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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SMC Entertainment Inc (PK) | USOTC:SMCE | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0004 | -5.67% | 0.00665 | 0.0063 | 0.007 | 0.0073 | 0.0047 | 0.0072 | 15,463,463 | 15:50:29 |
SMC and Genesis Financial Agree to Vary Scope of Current Relationship and
Execute $3.3 Million Investment and Exclusive Distribution Agreements
Boca Raton, Florida -- February 21, 2023 -- InvestorsHub NewsWire -- SMC Entertainment, Inc. ("SMC" or the "Company") (OTC: SMCE), an incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, and Genesis Financial Inc. ("Genesis"), a diversified financial services company with a focus on Fintech-powered wealth management advisory services, are pleased to announce that they have reached an agreement to vary the nature and scope of the relationship between the two companies ("Agreement") due to existing limitations and restrictions in the Australian financial services sector. Pursuant to the Agreement, SMC and Genesis have agreed:
"It has become clear that the regulatory framework within which our business operates demands a separation of product and service and to that end it is necessary that the nature of our commercial relationship needed to change to ensure that both parties and their respective stakeholders have a clear vision of the services they offer and the manner in which those products and services are marketed," said Warwick Kerridge, Director of Genesis. "The changes that we have agreed to will allow both companies to work together in an environment that is not conflictual and is complimentary. This is by no means an agreement to separate but one which allows a closer connection. Genesis will continue to review its broader commercial objectives regarding the wider broker dealer and advisory services and we are actively considering opportunities."
"I endorse wholeheartedly the comments made by Warwick," stated Erik Blum, President of SMC. "We look forward to working with Genesis in a more focused manner and having our Fintech products promoted in Australia under the Genesis brand name."
About Genesis Financial, Inc.
Genesis is a diversified financial services company focusing on fintech-powered wealth management business mainly through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are Ballast Holdings and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.
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, visit www.smceinc.com.
Press Release Contact
Erik Blum
President
SMC Entertainment, Inc.
Ron Hughes
Corporate Administrator
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.
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