News Release  01/06/2022

SMC and Genesis Financial, a Fintech Provider of Integrated Digital Financial Services, Provides Fiscal 2021 Recap and Guidance for Fiscal 2022

 

Charleston, SC, Jan. 06, 2022 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its wholly owned subsidiary, Genesis Financial, Inc. (“Genesis”) - a fully integrated financial technology company with a full suite of digital financial services solutions, are pleased to provide shareholders with a summary of the Company’s fiscal 2021 completed milestones and fiscal 2022 planned activities and guidance.

Dear Shareholders,

We wish you a healthy and prosperous 2022. For the first three quarters of fiscal 2021, the Company divested itself from certain assets that were previously acquired by the Company’s former management team and cancelation of over $600,000 long-term debt. During the fourth quarter of 2021, the Company announced the following:

  • The closing of its $45 million acquisition of Genesis to transform itself to a boutique premium provider of fully integrated financial technology company with a full suite of digital financial services solutions. For the first nine months of 2021, Genesis’s Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT (Earnings Before Income Tax) of approximately $1,035,600 (AUD$1,403,919); all figures are unaudited. At closing, 56 stockholders of Genesis representing 95.28% of the common stock of Genesis have accepted SMC’s offer. It is expected the remaining Genesis stockholders (representing 4.72% of Genesis common stock) will come on board very soon.
     

  • The Company engaged the independent auditing firm BF Borgers CPA PC, a PCAOB-certified auditor, to complete SMC's financial statements audit for the years ending in 2019 and 2020.
     

  • The Company retained Buckman, Buckman & Reid, Inc. to provide investment banking services, help in facilitating a capital raise and other advisory services.
     

  • The Company expanded its board of directors by adding Mr. Charles R. Provini as an independent director and chairman of the board and added Mr. Warwick Kerridge as a director.

The Company’s upcoming activities for 2022 include but not limited to:

  • File required documentation with regulatory bodies to attain reporting issuer status. This milestone will be initiated after the completion of the Company’s 2019 and 2020 financial statements audit.
     

  • Up list to a senior exchange once the Company attains its reporting issuer status with the SEC.
     

  • Raise funds of up to $15 million for working capital and future acquisitions. The Company has an aggressive agenda to increase revenues and expand its operation globally thru growth by acquisition strategy.
     

  • Retire restricted shares. Two shareholders have provided written approval to the Company and its stock transfer agent to cancel 23 million restricted shares. Their certificates are lost and all parties are working on alternative plans to cancel them. The Company is waiting for a third shareholder to execute appropriate documentation to cancel 40 million restricted shares; the Company has in its possession the 40 million share certificate. The Company provided a proposal to a fourth shareholder to cancel 30 million restricted shares; the proposal expired and the Company didn’t hear back from the shareholder. The Company provided a proposal to a fifth shareholder to cancel 200 million restricted shares; the shareholder provided a counter proposal that is not acceptable to the Company. The Company might be forced to seek legal avenues to cancel the 230 million shares. The Company would like to inform the public that these shares are restricted and cannot be turned to free trading shares without the Company’s consent which the Company won’t provide without an amicable solution reached.
     

  • Our Australian operation has concluded terms for the launch of a new joint venture enterprise in Australia which will be launched in Q1 2022. This joint venture consolidates our ties to the accounting sector in Australia and delivers financial planning and wealth management as well as best practice training and management solutions to the targeted accounting firms in Australia. It also accesses significant funds under advice and funds under management. Details of this Joint Venture will be announced in the coming weeks following completion of the due diligence and financial plan regarding the Joint Venture.
     

  • Consistent with our growth plans we have identified potential acquisitions in both the United States and Australia. Preliminary due diligence is currently under way.

Fiscal year 2022 will be a defining year for the Company and its shareholders. With the acquisition of Genesis and the planned rapid growth through implementation of our acquisition strategy, the Company’s revenues could potentially reach new heights in the Company’s history. One of the Company’s utmost mandates is to focus on realizing full value of its Genesis acquisition to be reflected in a much higher share price. The Company has assembled a highly experienced team in place to capitalize on the stated objectives and initiatives.

Respectfully yours,
Management Team and Board of Directors

About Genesis Financial, Inc.

Genesis, with 23 employees under its purview along with 120 financial consultants, advisors, and representatives, is a fully integrated financial technology company with a full suite of digital financial services solutions. Genesis, focusing on fintech-powered wealth management services, operated its business through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are the Ballast Group and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.

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.

About SMC Entertainment, Inc.

SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC's multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. For more information on SMC, visit www.smceinc.com.

Press Release Contact:
Ronald E Hughes
Chief Executive Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.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 the Company, 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.

News Release  12/15/2021

SMC Announces the Engagement of Corporate Law Firm Anthony L.G., PLLC

 

Charleston, SC, Dec. 15, 2021 (GLOBE NEWSWIRE) -- SMC Entertainment Inc. ("SMC" or the "Company," OTC: SMCE), a fully integrated financial technology company with a full suite of digital financial services solutions, today announced the immediate engagement of Anthony L.G., PLLC.

The Company is now served by a very well respected Corporate Law Firm. As the Company works towards a successful move to a more senior exchange, Laura Anthony’s firm will be of great value, especially through the transition phase of Company.

About Anthony L.G., PLLC 
Securities Attorney Laura Anthony is the founding partner of Anthony L.G., PLLC, a national corporate, securities and business transactions law firm. For 28 years Ms. Anthony has focused her law practice on small and mid-cap private and public companies, NASDAQ, NYSE MKT, the OTC market, initial public and follow on offerings, mergers and acquisitions, private placement and corporate finance transactions, Regulation A/A+, Exchange Act and other regulatory reporting requirements, state and federal securities laws, general corporate law and complex business transactions.

About Genesis Financial, Inc.
Genesis, with 23 employees under its purview along with 120 financial consultants, advisors, and representatives, 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. The two operating subsidiaries are the Ballast Group and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.

About SMC Entertainment, Inc.
SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC's multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. In 2021 SMC acquired Genesis Financial, Inc., a diversified financial services company focusing on fintech-powered wealth management business. For more information on SMC, visit www.smceinc.com.

Press Release Contact:
Ronald E Hughes
Chief Executive Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.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 the Company, 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.

News Release  12/15/2021

Charles R. Provini Appointed Independent Director & Chairman of SMC

 

Point Roberts, WA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- SMC Entertainment Inc. ("SMC" or the "Company," OTC:SMCE), a fully integrated financial technology company with a full suite of digital financial services solutions, today announced the Board of Directors of the Company increased the size of its Board from two to three directors and appointed Charles R. Provini as an Independent Chairman. Under NYSE and NASDAQ listing standards, Mr. Provini will be compensated for his services on the Board in cash and stock-based equity. The Company currently has two executive directors, Ronald E Hughes and Warwick Kerridge.

Mr. Provini brings stellar leadership and governance experience spanning several decades, starting from United States Naval Academy to the private sector. He brings deep insights into asset management, investment banking, advisory services, and technology. He is a frequent speaker at financial seminars and has appeared on several mainstream media outlets discussing financial markets and, more recently, the solar industry.

"I am honored to be appointed as Chairman of the Board and look forward to taking a very active role in growing, what I feel, is an organization that the international markets truly need. The group of individuals assembled reflect many years of experience and success patterns that I am confident we can leverage to even greater success as a result of this merger." said Charles R. Provini, newly appointed Chairman of the Board.

From May 2009 to present, Mr. Provini holds the Chairman, CEO, and President positions of Natcore Technology Inc., a research and development company protecting 65 patents, granted and or pending. From November 1997 to October 2000, he was the President of Ladenburg Thalmann Asset Management and a Director of Ladenburg Thalmann, Inc., one of the oldest members of the New York Stock Exchange. He served as President of Laidlaw Asset Management and Chairman and Chief Investment Officer of Howe & Rusling, Laidlaw's Portfolio Management Advisory Group, from November 1995 to September 1997. Before this, he served as President of Rodman & Renshaw's Advisory Services from February 1994 to August 1995. He was the President of LaSalle Street Corporation, a wholly-owned subsidiary of Donaldson, Lufkin & Jenrette, from January 1983 to April 1985. Mr. Provini has been a leadership instructor at the U.S. Naval Academy, Chairman of the U.S. Naval Academy's Honor Board, and is a former Marine Corp. Officer. Mr. Provini holds an undergraduate Engineering degree from The U.S. Naval Academy in Annapolis, Maryland, and a post-graduate degree from the University of Oklahoma.

“Chuck and I have worked together for some time and it has been a pleasure to observe his skills and insights. His understanding of thre Genesis business and its growth objectives will be invaluable to our company and I was delighted that he accepted my invitation to join our board. Chuck will not only be a leader but will take an ongoing role to guide and assist us into what will be an exciting period of growth and development. The move to a superior market will only be enhanced with the benefits of the experience of someone like Chuck” observed Warwkick Kerridge, Executive Director.

