SMC Entertainment Executes Acquisition Agreement to Acquire Boutique Investment Manager, Bateau Asset Management, Providing Entry to Australian and Southeast Asian Financial Services Markets

Rhea-AI Summary

SMC Entertainment (OTC PINK:SMCE) has executed an Acquisition Agreement to acquire Bateau Asset Management, an Australia-based boutique investment manager, for 14,000,000 shares of Series C Preferred Stock and $2,000,000 in convertible promissory notes. The acquisition marks SMC's entry into the Southeast Asian Fintech market. Bateau, operating since 2016, offers absolute-return investment services through a multi-manager approach, including investment research and education focused on constructing understandable absolute return portfolios for high-net-worth clients. The company maintains client service teams in Australia and Singapore.

Positive

• Strategic entry into Southeast Asian financial services market
• Acquisition includes established high-net-worth client base
• Geographic expansion with presence in Australia and Singapore
• Addition of complementary research and advisory capabilities

Negative

• Issuance of 14,000,000 preferred shares may lead to potential dilution
• $2,000,000 in convertible notes increases debt burden

Bateau Asset Management brings to SMC Entertainment:

• Foundational acquisition into International Financial Services Sector

• Well-established client base of high-net-worth individuals

• Experienced global client services team based in Australia and Singapore

• Research and advisory capabilities complementary to SMC Entertainment's Fintech platform

BOCA RATON, FL / ACCESSWIRE / November 6, 2024 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a Fintech incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce that it has executed an Acquisition Agreement to acquire a 100% interest in Australia-based Bateau Asset Management, a boutique investment manager ("Bateau"). The acquisition will provide SMC with an initial presence in the Southeast Asia Fintech market.

Since 2016, Bateau has offered an absolute-return investment philosophy delivered by a multi-manager approach to investing. Services include investment research and

education with the objective of providing clients with rigorously constructed absolute return portfolios that they can understand.

As further detailed in the Company's Current Report on Form 8-K filed with the SEC, under the terms of the executed Acquisition Agreement, SMC will acquire 100% of Bateau in exchange for the issuance of 14,000,000 shares of Series C Preferred Stock and $2,000,000 in convertible promissory notes.

About Bateau Asset Management
Bateau Asset Management is a boutique investment manager founded in 2016 based in Australia with offices in Singapore. Bateau follows an absolute-return investment philosophy and a multi-manager approach to investing.

To learn more, go to https://www.bateauam.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. For more information on SMC, visit www.smceinc.com.

Press Release Contact:

Erik Blum
Chief Executive Officer
SMC Entertainment, Inc.
360-820-5973

Safe Harbor Statement

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by any third-party. Therefore, in no case whatsoever will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

SOURCE: SMC Entertainment, Inc.

View the original press release on accesswire.com

FAQ

What is the acquisition price for Bateau Asset Management by SMCE?

SMC Entertainment (SMCE) will acquire Bateau Asset Management for 14,000,000 shares of Series C Preferred Stock and $2,000,000 in convertible promissory notes.

What markets will SMCE enter through the Bateau acquisition?

Through the Bateau acquisition, SMCE will enter the Australian and Southeast Asian financial services markets.

What services does Bateau Asset Management provide?

Bateau Asset Management provides absolute-return investment services, investment research, and education, focusing on constructing absolute return portfolios for high-net-worth clients.

When was the acquisition agreement between SMCE and Bateau announced?

The acquisition agreement between SMC Entertainment and Bateau Asset Management was announced on November 6, 2024.