SMC/Genesis Financial, Announces Retirement of an additional 40,000,000 Shares from Outstanding Common Shares Provides Audit Update

Rhea-AI Summary

SMC Entertainment, Inc. (OTC: SMCE) announced the cancellation of 40,000,000 common shares, effective January 25, 2022, as part of its initiatives for share reduction. The company has also provided its auditor with necessary documents to finalize the financial statements for fiscal years 2019 and 2020. An audit for fiscal year 2021 is set to commence, aimed at preparing for consolidated balance sheets. Genesis Financial, SMC's subsidiary, operates in the fintech sector, supporting wealth management and advisory services in Australia, targeting a fragmented market with significant potential.

Positive

• Cancellation of 40,000,000 common shares enhances shareholder value.
• Audit of fiscal years 2019, 2020, and 2021 indicates commitment to transparency and compliance.
• Genesis Financial is well-positioned in a growing Australian wealth management market.

Negative

• The announcement does not provide specifics on financial performance metrics for fiscal years 2019 and 2020.

Charleston, SC, Jan. 31, 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”) are pleased to provide this audit update and announce the cancellation of 40,000,000 common shares from the Company’s outstanding shares. This cancellation was effective January 25, 2022, per confirmation correspondence with the Company’s stock transfer agent.

The Company is also pleased to announce that it has provided its auditor with all requested documentation to complete the 2019 and 2020 fiscal year financial statements. Fiscal year 2020 financial audit will commence immediately and will be completed shortly. The Company’s management team and board of directors have decided to audit fiscal year 2021 in anticipation of consolidating balance sheets and becoming a fully reporting company.

In the Company’s press release dated January 6, 2022, the Company outlined a number of initiatives regarding the audits and share cancellation. This share cancellation announcement is part of those initiatives, and the Company is incredibly pleased to deliver on those initiatives. In addition, the Company has submitted to its stock transfer agent another block of shares to be cancelled. The company has presented executed instructions of the agreement between the Company and shareholder and is awaiting its stock transfer agent to provide written cancellation confirmation.

About Genesis Financial, Inc.
Genesis, with twenty-three 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 ten 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 is SMC Entertainment's recent stock activity involving shares?

SMC Entertainment announced the cancellation of 40,000,000 shares effective January 25, 2022.

What financial audits is SMC Entertainment conducting?

SMC is auditing its fiscal years 2019, 2020, and 2021 as part of its transparency initiatives.

What services does Genesis Financial provide as part of SMC?

Genesis Financial offers fintech-powered wealth management and advisory services in Australia.

How does SMC Entertainment plan to enhance shareholder value?

The cancellation of shares and transparent financial reporting are part of SMC's strategy to enhance shareholder value.