“I'm very honored and pleased to welcome Mr. Provini to the Board of Directors. As a proven leader in his illustrious career, Mr. Provini has in-depth knowledge when providing oversight and governance. As we continue to execute our fintech-driven acquisition strategy, we look to working closely with Mr. Provini, who can supervise our strategic initiatives, audit, and risk management," said Ron Hughes, CEO “ providing oversight while stearing this growing company.”

About Genesis Financial, Inc.

Genesis, with 23 employees under its purview along with 120 financial consultants, advisors, and representatives, 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. The two operating subsidiaries are the Ballast Group and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.

About SMC Entertainment, Inc.

SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC's multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. In 2021 SMC acquired Genesis Financial, Inc., a diversified financial services company focusing on fintech-powered wealth management business. For more information on SMC, visit www.smceinc.com.

Press Release Contact:
Ronald E Hughes
Chief Executive Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.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 the Company, 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.

News Release  12/14/2021

SMC Retains Buckman, Buckman & Reid to Provide Investment Banking and Up Listing Advisory Services

 

Point Roberts, WA, Dec. 14, 2021 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its 100% wholly owned subsidiary Genesis Financial, Inc. (“Genesis”), a diversified financial services company with a focus on fintech-powered wealth management advisory services, are pleased to announce that they have retained Buckman, Buckman & Reid, Inc. (“BB&R”) to provide investment banking services, help in facilitating a capital raise and other advisory services.

BB&R, founded in 1988 and based in Little Silver, New Jersey, is an independent full-service securities brokerage firm (broker/dealer) engaged in a variety of activities, including retail and institutional brokerage, wealth management, investment advisory services, private offerings and other investment banking activities.

Pursuant to the engagement agreement (“Agreement”), BB&R will review SMC’s business and financial condition, corporate structure and to advise on future acquisitions, financing, and growth.

 "BB&R is the right partner for us at the right time" quoted Erik Blum President of SMC’s Genesis Financial "This is a huge step in our ability to raise capital, up-list and vet the acquisitions we have targeted. I have known and worked with BBR and Mr. Furman for many years; their reputation for excellence precedes them. With BBR as our partner we believe we have all the right tools in place for us to execute on our vision. I am thrilled that we were able to engage BBR and we look forward to achieving what is necessary to grow our company".

“It’s a privilege to be working with Mr. Blum and the leadership team to help navigate the company’s transformation and growth over the coming years. Our focus is to assist in that growth and to build a company that drives shareholder value in their markets.” stated Scott Furman, Head of Investment Banking.

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. The two operating subsidiaries are Ballast Group and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.

About SMC Entertainment, Inc.

SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC's multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. In 2021 SMC acquired Genesis Financial, Inc., a diversified financial services company focusing on fintech-powered wealth management business. Genesis, with 23 employees under its purview along with 120 financial consultants, advisors, and representatives, operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are Ballast Accounting and The Financial Link Group. For more information on Genesis, visit www.ballast.com.au and www.tflg.com.au. For more information on SMC, visit www.smceinc.com.

 About Buckman, Buckman & Reid, Inc.

Buckman, Buckman & Reid, Inc., founded in 1988 and based in Little Silver, New Jersey, is an independent broker/dealer that provides value added investment advice and execution services to clients. For additional information, see www.buckmanbuckman.com.

Press Release Contact:

Ronald E Hughes

Chief Executive Officer

SMC Entertainment, Inc.

ron.hughes.operations@gmail.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 the Company, 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.

News Release  12/13/2021

SMC Moves to establish ESOP 

 

Point Roberts, WA – December  13,  2021 – SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its subsidiary Genesis Financial, Inc. (“Genesis”), a diversified financial services company with a focus on fintech-powered wealth management advisory services, are pleased to announce that consistent with their intentions as stated in the definitive agreements, have engaged attorneys to prepare an Executive and Employee Share Option Plan (ESOP) to provide the basis for a model to reward and remunerate advisors, executives and shareholders as the case may be.

 "In a financial services firm, Human Capital is the single greatest asset, and it is vital that we have the ability to provide ongoing incentives and rewards to our greatest asset; the people that work for us whether they are advisors or executive management." quoted Warwick Kerridge, director of SMC. 

 "In addition to Warwick’s comment, the proposed stock option plan can be used as a tool to recruit new advisors to our group and will provide a unique point of difference between our group and others in the financial planning, broking and advisory sector.” quoted Eric Blum, President of SMC. “I am thrilled that we are able to immediately move to start the process of transformative change, which will enhance our group in all respects.” 

SMC CEO, Ron Hughes agreed wholeheartedly. Further announcements regarding the detail of the ESOP will be announced as required in the near future.

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. The two operating subsidiaries are Ballast Holdings and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.

About SMC Entertainment, Inc.

SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC's multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. In 2021 SMC acquired Genesis Financial, Inc., a diversified financial services company focusing on fintech-powered wealth management business. Genesis, with 23 employees under its purview along with 120 financial consultants, advisors, and representatives, operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are the Ballast Group and The Financial Link Group. For more information on Genesis, visit www.ballast.com.au and www.tflg.com.au. For more information on SMC, visit www.smceinc.com.

 

Press Release Contact:

Ronald E Hughes

Chief Executive Officer

SMC Entertainment, Inc.

ron.hughes.operations@gmail.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 the Company, 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.

News Release  12/13/2021

SMC Closes $45 Million Acquisition of Genesis Financial Inc.,

a Fintech-Powered Wealth Management Service Provider 

 

Roberts, WA – December 13, 2021 – SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) is pleased to announce that on December 10, 2021 it closed its $45 million acquisition of Genesis Financial, Inc. (“Genesis”), a privately-owned diversified financial services company with a focus on fintech-powered wealth management advisory services. Genesis will operate as a subsidiary of SMC. At closing, stockholders of Genesis representing 95.28% of the common stock of Genesis have accepted SMC’s offer. It is expected the remaining Genesis stockholders (representing 4.72% of Genesis common stock) will come on board very soon.

 

SMC has delivered to Genesis, the proportionate percentage of accepted stockholders, the agreed upon purchase price of $45 million in SMC’s Series B Preferred Shares. Post closing, and SMC will issue 20 million warrants exercisable at $1 per warrant with a 3-year exercise period which will be used for operational, capital management and acquisition purposes. Mr. Warwick Kerridge, Chairman of Genesis, has been appointed to SMC’s Board of Directors. Mr. Charles Provini, proposed by Genesis, will join SMC’s Board of Directors as an independent director.

 

With the Genesis acquisition, not only will SMC add a substantial revenue to its top line, but will also more than double its shareholder base. From the revenue standpoint, SMC will have the option to commence booking Genesis’ revenues and expenses as of December 10, 2021 or differ such bookings starting January 1, 2022. 

 

SMC’s upcoming action items and milestones to achieve are as follows: (i) commence discussions with institutional investment banks to raise $15 million for operational, working capital and future acquisitions; we expect to make investment banking-related announcements in due time; (ii) complete 2-year financial audits; (iii) file required documentation with regulatory bodies to attain a reporting status with the SEC; and (iv) uplist to a senior exchange with a name/stock symbol change.

 

Genesis, currently having 23 employees under its purview along with 120 financial consultants, advisors, and representatives, operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. For the nine months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT (Earnings Before Income Tax) of approximately $1,035,600 (AUD$1,403,919). All figures are unaudited.

 

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.

 

“I am very pleased the first major step in the evolution of Genesis has been completed and I congratulate and thank Ron, Erik and their team for assisting very capably,” said Warwick Kerridge, SMC’s new director. “We will now work together to finalize the next stages of the development of the group and have a number of transactions under review that we believe will position the company to provide best practice services to its clients and value to its stockholders.”

 

"This is a major inflection point for our company and our shareholders” quoted Erik Blum, President of SMC ``I want to thank the entire team for having laid a solid foundation for Genesis Financial to move forward. We are committed to executing on plan and growing our company. This first major step shows management's commitment to growing the company and enhancing shareholder value. We are now a profitable company earning $1.2 million in Ebitda. I look forward to 2022 as we have targeted multiple accretive acquisitions to grow our current 17 million dollar revenue base. We are committed to expanding our business and enhancing our shareholder value."  

 

“Since announcing our LOI on November 10th, it’s been impressive working with Erik Blum and Warwick Kerridge through the due diligence in bringing the transaction to completion.” commented Ron Hughes, CEO of SMC “Considering the time zones of Australia and both coasts of North America, we have expedited the multiple facets of the transaction and executed to deliver a closed deal. All shareholders, new and old will see an exciting 2022.”

 

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. The two operating subsidiaries are Ballast Group and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.

 

About SMC Entertainment, Inc.

SMC is a versatile holding company that is focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC’s multi-discipline growth by acquisition approach is a building platform and block to enhance revenues and shareholder equity. 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

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 the Company, 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.

