SMC Closes $45 Million Acquisition of Genesis Financial Inc., a Fintech-Powered Wealth Management Service Provider
SMC Entertainment has completed a $45 million acquisition of Genesis Financial, a diversified financial services company, as of December 10, 2021. The acquisition, endorsed by 95.28% of Genesis stockholders, is poised to significantly bolster SMC's revenue and expand its shareholder base. In addition, SMC plans to raise $15 million for operational and acquisition purposes, conduct financial audits, and file necessary regulatory documents for SEC reporting status. Genesis generated approximately $15.76 million in gross revenue for the nine months ended September 2021.
- Acquisition of Genesis is expected to significantly enhance revenue streams.
- Over 95% acceptance of Genesis stockholders indicates strong support for the acquisition.
- Plans to raise $15 million to support operational expansion and future acquisitions.
- Timing allows for immediate booking of Genesis' revenue beginning December 10, 2021.
- None.
POINT ROBERTS, WA / ACCESSWIRE / December 13, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE) is pleased to announce that on December 10, 2021 it closed its
SMC has delivered to Genesis, the proportionate percentage of accepted stockholders, the agreed upon purchase price of
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
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
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
"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
"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.
SOURCE: SMC Entertainment, Inc.
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