SMC/Genesis Financial Converts $1.7 Million in Debt Holdings Into $2.5 million in Equity
SMC Entertainment (OTC: SMCE) announced a debt-to-equity conversion involving its subsidiary, Genesis Financial. The deal will convert $1.7 million of debt into $2.5 million in equity of a major fintech entity currently undergoing S-1 filing. This strategic move aims to strengthen Genesis' balance sheet and expand its asset base, positioning the company to capitalize on growth opportunities. Genesis focuses on wealth management and operates through two regulated Australian entities. The Australian wealth management industry serves over 2.2 million investors with annual fees nearing $3.9 billion.
- Successful conversion of $1.7 million debt into $2.5 million equity strengthens the balance sheet.
- Genesis Financial positions itself for future growth by acquiring valuable assets.
- Increased potential for revenue growth through consolidation in Australia's fragmented financial sector.
- None.
Charleston, SC, Feb. 17, 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, is pleased to announce the confirmation of a previously submitted debt to equity conversion.
The Company had been awaiting confirmation of an executed agreement to swap
This confirmation of execution enables Genesis to add an accretive asset to the balance sheet. The
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
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 debt-to-equity conversion?
How will the debt conversion impact Genesis Financial?
What is the significance of the $2.5 million valuation in the recent announcement?