SMC/Genesis Financial Announces Completion of 2019 and 2020 PCAOB Audits in preparation for S-1 Registration Filing

Rhea-AI Summary

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.

Positive

• Completion of 2019 and 2020 financial audits enhances transparency.
• Nearing completion of the 2021 audit supports timely SEC filings.
• S-1 Registration filing aims to clarify business growth strategies.
• Genesis Financial positioned for expansion in the $3.9 billion Australian wealth management industry.

Negative

• None.

Charleston, SC, Feb. 09, 2022 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its majority-owned subsidiary, Genesis Financial, Inc. (“Genesis”) - an integrated financial technology company (“Fintech”) with a full suite of digital financial services solutions, are pleased to announce the completion of fiscal years 2019 and 2020 financial statement audits. The Company has commenced on fiscal year 2021 financial statement audit and expects to complete it very shortly.

Completing the Company’s PCAOB financial audit is a critical and major milestone that ensures the timely filing of the Company’s S-1 Registration statement with the SEC to attain reporting issuer status. The S-1 Registration statement will also provide our shareholders and the public at large additional clarity on how the Company intends to execute its business plan and revenue growth; organically or thru joint ventures/acquisitions.

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:
Erik Blum
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.

FAQ

What recent achievements has SMC Entertainment (SMCE) made?

SMC has completed financial audits for fiscal years 2019 and 2020, and is close to finishing the 2021 audit.

What is the significance of the S-1 Registration statement for SMCE?

The S-1 Registration statement is crucial for attaining reporting issuer status and clarifying the company's business strategies.

How is Genesis Financial positioned in the Australian market?

Genesis Financial aims to expand in Australia's fragmented Independent Dealer Group sector, tapping into a $3.9 billion market.

What is the financial outlook for SMC Entertainment following the audits?

Completing the audits improves transparency and supports the company's growth strategy but specific financial impacts will depend on future execution.