News Release  12/06/2021

SMC Provides Update on its Acquisition Closing of Genesis Financial Inc.

 

Point Roberts, WA December 6, 2021 SMC Entertainment, Inc. (SMC or the Company) (OTC: SMCE) and its 100% wholly owned subsidiary Genesis Financial, Inc. (Genesis), a diversified financial services company with a focus on fintech-powered wealth management advisory services, are pleased to provide the following update to close the acquisition transaction.

 

  • SMC has appointed Mr. Warwick Kerridge, Chairman of Genesis, to SMCs Board of Directors. The appointment is effective immediately.

  • SMC has filed with the State of Nevada required documentation to designate Series B Preferred Stock that will be issued to Genesis stakeholders.

  • SMC has updated its profiles on OTC Markets and Nevadas Secretary of State to reflect Mr. Kerridges board appointment. The profile updates might take up to 48 hours to be reflected.

  • SMC is still anticipating closing the transaction on or before December 10, 2021.

 

As a background: on November 22, 2021, SMC announced the execution of a definitive share purchase agreement to acquire 100% equity in Genesis. The acquisition is valued at $45 million and will be paid thru the issuance of Series B Preferred Stock to Genesis stakeholders. The Genesis acquisition is scheduled to close on or before December 10th, 2021. Genesis, currently having 23 employees under its purview along with 120 financial consultants, advisors, and representatives, operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. For the nine months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT (Earnings Before Income Tax) of approximately $1,035,600 (AUD$1,403,919). All figures are unaudited.

 

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. The two operating subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.

 

About SMC Entertainment, Inc.

SMC is a versatile holding company that is focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMCs multi-discipline growth by acquisition approach is a building platform and block to enhance revenues and shareholder equity. 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

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 the Company, 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.

News Release  11/22/2021

SMC Acquires 100% Equity Interest in Genesis Financial Inc.,

a Fintech-Powered Wealth Management Service Provider

 

Point Roberts, WA – November 22, 2021 – SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) is pleased to announce that it has executed a definitive share purchase agreement (“Agreement”) acquiring 100% equity interest in Genesis Financial, Inc. ("Genesis"), a diversified financial services company with a focus on fintech-powered wealth management advisory services.

Genesis, currently having 23 employees under its purview along with 120 financial consultants, advisors, and representatives, operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. For the nine months to September 2021 the Australian operations generated gross revenue of approximately $15,765,000 (AUD$21,371,861) and derived EBIT (Earnings Before Income Tax) of approximately $1,035,600 (AUD$1,403,919).   All figures are unaudited.

The Genesis Tacquisition is scheduled to close on or before December 10th, 2021. Salient points of the SMC, Genesis transaction are set out as follows;

Pursuant to the Agreement: 

       (i)      The acquisition is valued at $45 million; 

 

       (ii)     SMC will issue convertible Series B Preferred Shares (”Series B Preferred”) with a redemption                   value equal to $45 million; 

   

       (iii)    The Series B Preferred are convertible to common shares, in accordance with the SEC Rule                       144 restrictions, at a discount of 10% to the preceding 10-day weighted average price prior to                 any conversion; 

 

       (iv)    The new board is authorized to issue up to 20m warrants to Genesis stakeholders and other                     strategic partners, vendors and advisors at an exercise price of $1 per warrant with a 3-year                     exercise period from the date of issue; 

 

       (v)    Genesis shall be entitled to nominate two members to the board of directors and the                                management and executive team of the company will be expanded to reflect the new growth                platform. The board will negotiate management and consulting agreements with the                                extended executive and management team; 

 

       (vi)   Immediately on closing, SMC will perform a 2-year audit of its financial statements, attain a                      reporting issuer status with the SEC, undertake a company name and symbol change, and                        commence the  process to up list to a senior public listing exchange; and 

 

       (vii)  SMC will embark on a capital raise of $15 million for further expansion, acquisitions and                            working capital.

 

“I am very pleased that the first stage of our consolidation and growth plan has been completed, and we look forward to working together to take our company to the next phase of its development.” stated Warwick Kerridge, Chairman of Genesis. “We are now positioned to finalize a business model that delivers for our advisors, and those wishing to join us, an opportunity to generate both revenues and value for themselves. This includes our dealer group and delivers to our clients the best practice advisory platform. Finally, but by no means least, we are nicely positioned to provide our stakeholders with the opportunity to be with us at such an exciting time in our corporate journey.”

Erik Blum President of SMC commented “This is an exciting time and a major inflection point for both companies, as a first step in developing Genesis as the premier FinTech financial services disruptor. The commitment from both teams to realize our combined vision has been tremendous. Management has over 60 years combined experience in financial services, and we have a well-developed plan for disrupting the industry. I am looking forward to quickly closing the transaction, consolidating the books, engaging institutional investment funds, starting the process of up listing, and executing on our clear vision”. 

Ron Hughes, Chairman and CEO of SMC, stated “The market, I believe will be pleasantly awakened to this acquisition. Genesis has a wonderful path ahead of itself, and I am very pleased that our shareholders will be the beneficiaries of Genesis’ expansion into the United States. Closing this transaction can clearly put 2022 on notice, that it will be a rousing year indeed for both Genesis and SMC shareholders.”

 

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. The two operating subsidiaries are Ballast Accounting and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.

 

About SMC Entertainment, Inc.

SMC is a versatile holding company that is focused on acquisition and support of proven commercialized financial services and technology (fintech) companies. SMC’s multi-discipline growth by acquisition approach is a building platform and block to enhance revenues and shareholder equity. 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

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 the Company, 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.

News Release  11/18/2021

SMC Engages PCAOB-Certified Auditor to Audit Its 2-year Financial Statements

in Preparation of Becoming Fully Reporting Company

 

Roberts, WA – November 18, 2021 – SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) is pleased to announce it has engaged the independent auditing firm BF Borgers CPA PC (“Borgers”) as its certified public accountant to audit SMC’s financial statements for the past two years in preparation of SMC filing required documentation with the SEC to attain a reporting issuer status.

 

On November 10, 2021, SMC announced the execution of a letter of intent to acquire 100% equity in Genesis Financial Inc. (“Genesis”). Genesis, a diversified financial services company with a focus on fintech-powered wealth management advisory services, operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. For the nine 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.

 

Borgers will initially focus on auditing SMC’s financial statements for the past two years. After SMC’s acquisition closing of Genesis, Borgers will audit SMC and Genesis financial statements on consolidated basis. Borgers has already audited Genesis’ financial statements for the years 2019 and 2020. Selecting and retaining the services of Borgers makes SMC’s future consolidated financial statements audits, inclusive of Genesis, expeditious and cost effective.

 

In addition to the audit milestone announcement, SMC is pleased to provide a progress report on the Genesis acquisition closing:

 

  • SMC and Genesis have exchanged second draft of the definitive agreement. SMC anticipates signing the definitive agreement soon and plans to close the acquisition in calendar 2021.

  • SMC has held discussions with a number of investment banking firms/hedge funds to either lead or syndicate SMC’s capital raise to support the Genesis acquisition. SMC will make appropriate announcements once investment partners have been selected.

  • SMC will be coordinating activities with its securities attorney to file required documentation with the SEC to attain a reporting issuer status. This filing will be after the closing of the Genesis acquisition and completion of consolidated audited financial statements for the combined entities. After becoming a reporting issuer, SMC plans to apply for a company name and symbol change, and up list to a senior exchange.

 

Ron Hughes, Chairman and CEO of SMC, and Erik Blum, President of SMC, both stated, “We are extremely pleased with the speed and progress of this acquisition. We’re very thankful to our Genesis partners who have been very proactive and receptive to our initiatives shedding weeks and months, from the acquisition process. Without the full cooperation of the Genesis team, we wouldn’t have progressed thus far. We would also like to take a moment to thank our valued shareholders and financial supporters who have been waiting for a long time to consummate a deal of this caliber.”

 

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. The two operating subsidiaries are Ballast Accounting and The FinancialLink Group. For more information, visit www.ballast.com.au and www.tflg.com.au.

 

About BF Borgers CPA PC

Borgers is a full-service, PCAOB (Public Company Accounting Oversight Board)-certified public accounting firm, providing audit, tax, and consulting services. For more information, visit www.bfbcpa.us.

 

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

Chief Executive Officer

SMC Entertainment, Inc.

ron.hughes.operations@gmail.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 the Company, 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.

News Release  11/16/2021

SMC Entertainment Provides Shareholder and Performance Update and a Message from its Newly Appointed President

 

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

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 the Company, 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.

News Release  11/15/2021

SMC Entertainment Expands Its Management Team with the Addition of a New President

Point Roberts, WA – November 15, 2021 - SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: 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

 

 

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 the Company, 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.”

