BOCA RATON, FL / ACCESSWIRE / June 14, 2024 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a versatile incubator company focused on acquisition and support of proven commercialized financial services and technology (Fintech) companies, is pleased to announce the retirement of $442,875 of debt in the form of consulting fees and management conversion of accrued earnings (the "Debt"). The Debt retirement will be reflected in the Company's second quarter 2024 financial statements.
The Debt is comprised of $360,875 held by two previous consultants; $126,000 and $234,875 respectively. The balance of $82,000, accrued consulting fees held by current insiders, was converted to the Company's common shares at a strike price of $0.00135. The total number of common shares issued to insiders is 60,740,740. All share issuances are in accordance with the Securities and Exchange Commission ("SEC") Rule 144 and are restricted and will vest in two years.
"The debt retirement and conversion of accrued consulting fees of $82,000 into restricted equity is a tremendous opportunity to enhance SMC's balance sheet and increase my commitment to the Company," said Erik Blum, SMC's CEO. "In light of SMC's recent announcement to purchase 100% of the assets of ChainTrade Ltd., I feel our stock is extremely undervalued. I was presented with an opportunity to increase my equity position at these levels and chose to execute on it to enhance SMC's balance sheet. Management will continue to find ways to reduce SMC's long-term debt, minimize shareholder dilution and increase shareholder value."
About SMC: www.smceinc.com
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.
About Chaintrade: www.chaintrade.ai
Chaintrade LTD is a UK Registered Entity and is affiliated with Red Matter Capital LTD a registered financial service company, with its subsidiary licensed under a securities trading license granted by the Montenegro Capital Market Authority (CMA) Authorized by the law on capital markets by the government of Montenegro.
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 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.
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