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$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
75% of the Entire O/S held by INSIDER'S and RESTRICTED.
692,126,974 OUTSTANDING
518,339,506 RESTRICTED
$SMCE
NO Dilution confirmed by TA, only 20m shares in 6 months. $SMCE