News Release  11/10/2021

SMC Signs a Letter of Intent to Acquire 100% Equity Interest in Genesis Financial Inc., a Fintech-Powered Wealth Management Service Provider

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

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 the Company, 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.

News Release  10/14/2021

SMC Entertainment Retains Iron Clad Partners LLC to Provide Strategic Planning Services and Assist in Identifying Potential Partnership and Acquisition Candidates 

Point Roberts, WA – October 14, 2021 - SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) is pleased to announce it has executed a consulting agreement (“Agreement”) with Iron Clad Partners LLC (“Iron Clad”) to provide short-term and long- term strategic planning. Pursuant to the Agreement, effective 10/1/2021, Iron Clad has been retained for an initial term of twelve months and will be compensated $15,000 per month. 

During the term of the Agreement, Iron Clad will assist SMC in identifying potential mergers and acquisitions candidates, potential partnerships, provide short-term and long-term strategic planning in the areas of current and future market trends, corporate organization and financial matters. 

"We are very pleased to engage Iron Clad to help us write our next chapter," said Ron Hughes, president and CEO of SMC. “Iron Clad has a diversified portfolio of customers and partners that will expedite the timely deliverance of the agreed upon services.” 

About SMC Entertainment, Inc. 

SMC Entertainment, Inc. is a provider of venue-based family-oriented entertainment products and services. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com

Press Release Contact:
Ron Hughes
President & CEO
SMC Entertainment, Inc.
ron.hughes.operations@gmail.com

Twitter

 

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 the Company, 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.

News Release  10/12/2021

SMC Entertainment Announces 

Management and Board of Directors Changes

Point Roberts, WA – October 12, 2021 - SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) is thankful to announce the promotion of Mr. Ron Hughes to Chief Executive Officer, sole Director and Chairman of the Board. Mr. Hughes will retain his current title of SMC’s President as well. The promotion was effective on October 1, 2021. Since joining SMC  in May 2020 as VP of Communication, then promoted to President in  June 2021, Ron has been instrumental in keeping the Company current with its finances, filings, negotiated disposition of non-core assets, introduction of operational excellence and conditioning the Company for new partnerships, mergers & acquisition transactions.

 

Mr. Hughes has over 30 years of experience in business development and investment markets. In 1997, Ron joined Global Securities as a Licensed Investment Advisor providing investment analysis, equity trading and capital structure strategy to corporate finance. In 2001, Ron began his executive roles, first as President of TransAmerican Energy Inc., and currently serves on the boards of three publicly traded companies in the United States and Canada. Ron has been a partner with North Arm Capital Services, providing Investor Relations and Business Development services to domestic and international clients for nearly three decades. Ron  studied International Marketing and Management at University of Hawaii (1988), and Resource Economics at the University of Alberta (1987).

 

SMC also declares the resignation of Mr. Rick Bjorklund from all positions, Chief Executive Officer, sole Director and Chairman of the Board. Mr. Bjorklund resignation was effective September 30, 2021. Mr. Hughes stated: "for the past 18 months, working with Rick has been educational. I  sincerely, wish him well.”

 

SMC has now entered 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  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 as part of the acquisition. SMC’s acquisition of Spectrum was initiated, lead and concluded by SMC’s previous Chief Executive Officer.

 

“With my new role and responsibilities, I'm committed to finding and bringing exciting projects for SMC to acquire,” stated Mr. Hughes, SMC’s new President and CEO. “Our share capital structure is extremely attractive and conducive to mergers and acquisitions transactions. We’ll be very diligent in pursuing the right project(s) for us.”

 

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is currently a provider of venue-based family-oriented entertainment products and services. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.

 

 

Press Release Contact:

 

Ron Hughes,

President & CEO

SMC Entertainment, Inc.

ron.hughes.operations@gmail.com

 

Twitter

 

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 the Company, 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.

News Release  08/18/2021

SMC Entertainment 

Receives Third Cash Payment for Sale of Asset

Total Cash Received to-date $102,000

Bessemer, Michigan – August 18, 2021 - SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its 100% wholly owned subsidiary Spectrum Entertainment LLC (“Spectrum”), providers of venue-based family-oriented entertainment, are pleased to announce the receipt of a third cash payment of $20,000 from the sale of its wireless assets comprising of iPTerra Technologies Inc., iPMine software intellectual property, and AktivTrak software intellectual property (collectively the “Wireless Assets”).

 

On March 30, 2021, SMC announced it sold its Wireless Assets to privately-held Wyoming-based Aktiv-Trak Inc. for $600,000 in cash and stock. Upon execution of the purchase agreement, SMC received first cash payment of $27,000. On June 14, 2021, SMC announced it received second cash payment of $55,000. With today’s announcement of a third cash payment of $20,000, total cash amount received to-date is $102,000.

 

SMC will be releasing its second quarter 2021 financial result in the next few days which marks the first full quarter after the closing of 100% acquisition of Spectrum. As a follow up to second quarter results, SMC is planning to provide operational and shareholder updates.

 

About Spectrum Entertainment LLC

Spectrum Entertainment LLC, thru its marketing brand Spectrum Carnival Midway, has been providing fair ground rides, games, food and fun for the whole family for over 25 years. For more information, visit www.spectrumcarnival.com.

 

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is a provider of venue-based family-oriented entertainment products and services. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com and our twitter page https://twitter.com/SMCE92539883 

 

 

Press Release Contact:

Ron Hughes, President

SMC Entertainment, Inc.

Ron.Hughes.operations@gmail.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 the Company, 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.

News Release  08/11/2021

SMC Entertainment Acquires Additional Assets Resulting in

Revenue and Tangible Asset Increase

Bessemer, Michigan – August 11, 2021 - SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its 100% wholly owned subsidiary Spectrum Entertainment LLC (“Spectrum”), providers of venue-based family-oriented entertainment, are pleased to announce the acquisition of an additional premium ride. The equipment has already been delivered and is in operation; generating revenues in this current season and will be reflected in our third quarter, 2021 financial statements. Supplementally, the equipment will augment SMC’s tangible asset line thus further improving SMC’s balance sheet.

The equipment featured here is known as the Super Round Up, an amusement ride consisting of a circular horizontal platform with a vertical cage-like wall around the edge. The platform is attached to a motor on a hydraulic arm. The ride starts out by spinning until the centripetal force is enough to push 60 riders against the wall. This purchase was through a distress sale, whereby an asset worth a quarter of a million dollars was acquired for less than $90,000 US dollars.

 

“As mentioned before, our main goals for 2021 are to continue making tangible asset acquisitions, beefing up our balance sheet,” said Ron Hughes, President of SMC. “We’re aiming to increase SMC’s net tangible assets over the $2,000,000 threshold to qualify and attain Penny Stock Exempt status designation.”

 

 

About Spectrum Entertainment LLC

Spectrum Entertainment LLC, thru its marketing brand Spectrum Carnival Midway, has been providing fair ground rides, games, food and fun for the whole family for over 25 years. For more information, visit www.spectrumcarnival.com.

 

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is a provider of venue-based family-oriented entertainment products and services. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.

 

Press Release Contact:

Ron Hughes, President

SMC Entertainment, Inc.

Ron.Hughes.operations@gmail.com

 

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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 the Company, 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.

News Release  08/04/2021

SMC Entertainment Inc. Reduces Institutional Debt

Year-to-Date Debt Retired is Approximately $641,000

Bessemer, Michigan – August 4, 2021 - SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its 100% wholly owned subsidiary Spectrum Entertainment LLC (“Spectrum”), providers of venue-based family-oriented entertainment, are pleased to announce the payment in full of a $41,000 promissory note held by Missouri-based speciality institutional lender OA Finance LLC. The payment was made pursuant to the promissory note terms and conditions.

 

Since the 100% acquisition of Spectrum, SMC has been focusing on improving its balance sheet by retiring debt and increasing assets. To that end, on 5/24/2021, SMC announced debt retirement of $600,000 in convertible notes. With today’s 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 assets to SMC’s balance sheet; based on Spectrum’s 2020 unaudited fiscal year-end financials.

 

“SMC Entertainment Inc. continues to enhance its balance sheet as it explores future acquisitions, partnerships, specifically integrated investments,” said Ron Hughes President of SMC. “Moreover, we anticipate an improvement in SMC’s revenues from the newly added venues that weren’t available to Spectrum prior to the start of the pandemic.”

 

About Spectrum Entertainment LLC

Spectrum Entertainment LLC, thru its marketing brand Spectrum Carnival Midway, has been providing fair ground rides, games, food and fun for the whole family for over 25 years. For more information, visit www.spectrumcarnival.com.

 

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is a provider of venue-based family-oriented entertainment products and services. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.

 

Press Release Contact:

Ron Hughes, President

SMC Entertainment, Inc.

Ron.Hughes.operations@gmail.com

 

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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 the Company, 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.

