SMC Entertainment Inc (SMCE)

[MPstock]

San Francisco, CA – August 20, 2018 – 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.