SMC Posts Audited Financial Statements for Fiscal Years 2021 and 2022

Rhea-AI Summary

SMC Entertainment, Inc. (OTC PINK:SMCE) has completed its audited financial statements for the fiscal years 2021 and 2022, marking a significant step in its preparation for uplisting to a senior exchange. The company is working with a securities attorney to file necessary documentation for reporting issuer status defined by the SEC. SMC has also executed a stock purchase agreement to acquire 100% of Fyniti Global Equities EBT Inc. for $25 million, which focuses on AI-driven financial technologies. The global ETFs market is valued at $8 trillion, and the wealth management platform market at $1.2 trillion, indicating substantial growth potential. CEO Erik Blum emphasized the importance of these developments and plans to change the company’s name and ticker symbol. The acquisition is expected to close soon.

Positive

• Completion of audited financial statements for 2021 and 2022.
• Acquisition of Fyniti Global Equities valued at $25 million enhances Fintech portfolio.
• Significant market opportunities in ETFs and wealth management sectors.

Negative

• None.

BOCA RATON, FL / ACCESSWIRE / April 25, 2023 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), an incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce that it has completed and posted its audited financial statements for fiscal years 2021 and 2022.

In preparation for uplisting to a senior exchange, the Company has engaged legal services of a securities attorney to complete and file required documentation to attain reporting issuer status as defined by the SEC. To better reflect its Fintech business plan, the Company intends on filing corporate actions to change its corporate name and ticker symbol.

Per the announcement dated 4/18/2023, the Company has executed a stock purchase agreement to acquire 100% of Fyniti Global Equities EBT Inc. ("Fyniti'). The acquisition is valued at $25 million. Fyniti (www.fyniti.com, www.fynitiiq.com) is a Fintech developer and provider of technology that combines Artificial Intelligence/Machine Learning (AI/ML) driven Quantitative investing (IQ Engine) with AI-enabled wealth management Electronic Block Trading ("EBT") technology. EBT is focused on democratizing Basket Trading, Direct Indexing, Tax Loss Harvesting, and bringing Separately Managed Accounts (SMAs) to the upper end of the retail segment as well as the lower to middle market financial institutions. Fyniti's IQ Engine is an AI driven contextual analyzer that creates a repository of all equity research. The Company anticipates closing the acquisition soon.

The ETFs are an $8 trillion dollar market worldwide with over 80% being passive ETFs, which can be replicated through AI/ML-based algorithms. The wealth management platform market is roughly $1.2 trillion worldwide. The EBT market is targeted to generate $6.2 billion in fees and presents a great opportunity for using AI/ML driven portfolio management.

"This is an important step and milestone for SMC," stated CEO Erik Blum. "Management continues to execute on its plans to move forward. SMC will be changing its name and ticker symbol to better reflect our new identity. We expect to file Form 10 quickly and begin the up-listing process as soon as possible."

About Fyniti Global Equities EBT Inc.

Fyniti Global Equities EBT Inc. is a Fintech platform developer founded by veteran Wall Street technologists and investment bankers who worked for Goldman Sachs, JP Morgan Chase, Bank of America (Merrill Lynch) and Citigroup. Fyniti has a clear focus on developing disruptive technologies in the Wealth Management and capital markets domains. Fyniti owns the IQ Engine and EBT Technology which combine to provide AI driven Quantitative investing and AI based Basket Trading platforms.

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
CEO
SMC Entertainment, Inc.

Ron Hughes
Chief Operations Officer
ron.hughes.operations@gmail.com
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 the 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 source version on accesswire.com:
https://www.accesswire.com/751053/SMC-Posts-Audited-Financial-Statements-for-Fiscal-Years-2021-and-2022

FAQ

What are the audited financial statements for SMC Entertainment for 2021 and 2022?

SMC Entertainment has posted its audited financial statements for fiscal years 2021 and 2022 as a part of its compliance for uplisting.

How much is the acquisition of Fyniti Global Equities worth?

The acquisition of Fyniti Global Equities EBT Inc. is valued at $25 million.

What is SMC Entertainment's future outlook after the acquisition?

SMC Entertainment aims to enhance its Fintech capabilities and plans to change its corporate name and ticker symbol as part of its identity transformation.

What is the significance of the ETFs and wealth management markets for SMC Entertainment?

The ETFs market is valued at $8 trillion, and the wealth management platform market at $1.2 trillion, representing substantial growth potential for SMC following its acquisition.