News Release  06/14/2021

SMC Entertainment Receives Second Cash Payment from the Sale of Its Wireless Assets and Announces Management Promotion

BESSEMER, MI / ACCESSWIRE / June 14, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a provider of venue-based family-oriented entertainment, is pleased to announce that it has received a second cash payment from the sale of its wireless assets comprising of iPTerra Technologies Inc., iPMine software intellectual property, and AktivTrak software intellectual property (collectively the "Wireless Assets").

On March 30, 2021, SMC announced it sold its last Wireless Assets for $600,000 in cash and stock. Upon execution of the purchase agreement with Wyoming-based and privately-held Aktiv-Trak Inc., SMC received first cash payment of $27,000. SMC is pleased to announce that it has received second cash payment of $55,000 which brings the total of cash payments received to date to $82,000.

On March 23, 2021, SMC announced the closing of 100% acquisition of Michigan-based Spectrum Entertainment, LLC("Spectrum"). This acquisition significantly strengthens SMC's revenue and balance sheet. The acquisition will be reflected in SMC's second quarter 2021 financial statements. Spectrum specializes in fair ground rides, games, food and fun for the whole family. Spectrum has been in operation for over 25 years. Revenues for fiscal years 2018 and 2019 were $597,153 and $618,204 respectively. Spectrum experienced a significant revenue drop for fiscal year 2020 due to the pandemic but expects a rebound in revenues for fiscal year 2021 as the economy opens up and market conditions improve. As of fiscal year-end 2020, Spectrum's net tangible assets were $1,569,000. All figures are unaudited.

SMC is pleased to announce the promotion of Mr. Ron Hughes from Chief Operating Officer to SMC's President to focus on Company operations and investments. Mr. Rick Bjorklund will retain the titles Chief Executive Officer and Chairman of the Board and his focus will center around acquisitions and strategic partnerships.

"For the past 12 months, I have very much enjoyed being part of the SMC family," said Ron Hughes, President of SMC. 'I've witnessed the swift transformation of SMC to its current business focus first hand. With my new role and responsibilities, I'm committed to bringing operational excellence to SMC's current and future subsidiaries, and additional investments to expand our growth. I look forward to my new responsibilities."

"Ron joined us in May 2020 as VP of Communication. His promotions reflect SMC's commitment to cultivating best of breed management talent," said Rick Bjorklund, CEO and Chairman of the Board of SMC. "We continue our quest to building a high performing management team that will deliver exceptional results to our valued shareholders."

Ron has over 30 years of experience in business development and investments market. In 1997, Ron joined Global Securities as a Licensed Investment Advisor providing investment analysis, equity trading and capital structure to corporate finance. In 2001, Ron became president of TransAmerican Energy Inc., and currently serves on the boards of three publicly traded companies in the United States and Canada. Ron has been a partner with North Arm Capital Services, providing Investor Relations and Business Development services to domestic and international clients for nearly three decades. Ron completed studies in International Marketing and Management from University of Hawaii (1988), and Resource Economics from the University of Alberta (1987).

About Spectrum Entertainment LLC

Spectrum Entertainment LLC, thru its marketing brand Spectrum Carnival Midway, has been providing fair ground rides, games, food and fun for the whole family for over 25 years. For more information, visit www.spectrumcarnival.com.

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is a provider of venue-based family-oriented entertainment products and services. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.

Press Release Contact:

Ron Hughes
President
SMC Entertainment, Inc.
Ron.Hughes.operations@gmail.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 the Company, 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.

SOURCE: SMC Entertainment, Inc.

SMC Entertainment, Inc.

News Release  05/24/2021

SMC Entertainment Retires $600,000 In Debt

Bessemer, Michigan – May 24, 2021 - SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE), a provider of venue-based family-oriented entertainment, is pleased to announce the retirement of $600,000 long-term debt in the form of a convertible note. The debt retirement will be reflected in the Company’s second quarter 2021 financial statements.

 

In February 2018, SMC issued a convertible note (the “Note”) as part of SMC’s acquisition of iPTerra Technologies, Inc. (“iPTerra”) and the iPMine software intellectual property (“iPMine”).

 

On March 30, 2021, SMC announced it executed a stock and intellectual property purchase agreement with Wyoming-based privately-held Aktiv-Trak Inc. whereby SMC sold iPTerra, iPMine and SMC’s AktivTrak software intellectual property to Aktiv-Trak Inc. for cash and stock. As a result of SMC’s divesture, SMC was able to negotiate a substantial reduction in the principal amount of the Note with the Note holder.

 

On March 23, 2021, SMC announced the closing of 100% acquisition of Michigan-based Spectrum Entertainment, LLC (“Spectrum”). This acquisition significantly strengthens SMC’s revenue and balance sheet. The acquisition will be reflected in SMC’s second quarter 2021 financial statements. Spectrum specializes in fair ground rides, games, food and fun for the whole family. Spectrum has been in operation for over 25 years. Revenues for fiscal years 2018 and 2019 were $597,153 and $618,204 respectively. Spectrum experienced a significant revenue drop for fiscal year 2020 due to the pandemic but expects a rebound in revenues for fiscal year 2021 as the economy opens up and market conditions improve. As of fiscal year-end 2020, Spectrum’s net tangible assets were $1,569,000. All figures are unaudited.

  

About Spectrum Entertainment LLC

Spectrum Entertainment LLC, thru its marketing brand Spectrum Carnival Midway, has been providing fair ground rides, games, food and fun for the whole family for over 25 years. For more information, visit www.spectrumcarnival.com.

 

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is a provider of venue-based family-oriented entertainment products and services. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.

 

Press Release Contact:

Ron Hughes

Chief Operating Officer

SMC Entertainment, Inc.

Ron.Hughes.operations@gmail.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 the Company, 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.

News Release  03/30/2021

SMC Entertainment Sells Last Wireless Assets For $600,000 In Cash and Stock

SAN FRANCISCO, CA / ACCESSWIRE / March 30, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a provider of venue-based family-oriented entertainment, is pleased to announce that it has signed a stock and intellectual property purchase agreement ("Agreement") with Wyoming-based privately-held Aktiv-Trak, Inc. ("Aktiv-Trak") to sell SMC's last wireless assets. The Agreement is effective immediately.

Pursuant to the Agreement, SMC has sold, transferred and assigned all rights and ownership to SMC's wholly owned subsidiary iPTerra Technologies, Inc. ("iPTerra"), iPMine software intellectual property ("iPMine-IP"), and AktivTrak software intellectual property (AktivTrak-IP") for $600,000 in cash and Aktiv-Trak common shares ("Shares"). Aktiv-Trak will pay SMC a minimum of $250,000 in cash and the balance in either cash, Shares, or a combination of both. SMC has received first payment of $27,000 from Aktiv-Trak. The balance will be due over a 12-month period unless extended by both SMC and Aktiv-Trak.

As a background: in December 2019, SMC announced that it was entering the hospitality staff safety market by developing a new end-to-end software solution. In early 2020, SMC commenced development of the end-to-end AktivTrak software solution by utilizing SMC's iPMine software platform, which SMC owned thru the acquisition of iPTerra in 2018. The AktivTrak product development has progressed with the release of an Alpha version in fall of 2020. A Beta version is planned for testing in the coming months with at least one pilot project installation at an internationally-recognized hotel site is planned for summer/fall 2021.

With the execution of this Agreement, SMC has divested from all wireless assets and will be focusing on venue-based family-oriented entertainment products and services. SMC believes there's an excellent opportunity to acquire a number of these venues with reasonable valuations. As the economy recovers from the pandemic, SMC believes the family entertainment sector will recover at a fast rate.

To execute SMC's vision, on 3/23/2021, SMC announced the closing of 100% acquisition of Michigan-based Spectrum Entertainment, LLC ("Spectrum"). This acquisition significantly strengthens SMC's revenue and balance sheet and will be reflected in SMC's Q2/2021 financial statements. Spectrum specializes in fair ground rides, games, food and fun for the whole family. Spectrum has been in operation for over 25 years. Revenues for fiscal years 2018 and 2019 were $597,153 and $618,204 respectively. Spectrum experienced a significant revenue drop for fiscal year 2020 due to the pandemic but expects a rebound in revenues for fiscal year 2021 as the economy opens up and market conditions improve. As of fiscal year-end 2020, Spectrum's net tangible assets were $1,569,000. All figures are unaudited.

About Spectrum Entertainment LLC

Spectrum Entertainment LLC, thru its marketing brand Spectrum Carnival Midway, has been providing fair ground rides, games, food and fun for the whole family for over 25 years. For more information, visit www.spectrumcarnival.com.

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is a provider of venue-based family-oriented entertainment products and services. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.

Press Release Contact:
Ron Hughes, COO
SMC Entertainment, Inc.
Ron.Hughes.operations@gmail.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 the Company, 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.

