. BALLAST ACCOUNTANTS PTY LTD has 25 employees at this location and generates $10.36 million in sales (USD). (Employees figure is estimated, Sales figure is modelled). There are 13 companies in the BALLAST ACCOUNTANTS PTY LTD corporate family.
Key Principal: WAYNE BLAZEJCYZK
https://www.ballast.com.au/
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. Those subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit us at www.ballast.com.au and www.tflg.com.au
Huge News, $45,000,000 Acquisition with $21,000,000 Revenue >> SMC Signs a Letter of Intent to Acquire 100% Equity Interest in Genesis Financial Inc., a Fintech-Powered Wealth Management Service Provider $SMCE
Press Release | 11/10/2021
POINT ROBERTS, WA / ACCESSWIRE / November 10, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) today announced that it has entered into a letter of intent ("LOI") to acquire 100% equity interest in Genesis Financial, Inc. ("Genesis"), a diversified financial services company with a focus on fintech-powered Wealth Management advisory services. The acquisition is valued at $45 million.
Genesis operates its business mainly through two Australian regulated entities in wealth management, tax and accounting advisory services. For the 9 months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT of approximately $1,035,600 (AUD$1,403,919). All figures are unaudited.
Pursuant to the terms of the LOI, SMC will acquire 100% of the issued and outstanding securities of Genesis for stock. Genesis shareholders will receive SMC's preferred stock convertible to common. Subsequent to acceptance and closing of this transaction, management will strategize an additional capitalization plan minimally of $15 million for immediate implementation. The new capital will be allocated for further expansion, acquisitions and working capital. Management will also explore the ability to seek a more senior public listing exchange along with a reflective name change into 2022.
The Australian Wealth Management industry has over 25,000 financial advisors managing 2.2 million investors. The annual fees generated by the Wealth Management industry is close to $3.9 billion. According to AITE (2020) at least 10 million adults are underserved or not served at all by the Australian Financial Advisors. Genesis has firmly positioned itself to acquire and consolidate to expand in Australia's fragmented Independent Dealer Group business sector.
Warwick Kerridge, Genesis' Chairman said, "this transaction presents an ideal opportunity for Genesis to work with SMC to accelerate our growth strategy and position ourselves in the sector both in the United States and Australia to maximize shareholder value and build a platform that will ultimately allow us to become a significant player in the advisory and wealth management sector. Genesis has identified a number of synergetic acquisitions and growth opportunities in the United States and we are very confident that the acquisition of dealer advisor groups in the United States will integrate seamlessly with our existing and growing platform in Australia. It is critical to us that we have a revenue footprint in both countries so that the market and all stakeholders can easily see and understand the value proposition."
"We look forward to closing this transaction with Genesis in a timely fashion," said Ron Hughes, President and CEO of SMC. "The acquisition will allow us to advance our own growth strategy and enhance shareholder value. Our distinct competencies in understanding and implementing strategies for growth in the fintech and advisory sectors will give SMC a strong competitive advantage to expand Genesis' growth strategy in the United States, Australia and other Asia Pacific Regions."
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. Those subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit us at www.ballast.com.au and www.tflg.com.au
About SMC Entertainment, Inc.
SMC's multi-discipline revenue approach provides a building block to enhance both revenue and balance sheet growth thru acquisitions. For more information, visit www.smceinc.com.
$SMCE .0089 Huge News >> SMC Signs a Letter of Intent to Acquire 100% Equity Interest in Genesis Financial Inc., a Fintech-Powered Wealth Management Service ProviderPress Release | 11/10/2021
POINT ROBERTS, WA / ACCESSWIRE / November 10, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) today announced that it has entered into a letter of intent ("LOI") to acquire 100% equity interest in Genesis Financial, Inc. ("Genesis"), a diversified financial services company with a focus on fintech-powered Wealth Management advisory services. The acquisition is valued at $45 million.
Genesis operates its business mainly through two Australian regulated entities in wealth management, tax and accounting advisory services. For the 9 months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT of approximately $1,035,600 (AUD$1,403,919). All figures are unaudited.
Pursuant to the terms of the LOI, SMC will acquire 100% of the issued and outstanding securities of Genesis for stock. Genesis shareholders will receive SMC's preferred stock convertible to common. Subsequent to acceptance and closing of this transaction, management will strategize an additional capitalization plan minimally of $15 million for immediate implementation. The new capital will be allocated for further expansion, acquisitions and working capital. Management will also explore the ability to seek a more senior public listing exchange along with a reflective name change into 2022.
The Australian Wealth Management industry has over 25,000 financial advisors managing 2.2 million investors. The annual fees generated by the Wealth Management industry is close to $3.9 billion. According to AITE (2020) at least 10 million adults are underserved or not served at all by the Australian Financial Advisors. Genesis has firmly positioned itself to acquire and consolidate to expand in Australia's fragmented Independent Dealer Group business sector.
