SMC ENTERTAINMENT INC - SMCE STOCK NEWS

SMC Entertainment appointed Erik Blum as its new president, aiming to accelerate growth through capital raising, reporting status, and potential acquisitions. The company retired $600,000 in long-term debt without shareholder dilution and plans to cancel 270 million restricted shares to enhance its capital structure. SMC seeks to unwind its acquisition of Spectrum Entertainment, aiming to reclaim over $145,000 and return 40 million shares. Additionally, SMC sold wireless assets to Aktiv-Trak for $600,000, with $102,000 received year-to-date. The company is optimistic for fiscal year 2022.

SMC Entertainment, Inc. (OTC PINK:SMCE) has appointed Erik Blum as its new president, effective immediately. Mr. Blum's role includes finalizing the acquisition of Genesis Financial Inc., seeking capital from institutional investors, and leading the company's uplisting to a senior tier. His extensive experience in corporate finance and capital markets positions him well for this transition. CEO Ron Hughes expressed confidence in Blum's capabilities to integrate the businesses and enhance shareholder value. This strategic move aims to strengthen SMC's operational framework and growth potential.

SMC Entertainment, Inc. (OTC PINK:SMCE) has signed a letter of intent to acquire Genesis Financial, Inc. for $45 million. Genesis specializes in fintech-powered wealth management and generated approximately $15.8 million in revenue over nine months ending September 2021. The acquisition will involve stock issuance to Genesis shareholders and a subsequent capitalization plan of at least $15 million. This move aims to strengthen SMC's market position and expand its operations in the U.S. and Australia, addressing a significant portion of underserved clients in the financial advisory sector.

SMC Entertainment, Inc. (OTC PINK:SMCE) announced the receipt of a second cash payment of $55,000 from the sale of its wireless assets, totaling $82,000 to date. This follows the earlier cash payment of $27,000 from the same transaction. Additionally, SMC's recent acquisition of Spectrum Entertainment is expected to enhance its revenue, with a reported net tangible asset value of $1,569,000. The company has promoted Ron Hughes to President, focusing on operational excellence and growth.

SMC Entertainment, Inc. (OTC PINK:SMCE) announced the retirement of $600,000 in long-term debt through a convertible note. This retirement stems from SMC's divestiture of iPTerra Technologies and iPMine software, leading to a favorable reduction in debt obligations. In March 2021, SMC completed the acquisition of Spectrum Entertainment, strengthening its revenue and balance sheet. Spectrum had revenues of approximately $618,204 in 2019, though it faced a decline in 2020 due to the pandemic. The financial effects will be reflected in the second quarter 2021 statements.

SMC Entertainment, Inc. (OTC PINK:SMCE) has signed a purchase agreement to sell its last wireless assets to Aktiv-Trak, Inc. for a total of $600,000, with an initial cash payment of $27,000. This deal includes the transfer of intellectual property from SMC's subsidiary, iPTerra Technologies, Inc. Following the divestiture, SMC aims to concentrate on family-oriented entertainment as the economy recovers from the pandemic. SMC recently acquired Spectrum Entertainment, LLC, enhancing its revenue potential with the expectation of a revenue rebound.

SMC Entertainment (OTC Pink: SMCE) announced on March 25, 2021, the immediate divestiture of its WiMundo H.S.I.A. Solutions subsidiary. In this agreement, SMC is returning all assets related to WiMundo and will avoid the issuance of 20 million shares of common stock. As compensation, SMC will issue 3 million restricted shares to WiMundo consultants. Additionally, SMC recently completed the acquisition of Spectrum Entertainment, which recorded revenues of $597,153 and $618,204 in 2018 and 2019 respectively. Spectrum expects revenue recovery in 2021 following a pandemic-induced decline.

SMC Entertainment, Inc. (OTC PINK:SMCE) has announced its acquisition of Spectrum Entertainment, LLC, a Michigan-based company, for equity, enhancing SMC's revenue and balance sheet, expected to be reflected in Q2 2021 financials. Spectrum, established for over 25 years, faced revenue decline in 2020 due to the pandemic but anticipates a rebound in 2021. The acquisition will include issuing 40 million restricted common shares, and SMC plans to invest in expanding Spectrum's market share, targeting a revenue increase of up to 40%.

SMC Entertainment (OTC PINK: SMCE) has announced a divestiture agreement to return all assets of its subsidiary FiberSKY Networks to its original stakeholders. In exchange, FiberSKY stakeholders will return 20,000,000 shares of SMC's common stock to the treasury for cancellation. Additionally, SMC will issue 2,000,000 new restricted shares to the stakeholders as part of the agreement. This decision is seen as part of SMC's strategy to focus on potential acquisitions with existing revenues and tangible assets.