News Release  03/25/2021

SMC Entertainment Divests Its Second Non-Core Wireless Assets

SAN FRANCISCO, CA / ACCESSWIRE / March 25, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC Pink:SMCE), a provider of products and services for the entertainment industry, is pleased to announce that it has executed an agreement to divest its WiMundo H.S.I.A. Solutions subsidiary ("WiMundo"). The agreement is effective immediately.

Pursuant to the agreement, SMC will return all assets related to the WiMundo acquisition, including but not limited to WiMundo stock, intellectual properties, marketing material, and website development to WiMundo's original stakeholders ("WiMundo Stakeholders"). In return, WiMundo Stakeholders have agreed to forego the issuance of 20,000,000 shares of SMC's common stock. As an inducement to facilitating the divesture agreement and the expeditious manner, the transaction was concluded, SMC will issue 3,000,000 new restricted shares of SMC's common stock to WiMundo consultants. The restricted common shares will be issued in accordance with Rule 144 of the Securities and Exchange Commission. SMC will retain full ownership of Aktiv-Trak intellectual property, marketing material, and all product development.

On 3/23/2021, SMC announced the closing of 100% acquisition of Michigan-based Spectrum Entertainment, LLC("Spectrum"). This acquisition significantly strengthens SMC's revenue and balance sheet and will be reflected in SMC's Q2/2021 financial statements.

Spectrum specializes in fairground rides, games, food, and fun for the whole family. Spectrum has been in operation for over 25 years. Revenues for fiscal years 2018 and 2019 were $597,153 and $618,204 respectively. Spectrum experienced a significant revenue drop for fiscal year 2020 due to the pandemic but expects a rebound in revenues for fiscal year 2021 as the economy opens up and market conditions improve. As of fiscal year-end 2020, Spectrum's net tangible assets were $1,569,000. All figures are unaudited.

Rick Bjorklund, President, and CEO of SMC, stated, "I would like to thank WiMundo management and stakeholders; we are confident that WiMundo will continue to seek ways to expand it business. SMC continues to look for acquisition opportunities in fragmented markets with reasonable valuations. Such opportunities will demand from us to recalibrate our business plan and transition our focus to our core businesses. The acquisition opportunities that we will be evaluating must have existing revenues and/or tangible assets to strengthen our balance sheet."

About Spectrum Entertainment LLC

Spectrum Entertainment LLC, thru its marketing brand Spectrum Carnival Midway, has been providing fairground rides, games, food, and fun for the whole family for over 25 years. For more information, visit www.spectrumcarnival.com.

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is a provider of products and services for the entertainment industry. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.

Press Contact:
Ron Hughes, COO
SMC Entertainment, Inc.
Ron.Hughes.operations@gmail.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 the Company, 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.

News Release  03/23/2021

SMC Entertainment Completes Acquisition of Spectrum Entertainment LLC

SAN FRANCISCO, CA / ACCESSWIRE / March 23, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a provider of products and services for the entertainment industry, digital communications, and content distribution solutions, is pleased to announce that it has completed the 100% acquisition of Michigan-based Spectrum Entertainment, LLC ("Spectrum") for equity. This acquisition significantly strengthens SMC's revenue and balance sheet and will be reflected in SMC's Q2/2021 financial statements.

Spectrum specializes in fair ground rides, games, food and fun for the whole family. Spectrum has been in operation for over 25 years. Revenues for fiscal years 2018 and 2019 were $597,153 and $618,204 respectively. Spectrum experienced a significant revenue drop for fiscal year 2020 due to the pandemic but expects a rebound in revenues for fiscal year 2021 as the economy opens up and market conditions improve. As of fiscal year-end 2020, Spectrum's net tangible assets were $1,569,000. All figures are unaudited.

With the 2021 season opening in a few weeks, SMC and Spectrum have already finalized new events and markets that would potentially increase revenues by up to 40%. SMC intends to invest additional capital to expand Spectrum's market share and add new games and rides.

SMC will use the Spectrum acquisition as a launching pad for additional acquisitions in the family entertainment and event-based fragmented market, and consolidate them under the SMC brand. At a minimum, such acquisition opportunities should have reasonable valuation, well-established markets, proven revenues, and require minimal operating capital.

Pursuant to the acquisition agreement: (a) SMC will issue 40,000,000 restricted common shares to Spectrum's stakeholders, (b) SMC is extending management agreements to Spectrum's management team to continue operating Spectrum's day-to-day business, and (c) SMC is assuming institutional and personal short and long term debt. All shares will be issued in accordance with Rule 144 of the Securities and Exchange Commission and will be issued from SMC's treasury.

About Spectrum Entertainment LLC

Spectrum Entertainment LLC, thru its marketing brand Spectrum Carnival Midway, has been providing fair ground rides, games, food and fun for the whole family for over 25 years. For more information, visit www.spectrumcarnival.com.

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is a provider of products and services for the entertainment industry, digital communications and media content marketplaces. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.

Press Contact:

Ron Hughes, COO
SMC Entertainment, Inc.
Ron.Hughes.operations@gmail.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 the Company, 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.

News Release  03/08/2021

SMC Entertainment Divests Certain Non-Core Wireless Assets and Returns Shares to Treasury

SAN FRANCISCO, CA / ACCESSWIRE / March 8, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a provider of products and services for the entertainment industry, digital communications, and content distribution solutions, is pleased to announce that it has executed a divesture agreement ("Agreement") to divest its FiberSKY Networks, Inc. subsidiary ("FiberSKY"). Pursuant to the Agreement, SMC will return all assets relating to the FiberSKY acquisition including but not limited to FiberSKY stock, intellectual properties, marketing material, and website development to FiberSKY's original stakeholders ("FiberSKY Stakeholders"). In return, FiberSKY Stakeholders will return 20,000,000 shares of SMC's common stock to SMC's treasury for cancellation. As an inducement to facilitating the execution of the Agreement, SMC will issue 2,000,000 new restricted shares of SMC's common stock to FiberSKY Stakeholders. The restricted common shares will be issued in accordance with Rule 144 of the Securities and Exchange Commission.

Rick Bjorklund, President and CEO of SMC stated, "I would like to thank FiberSKY management and stakeholders for facilitating this transaction. We are confident that FiberSKY will continue to seek ways to expand its business independent of SMC." Mr. Bjorklund continued to state, "we continue to look for acquisition opportunities in fragmented markets with reasonable valuations. Such opportunities will demand from us to recalibrate our business plan and transition our focus. The acquisition opportunities that we will be evaluating must have existing revenues and/or tangible assets to strengthen our balance sheet."

On February 24, 2021, SMC announced the signing of a definitive purchase agreement to acquire Spectrum Entertainment LLC.

About SMC Entertainment, Inc.

SMC Entertainment, Inc. is a provider of products and services for the entertainment industry, digital communications and media content marketplaces. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.

Press Contact:

Ron Hughes
Chief Operating Officer
SMC Entertainment, Inc.
Ron.Hughes.operations@gmail.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 the Company, 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.

News Release  02/03/2021

SMC Entertainment Returns to Current Status with OTC Markets & Provides Shareholder Update

SAN FRANCISCO, CA / ACCESSWIRE / February 3, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a provider of wireless communications products and services, digital content and media distribution solutions, is pleased to report that it is current with its corporate and financial filings with OTC Markets Group Inc. and has returned to Current Status. The Company's next filing is due on or before March 31, 2021 for fiscal year-end 2020 which also is the Company's 4th Quarter.

 

To update, SMC continues executing on its business plan to explore acquisition targets that are in-line with the Company's strategy and vision.

SMC also announces here the promotion of Mr. Ron Hughes to Chief Operating Officer. Mr. Hughes joined SMC's team in May 2020 as Vice President of Communication. In his new role, Mr. Hughes will oversee and manage SMC's day-to-day operations including but not limited to identifying acquisition targets, revenue growth, integration of SMC's subsidiaries to be more aligned with a shared focus and vision, capital markets, investment opportunities, corporate and marketing dissemination along with shareholder communications.

 

With over 25 years of business development experience, Mr. Hughes was introduced to the investments market in 1992. In 1996, Mr. Hughes joined Global Securities as a Licensed Investment Advisor providing investment analysis, equity & debt trading and capital structure to corporate finance. In 2001, Mr. Hughes became president of former TransAmerican Energy Inc., now American Biofuels Inc. and currently serves on the boards of three publicly traded companies both in the United States and Canada. Mr. Hughes completed studies in International Marketing and Management from University of Hawaii (1988), and Resource Economics from the University of Alberta (1987).

 

About SMC Entertainment, Inc.
SMC Entertainment, Inc. is a provider of wireless communications services, digital content, and media distribution solutions. Our multi-discipline revenue approach includes providing media and wireless internet service to under-served markets by acquiring under-capitalized WISPs (Wireless Internet Service Providers). For more information, visit www.smceinc.com.

 

Press Contact:
 

Ron Hughes
Chief Operating Officer
SMC Entertainment, Inc.
Ron.Hughes.operations@gmail.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 the Company, 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.

