SMC Entertainment, Inc. Executes Debt Retirement and Asset Divestiture Agreement San Francisco, CA August 20, 2018 SMC
Source: InvestorsHub NewsWire
SMC Entertainment, Inc. Executes Debt Retirement and Asset Divestiture Agreement
San Francisco, CA -- August 20, 2018 -- InvestorsHub NewsWire -- SMC Entertainment, Inc. (OTC: SMCE) ("SMC" or the "Company"), a digital content and distribution provider, is pleased to announce it has executed an Asset and Liability Divesture Agreement ("Agreement") with the Company's former Chairman, Mr. Ralph Tashjian, and an entity substantially controlled by Mr. Tashjian to divest from certain music catalog ("Music Catalog") in exchange of debt retirement.
Under the terms of the Agreement, Mr. Tashjian assumes a $380,000 debt owed by the Company to Mr. Tashjian's entity, in exchange, the Company assigns the Music Catalog to Mr. Tashjian.
"With the recently announced reduction of outstanding shares of our common stock by 110,000,000 shares, and today's announcement to divest from legacy assets and debt retirement, demonstrate SMC's commitment to broaden its business plan to include vertically integrated wireless media in multiple disciplines," stated Rick Bjorklund, SMC's President and CEO.
About SMC Entertainment, Inc.
SMC Entertainment Inc., founded in 2005 with its head office in San Francisco, California, is a digital content, wireless and distribution company. For more information, please visit our website www.smcemedia.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 SMC Entertainment, Inc., 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.
Press Release Contact: info@smcemedia.com
