SMC ENTERTAINMENT INC - SMCE STOCK NEWS

SMC Entertainment, Inc. (OTC PINK:SMCE) has signed a $25 million stock purchase agreement to acquire 100% of Fyniti Global Equities EBT Inc., a fintech company known for its AI-powered investment technology. This acquisition will be finalized in the upcoming weeks and Fyniti will become a wholly-owned subsidiary of SMC. The deal includes issuing 2,500,000 shares of Series B Preferred Stock to Fyniti's shareholders. SMC will also invest $2 million to enhance Fyniti's operations, with an immediate $250,000 upon closing. The acquisition aligns with SMC's strategy to penetrate the $8 trillion ETF market and leverage Fyniti's proprietary AI tools, potentially transforming wealth management and capital markets.

SMC Entertainment, Inc. (OTC PINK:SMCE) has signed a Letter of Intent to acquire a minority stake in a FINRA-regulated broker dealer based in Texas, pending regulatory approval. This strategic acquisition aims to enhance SMC’s portfolio in the financial services sector, complementing its recent acquisition of Fyniti Global Equities EBT Inc., an AI-driven wealth management technology platform. CEO Erik Blum emphasized the importance of this acquisition for executing Fyniti’s platform and expanding product offerings. Both transactions reflect SMC's growth strategy centered on becoming a premium Fintech provider.

SMC Entertainment, Inc. (OTC PINK:SMCE) has entered an Agreement with Genesis Financial Inc. to alter their relationship due to regulatory challenges in the Australian financial sector. The agreement includes the termination of a Stock Purchase Agreement from November 2021, granting Genesis the right to acquire a 10% equity interest in SMC for $3 million, alongside the issuance of 20 million common shares to Genesis for exclusive marketing of SMC's Fintech products in Australia. SMC will receive $300,000 from Genesis, enhancing its financial position as it continues to innovate in the Fintech landscape.

SMC Entertainment, Inc. (SMCE) announced a Letter of Intent to acquire Fyniti Global Equities EBT Inc. for $25 million. This acquisition aims to integrate Fyniti's AI-driven wealth management and block trading technologies, enhancing SMC's Fintech product offerings. Fyniti specializes in democratizing investment strategies like Basket Trading and Tax Loss Harvesting. Following the acquisition, SMC plans to expand Fyniti's marketing and technological capabilities. The market for ETFs is valued at $8 trillion, with significant growth potential in AI-enabled financial services. Closing is anticipated after due diligence completion.

SMC Entertainment (OTC: SMCE) released its financial results for the first half of 2022, reporting revenues of $10,706,514 and a gross profit of $2,213,888. The company incurred a cost of revenues of $8,492,626. As of June 30, 2022, SMC had cash on hand amounting to $518,631 and accounts receivable of $628,821. President Erik Blum emphasized the company’s focus on organic growth and upcoming acquisitions in both Australia and the U.S., with plans to file audited financial statements to achieve SEC reporting issuer status.

SMC Entertainment (OTC: SMCE) announced a debt-to-equity conversion involving its subsidiary, Genesis Financial. The deal will convert $1.7 million of debt into $2.5 million in equity of a major fintech entity currently undergoing S-1 filing. This strategic move aims to strengthen Genesis' balance sheet and expand its asset base, positioning the company to capitalize on growth opportunities. Genesis focuses on wealth management and operates through two regulated Australian entities. The Australian wealth management industry serves over 2.2 million investors with annual fees nearing $3.9 billion.

SMC Entertainment (OTC: SMCE) has appointed Ms. Sachie McQueen to its Board of Directors. McQueen, a seasoned investment banker with over 10 years of experience in global equity sales, previously worked at Goldman Sachs and Amazon. She expressed excitement about SMC's growth potential in the $3.9 billion Australian Wealth Management industry, where the company aims to consolidate and expand its presence. SMC's majority-owned subsidiary, Genesis Financial, focuses on fintech solutions in wealth management, operating under two regulated Australian entities.

SMC Entertainment (OTC: SMCE) has announced a significant expansion initiative in Australia through a joint venture with Best Practice Accounting Group (BPAG). This venture aims to provide tailored financial services for accountants and financial advisers, with initial support from three accounting practices. The joint venture seeks to create a sustainable growth model by addressing succession planning for over half of Australia's accountants, enhancing collaboration between accountants and advisers. The Australian wealth management sector boasts over 25,000 advisers managing approximately $3.9 billion in annual fees.

SMC Entertainment (OTC: SMCE) has successfully completed the audits for fiscal years 2019 and 2020, with the fiscal year 2021 audit nearing completion. This achievement allows for the filing of the S-1 Registration statement with the SEC, a crucial step towards attaining reporting issuer status. The move aims to clarify SMC's business strategies, including potential revenue growth through organic means or acquisitions. Additionally, the company's subsidiary, Genesis Financial, is positioned to expand within the Australian wealth management sector, which generates nearly $3.9 billion in annual fees.