News Release  05/13/2020

SMC Entertainment Provides Shareholder Update

San Francisco, CA – May 13, 2020 – SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE), a provider of wireless communications products and services, digital content and media distribution solutions, is pleased to provide the following update to its shareholders.

 

Corporate Name and Trading Symbol Change

As we communicated with our shareholders in an earlier press releases, (November 26, 2019), SMC filed a corporate action with the Financial Industry Regulatory Authority, Inc. (“FINRA”) for a corporate name and trading symbol change. As part of the process, SMC worked diligently with its securities attorneys to provide historical documentation dating back to Company inception in the state of Texas in 1995, a major undertaking. In addition to historical documentation, FINRA requested additional filings as follows:

 

  • Background: On October 6, 2006, the management team of Zoolink Corp. (SMC’s former name from approximately 2002 - 2006) filed Form 15-12G with the Securities and Exchange Commission (“SEC”) to become a non-reporting company with the SEC and report under OTC Markets Group’s Alternative Reporting Standard. At the time Zoolink filed Form 15-12G in 2006, Zoolink’s last filing with the SEC was for the quarter ending on 3/31/2004.

 

From 2006 till currently, SMC has been filing its financials and annual disclosure statements with OTC Markets under the Alternative Reporting Standard guidelines.

 

  • FINRA’s Additional Request and Decision: In a letter dated April 29, 2020 to SMC, FINRA requested the Company to file with the SEC the 10-Ks and 10-Qs for the nine (9) periods from 6/30/2004 to 6/30/2006 prior to approving SMC’s corporate action. Failing to do that, FINRA has deemed SMC’s corporate action submission to be deficient under FINRA Rule 6490. FINRA provided SMC the option to appeal its ruling by May 6, 2020.

 

  • SMC’s Decision: SMC does not have the historical financial information to successfully complete FINRA’s requested filings. This would be a costly undertaking and a financial burden to produce two years of historical audited financial statements. We are of the opinion the benefit doesn’t justify the expense and therefore SMC has decided to accept FINRA’s decision. In addition, SMC has decided not to appeal FINRA’s decision since the likelihood of changing the outcome is extremely low.

 

  • Moving Forward Plan: We would’ve liked to roll out our expanded business plan under the FiberSky brand; however, it is not crucial from an operational standpoint. SMC will continue to operate under current corporate name and trading symbol. We are exploring other avenues to utilize the FiberSky brand. Acquisitions and revenue growth will continue to be our focus.

 

 

 

OTC Markets Filings

SMC is in the process of submitting all required filings including financial and disclosure statements, attorney opinion letter to become current with its filings.

 

Appointment of Mr. Ron Hughes; VP of Communication

SMC is pleased to announce the appointment of Mr. Ron Hughes as the Company’s Vice President of Communication. In his role, Mr. Hughes will manage communications relating to capital markets, corporate and marketing dissemination, shareholder inquiries, as well as investor and media relations.

 

With over 25 years of business development experience, Mr. Ron Hughes was introduced to the investments market in 1992. In 1997, Mr. Hughes joined Global Securities as a Licensed Investment Advisor providing investment analysis, equity trading and capital structure to corporate finance. In 2001, Mr. Hughes became president of TransAmerican Energy Inc., and currently serves on the boards of three publicly traded companies in the United States and Canada. Mr. Hughes has been a partner with North Arm Capital Services, providing Investor Relations and Business Development services to domestic and international clients for nearly three decades. Mr. Hughes completed studies in International Marketing and Management from University of Hawaii (1988), and Resource Economics from the University of Alberta (1987).

 

Share Capital Structure

The Company has received a number of inquiries with respect to its share capital structure. The Company is pleased to confirm there have been no changes to its share capital structure since last reported in 2019. There seems to be confusion on the definitions of non-restricted and public float common shares. The Company’s Transfer Agent has confirmed non-restricted common shares are the same as public float common shares, which is calculated as outstanding common shares less restricted common share. In light of the above confirmation, the Company updated its share capital structure profile on OTC Markets website. The Company encourages its shareholders to directly contact its Transfer Agent and request a current share capital structure.

 

As of today’s date, SMC’s total outstanding common shares are 346,626,974. The breakdown of outstanding common shares is as follows: total restricted common shares are 223,339,506; and total non-restricted/public float common shares are 123,287,468. Out of non-restricted/public float common shares, Cede & Co (DTC) holds 64,329,070 common shares. It’s the Company’s understanding that DTC’s position of 64,329,070 common shares reflects available shares that can be traded by the public.

 

About SMC Entertainment, Inc.

SMC Entertainment Inc. (www.smcemedia.com) is a provider of wireless communications services, digital content, and media distribution solutions. Our multi-discipline revenue approach includes providing media and wireless internet service to under-served markets by acquiring under-capitalized WISPs (Wireless Internet Service Providers). SMC operates two wholly owned subsidiaries.

 

Acquired in August 2019, FiberSKY Networks, Inc. focuses on the Digital Dome designs of a hybrid Internet of Things (IoT)-based broadband network system called FiberSKY™. This unique proprietary design is capable of utilizing multiple technologies for the enhancement of deploying the "last mile" of advanced high speed services to residential and commercial customers. The FiberSKY system incorporates multiple technologies such as power lines, fiber optics, licensed and unlicensed wireless frequencies and existing telecom-owned broadband back haul networks to produce an efficient and scalable broadband connection. For more information, visit www.fiberskynetworks.com.

 

Acquired in December 2019, WiMundo H.S.I.A Solutions provides end-to-end solutions for the hospitality industry including hotels, multi-dwelling properties as well as RV parks and campgrounds. These solutions are comprised of customized software, industry-leading hardware, installation services coupled with guest and technical support. For more information, visit www.WiMundo.com and www.Aktiv-Trak.com.

 

 

Press Release Contact: 

 

Ron Hughes, VP Communications 

 

ron@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 the Company, 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.

News Release  11/26/2019

SMC Entertainment Provides Shareholder Update and Plans for Continued Growth

SAN FRANCISCO, Nov. 26, 2019 (GLOBE NEWSWIRE) -- via OTC PR WIRE – SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE), a provider of wireless communications services, digital content and media distribution solutions, released the following shareholder update from SMC’s Chairman and CEO Rick Bjorklund as part of his commitment to continually communicate with shareholders.

Dear Valued Current and Future Shareholders:

SMC’s management team has been working on a number of initiatives to diversify our Company’s business strategies. Unlocking shareholder value remains the cornerstone of our management team goal.

 

Future Acquisitions. We continue to look for and evaluate complementary acquisitions that fit within our frame of business strategies and growth opportunities. The recently completed acquisition of FiberSKY Networks, Inc. is a prime example of what we see as our growth and diversification strategies.

Additional Management Team Members. The current SMC management team will be the main driver for our anticipated growth. As we acquire additional companies, there could be management team expansion and additional officers and Board members.

 

Update on Corporate Name and Trading Symbol Change. Per earlier communication, it’s our intention to rebrand SMC from its current name to FIBERSKY CORP., and change our trading symbol. Our securities attorney has responded to the majority of FINRA’s comments and clarification requests. One item remains to be addressed that deals with a historical filing that predates current management’s knowledge. We expect our securities attorney to address this and other items that might arise in the course of FINRA’s review very soon.

 

Share Capital Structure. According to SMC’s Stock Transfer Agent’s records and as at 11/25/2019, our total outstanding common shares are 346,626,974; total restricted common shares are 223,339,506; total non-restricted common shares are 123,287,468; total Cede & Co (DTC) common shares are 64,329,070; and public float common shares are 75,769,070.

 

As we come to the closing of 2019, we are proud of the initiatives and decisions we made to build a stronger foundation for our anticipated growth in 2020 and beyond. Our management team and group of companies thrive on the energy of our mission and goals.

 

Best Regards,
Rick Bjorklund
Chairman and CEO

 

About SMC Entertainment, Inc.

SMC Entertainment Inc. is a provider of wireless communications services, digital content, and media distribution solutions. Our multi-discipline revenue approach includes providing media and wireless internet service to under-served markets by acquiring under-capitalized WISPs (Wireless Internet Service Providers). With our recent acquisition of FiberSKY Networks, Inc., FiberSKY’s primarily design concept involves the Digital Dome designs of a hybrid Internet of Things (IoT)-based broadband network system called FiberSKY™. This unique proprietary design is capable of utilizing multiple technologies for the enhancement of deploying the “last mile” of advanced high speed services to residential and commercial customers. The FiberSKY system incorporates multiple technologies such as power lines, fiber optics, licensed and unlicensed wireless frequencies and existing telecom-owned broadband back haul networks to produce an efficient and scalable broadband connection. For more information, please visit us at www.smcemedia.com, and www.fiberskynetworks.com.

 

Contact:
SMC Entertainment, Inc.
info@smcesolutions.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 the Company, 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.