Warwick Kerridge, Genesis' Chairman said, "this transaction presents an ideal opportunity for Genesis to work with SMC to accelerate our growth strategy and position ourselves in the sector both in the United States and Australia to maximize shareholder value and build a platform that will ultimately allow us to become a significant player in the advisory and wealth management sector. Genesis has identified a number of synergetic acquisitions and growth opportunities in the United States and we are very confident that the acquisition of dealer advisor groups in the United States will integrate seamlessly with our existing and growing platform in Australia. It is critical to us that we have a revenue footprint in both countries so that the market and all stakeholders can easily see and understand the value proposition."
"We look forward to closing this transaction with Genesis in a timely fashion," said Ron Hughes, President and CEO of SMC. "The acquisition will allow us to advance our own growth strategy and enhance shareholder value. Our distinct competencies in understanding and implementing strategies for growth in the fintech and advisory sectors will give SMC a strong competitive advantage to expand Genesis' growth strategy in the United States, Australia and other Asia Pacific Regions."
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. Those subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit us at www.ballast.com.au and www.tflg.com.au
About SMC Entertainment, Inc.
SMC's multi-discipline revenue approach provides a building block to enhance both revenue and balance sheet growth thru acquisitions. For more information, visit www.smceinc.com.
$SMCE .0089 Huge News >> SMC Signs a Letter of Intent to Acquire 100% Equity Interest in Genesis Financial Inc., a Fintech-Powered Wealth Management Service ProviderPress Release | 11/10/2021
POINT ROBERTS, WA / ACCESSWIRE / November 10, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) today announced that it has entered into a letter of intent ("LOI") to acquire 100% equity interest in Genesis Financial, Inc. ("Genesis"), a diversified financial services company with a focus on fintech-powered Wealth Management advisory services. The acquisition is valued at $45 million.
Genesis operates its business mainly through two Australian regulated entities in wealth management, tax and accounting advisory services. For the 9 months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT of approximately $1,035,600 (AUD$1,403,919). All figures are unaudited.
Pursuant to the terms of the LOI, SMC will acquire 100% of the issued and outstanding securities of Genesis for stock. Genesis shareholders will receive SMC's preferred stock convertible to common. Subsequent to acceptance and closing of this transaction, management will strategize an additional capitalization plan minimally of $15 million for immediate implementation. The new capital will be allocated for further expansion, acquisitions and working capital. Management will also explore the ability to seek a more senior public listing exchange along with a reflective name change into 2022.
The Australian Wealth Management industry has over 25,000 financial advisors managing 2.2 million investors. The annual fees generated by the Wealth Management industry is close to $3.9 billion. According to AITE (2020) at least 10 million adults are underserved or not served at all by the Australian Financial Advisors. Genesis has firmly positioned itself to acquire and consolidate to expand in Australia's fragmented Independent Dealer Group business sector.
Warwick Kerridge, Genesis' Chairman said, "this transaction presents an ideal opportunity for Genesis to work with SMC to accelerate our growth strategy and position ourselves in the sector both in the United States and Australia to maximize shareholder value and build a platform that will ultimately allow us to become a significant player in the advisory and wealth management sector. Genesis has identified a number of synergetic acquisitions and growth opportunities in the United States and we are very confident that the acquisition of dealer advisor groups in the United States will integrate seamlessly with our existing and growing platform in Australia. It is critical to us that we have a revenue footprint in both countries so that the market and all stakeholders can easily see and understand the value proposition."
"We look forward to closing this transaction with Genesis in a timely fashion," said Ron Hughes, President and CEO of SMC. "The acquisition will allow us to advance our own growth strategy and enhance shareholder value. Our distinct competencies in understanding and implementing strategies for growth in the fintech and advisory sectors will give SMC a strong competitive advantage to expand Genesis' growth strategy in the United States, Australia and other Asia Pacific Regions."
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. Those subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit us at www.ballast.com.au and www.tflg.com.au
About SMC Entertainment, Inc.
SMC's multi-discipline revenue approach provides a building block to enhance both revenue and balance sheet growth thru acquisitions. For more information, visit www.smceinc.com.
$SMCE .0089 $45m Acquisition vs $6m Market Cap >> SECURITY DETAILS
Share Structure
Market Cap Market Cap
6,229,143
11/11/2021
Authorized Shares
1,450,000,000
11/11/2021
Outstanding Shares
692,126,974
11/11/2021
Restricted
518,339,506
11/11/2021
Unrestricted
173,787,468
11/11/2021
Held at DTC
117,058,223
11/11/2021
Float
123,287,468
07/27/2021
$SMCE .0089 $45m Acquisition vs $6m Market Cap >> SECURITY DETAILS
Share Structure
Market Cap Market Cap
6,229,143
11/11/2021
Authorized Shares
1,450,000,000
11/11/2021
Outstanding Shares
692,126,974
11/11/2021
Restricted
518,339,506
11/11/2021
Unrestricted
173,787,468
11/11/2021
Held at DTC
117,058,223
11/11/2021
Float
123,287,468
07/27/2021
$45,000,000 Acquisition vs $6,228,143 Market Cap. $SMCE