SMC/Genesis Financial, Announces Retirement of an additional 40,000,000 Shares from Outstanding Common Shares Provides Audit Update
BY GlobeNewswire
— 11:09 AM ET 01/31/2022
Charleston, SC, Jan. 31, 2022 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. ( SMCE
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) (“SMC” or the “Company”) (OTC: SMCE) and its majority-owned subsidiary, Genesis Financial, Inc. (“Genesis”) - an integrated financial technology company (“Fintech”) are pleased to provide this audit update and announce the cancellation of 40,000,000 common shares from the Company’s outstanding shares. This cancellation was effective January 25, 2022, per confirmation correspondence with the Company’s stock transfer agent.
The Company is also pleased to announce that it has provided its auditor with all requested documentation to complete the 2019 and 2020 fiscal year financial statements. Fiscal year 2020 financial audit will commence immediately and will be completed shortly. The Company’s management team and board of directors have decided to audit fiscal year 2021 in anticipation of consolidating balance sheets and becoming a fully reporting company.
In the Company’s press release dated January 6, 2022, the Company outlined a number of initiatives regarding the audits and share cancellation. This share cancellation announcement is part of those initiatives, and the Company is incredibly pleased to deliver on those initiatives. In addition, the Company has submitted to its stock transfer agent another block of shares to be cancelled. The company has presented executed instructions of the agreement between the Company and shareholder and is awaiting its stock transfer agent to provide written cancellation confirmation.