News Release  11/25/2019

SMC Entertainment Announces Fourth U.S. Patent Filing Covering Digital Packets Transmission Using Peer-to-Peer Distribution

San Francisco, CA – November 25, 2019 – SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE), a provider of wireless communications services, digital content and media distribution solutions, is pleased to announce that White Hat Vision, LLC (“White Hat”), soon to be acquired by SMC, filed its fourth patent application with the United States Patent and Trademark Office (“USPTO”).

The fourth patent, USPTO application number USSN 16/589,865, covers system and method for securely retrieving and transmitting digital packets using peer-to-peer distribution. This patent, capstone for the distribution system, focuses on users sharing content while still protecting against piracy by providing the system with customer information to further enhance user experience. White Hat has requested fast tracking application approval process.

On November 4, 2019, SMC announced it executed a Letter of Intent to acquire 100% of White Hat and its first patents licensee, Texas-based Song1, LLC (“Song1”). White Hat owns three patents that address protection against digital cyber theft across any application used to transfer data packets. The three patents, referred to as the Marshall Digital Security (“MDS”), once embedded securely in any digital transporting environment, functions transparently and strategically removes portions of a digital content packet (referred to as Fragments) rendering it to a stealth-like transmission and thereby making the rest of the packet content (referred to as Segments) useless in case of unauthorized access. Once a packet reaches its destination, the Fragments and Segments are merged together to deliver the digital content as intended to. MDS patents can be embedded in solution offerings to any deemed sensitive environment including government, healthcare, banking, research, 3D printing, media, and gaming. The need for protection against worldwide cyber extraction renders itself to the MDS stealth technology. In addition to licensing its patents, White Hat intends to vigorously pursue infringements on any of its patents. The full texts of the three patents are available on USPTO’s website www.uspto.gov, patent numbers 8,719,946; 9,576,114; and 10,078,737.

Rick Bjorklund, SMC’s Chairman and CEO, commented: “Further to our press releases dated November 4th and 6th, 2019 highlighting our goals, efforts and commitments to grow our company organically and thru acquisitions, we are on the right track to deliver on our vision for the benefits of SMC shareholders. Upon approval of the fourth patent, our go-to-market strategy and intellectual property portfolio would be significantly enhanced. As at 11/22/2019, our total issued and outstanding common shares are 347,000,000 representing 222,000,000 restricted shares and 125,000,000 unrestricted shares (all figures are approximate). The public float is around 75,000,000 shares.”

About White Hat Vision LLC

White Hat Vision, LLC is a developer, marketer and licensor of technology solutions built around three patents, referred to as the Marshall Digital Security (“MDS”), that address digital content piracy and cyber theft. MDS targets a number of industries including but not limited to Internet and mobile transmission content, including government, healthcare, banking, research, SCATA, energy, media, and gaming. 

 

The MDS patents were developed by Mr. Marvin Marshall (https://www.linkedin.com/in/marshallmarvin)and his team of intellectual marvels. Prior to inventing the MDS patents, Mr. Marshall invented the PrePaid Phone Card technology (which he was awarded three U.S. patents). Prior to inventing the PrePaid Phone technology, Mr. Marshall invented a new mathematical method specifically for precisely balancing Dairy Ration Formulations. Also, he created a companion Dairy Management software program. This invention was highly successful and Mr. Marshall gained over 4,000 clients in the U.S., Mexico and South Africa. Available nationally documented articles featuring Mr. Marshall’s inventions and technologies are Time Magazine – 1978, Tampa Tribune – 1990, TeleCard World – 1998 and the Wall Street Journal (Breakout Section) December 7, 1998.

  

About Song1, LLC

Song1, LLC is a developer, marketer and provider of recorded music streaming services that has licensed MDS’s patents. Song1 has embedded MDS’s patents in its product offerings to create more secure, faster and better commercial streaming experience. Song1 offers its services on a monthly subscription basis. Song1 plans to expand its secure streaming services by building complementary products and/or license the core technologies to other streaming service providers. For more information, please visit us at (www.song1.com).

About SMC Entertainment, Inc.

SMC Entertainment Inc. is a provider of wireless communications services, digital content, and media distribution solutions. Our multi-discipline revenue approach includes 

internet service to under-served markets by acquiring under-capitalized WISPs (Wireless Internet

providing media and wireless Service Providers). With our recent acquisition of FiberSKY Networks, Inc.,

FiberSKY’s primarily design concept involves the Digital Dome designs of a hybrid Internet of Things (IoT)-based broadband network system called FiberSKYTM. This unique proprietary design is capable of utilizing multiple technologies for the enhancement of deploying the “last mile” of advanced high speed services to residential and commercial customers. The FiberSKY system incorporates multiple technologies such as power lines, fiber optics, licensed and unlicensed wireless frequencies and existing telecom-owned broadband back haul networks to produce an efficient and scalable broadband connection. 

 

For more information, please visit us at www.smcesolutions.com, and www.fiberskynetworks.com.

Contact:
SMC Entertainment, Inc. info@smcesolutions.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 the Company, 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.

News Release  11/6/2019

SMC Entertainment Provides Shareholder Update

San Francisco, CA – November 6, 2019 – SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE), a provider of wireless communications services, digital content and media distribution solutions, is pleased to provide the following performance update to its shareholders.

Acquisition closing of White Hat Vision LLC and Song1 LLC. As stated in the Company’s press release dated 11/4/2019, we executed a Letter of Intent to acquire White Hat Vision LLC and Song1 LLC. The closing process involves the creation and execution of multiple agreements including but not limited to membership unit purchase agreements, patent assignment and intellectual property transfer agreements. We expect multiple attorneys to be involved representing the sellers and the Company. These activities will take time, however, our intention is to close the transaction expeditiously without compromising the due diligence process.

Refocused and expanded business strategies. From the outset, we maintained we will grow SMC thru acquisitions. With our recent acquisition completion of FiberSKY Networks, Inc. followed up with the execution of Letter of Intent to acquire White Hat Vision and Song1, these additions will broaden SMC’s business plan in wireless mobility and digital content related opportunities. Our vision is bring technologies that will enhance our offerings to Wireless Internet Service Providers (“WISPs”) in under- served markets including but not limited to digital content distribution, cyber security and wireless communications. We’re focusing on those technologies that will form the initial building blocks for our ultimate market push with nation-wide WISPs. Moving forward, we continue to look for additional complementary opportunities that will not only vertically integrate our portfolio of technologies, but also increase revenues.

Corporate Funding and investment. We continue to evaluate a number of investment options that will help expedite our business and growth strategies aimed at enhancing shareholder value. We will be selective in choosing the right funding partner.

Corporate Name and Symbol Change. To better reflect our expanded and refocused business strategies and per our earlier announcement, it’s our intention to rebrand the Company name from its current name SMC Entertainment Inc. to FIBERSKY CORP. Our securities attorney submitted a corporate action with FINRA and we have received comments back from FINRA requesting additional clarification and documentation. It has taken us longer than expected to gather the requested documents, some dating back to Company inception which predates current management. We believe our securities attorney has a complete reply package and ready for submission very soon. To facilitate the name branding, the Company has officially changed its name to FIBERSKY CORP. with the state of Nevada, and has a new CUSIP number that will become effective once FINRA approves the name and symbol change corporate action.

Share Capital Structure. As at 11/4/2019, our total issued and outstanding common shares are approximately 347,000,000 representing approximately 222,000,000 restricted shares and approximately 125,000,000 unrestricted shares. The public float is approximately 75,000,000 shares.

"We are focused on increasing SMC’s exposure as we execute on our business plan to develop a diversified multi-discipline company,” stated Rick Bjorklund, Chairman and CEO of SMC. “We look forward to building a stronger organization with more revenue diversification. We appreciate the interest our shareholders have in the company and are working to increase shareholder value as we believe the company share price is undervalued."

About SMC Entertainment, Inc.

SMC Entertainment Inc. is a provider of wireless communications services, digital content, and media distribution solutions. Our multi-discipline revenue approach includes providing media and wireless

internet service to under-served markets by acquiring under-capitalized WISPs (Wireless Internet

FiberSKY’s primarily design concept involves the Digital Dome designs of a hybrid Internet of Things (IoT)-based broadband network system called FiberSKYTM. This unique proprietary design is capable of utilizing multiple technologies for the enhancement of deploying the “last mile” of advanced high speed services to residential and commercial customers. The FiberSKY system incorporates multiple technologies such as power lines, fiber optics, licensed and unlicensed wireless frequencies and existing telecom-owned broadband back haul networks to produce an efficient and scalable broadband connection.

 

For more information, please visit us at www.smcesolutions.com, and www.fiberskynetworks.com.

Contact:
SMC Entertainment, Inc. 

info@smcesolutions.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 the Company, 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.

Service Providers). With our recent acquisition of FiberSKY Networks, Inc.,