SMC Announces Corporate Update for June & July 2024
BOCA RATON, Fla., July 16, 2024 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. ( "SMC " or the "Company ") (OTC PINK: SMCE), a holding company that engages in acquiring and supporting proven commercialized services and technology companies in Fintech, announced today the following corporate updates.
“These have been busy and productive times at SMC. We have successfully hit several milestones, starting with reducing debt and the shares outstanding. We have increased insider ownership, completed the SEC review of our Form 10, engaged a new auditor, applied for a name and symbol change, hired an institutional advisory firm, closed on a generational platform without dilution, successfully launched FYNN-AI, and engaged the Chaintrade.AI Advisor subscription model. We are now working towards the full integration of all our products onto our Platform,” stated Erik Blum, CEO of SMC Entertainment.
July 2024 Corporate Updates
Debt Reduction Progress:
SMC announced the retirement of $879,759 combined debt. On July 10, 2024, the Company retired $436,884 of debt. The Company previously announced on June 14, 2024, the retirement of $442,875 of debt. These will be reflected in the second quarter and third quarter of the Company’s 2024 financial statements and disclosures.
Management Ownership:
As part of our debt reduction activities, officers and management elected to convert $218,500 of their accrued and owed earnings into restricted shares, issued in accordance with Rule 144.
Enters Partnership with PCG Advisory Inc:
Announced on July 5, 2024, SMC entered a strategic partnership with PCG Advisory and its affiliates for the right to market and resell SMC 's AI-powered products and services through its extensive investor network. The collaboration allows PCG Advisory to be in a lead position to drive traffic to the Platform and control the flow of new signups simultaneously. PCG Advisory currently holds an institutional size position in SMCE with restricted shares issued in accordance with Rule 144.
New Investment Agreement with ProActive Capital Partners, LP:
Announced on July 5, 2024, SMC entered an Investment Agreement with ProActive Capital in the form of a $35,000 convertible note with a fixed conversion price of $0.002 per share and a term of 12 months. The proceeds will be used for working capital.
June 2024 Corporate Updates
Successfully Acquired ChainTrade:
SMC has purchased 100% of ChainTrade’s assets. ChainTrade is a UK-registered Fintech company that has developed a revolutionary Artificial Intelligence (AI) powered platform that allows users to trade Equities, ETFs, Commodities, and Indices with the support of an AI trading assistant. The platform allows users the ability to personalize and customize their investment strategies by employing AI to evaluate assets within a portfolio. This acquisition allows SMC to expand its offerings with two separate verticals that are currently being integrated into the SMC portfolio of products: ChainTrade.AI for use in the USA and ChainTrade.Pro for use internationally.
In June 2024, Chaintrade.AI successfully launched.
Successfully Launched FYNN-AI on the Chaintrade.AI Research Advisor Platform
FYNN-AI is our interactive AI research tool. It is currently available with a 14-day trial with subscriber membership. Management expects this to be a cornerstone component of the Chaintrade.Pro platform.
Chaintrade.Pro platform
SMC is also working on the development of the Chaintrade.Pro platform. Once completed, the platform will offer real-time access to all quotes, including crypto, news, analytics, research, our AI Advisor, and commission-free trading for $99.
Fyniti Global Equities EBT Inc. ( "Fyniti ") Product Development:
Fyniti, a wholly owned subsidiary of SMC, is a Fintech developer and provider of technologies that combines Artificial Intelligence/Machine Learning (AI/ML) driven quantitative investing (IQ Engine) with AI-enabled wealth management, and Electronic Block Trading ( "EBT ") technology. Fyniti 's EBT platform development is focused on democratizing Basket Trading and maximizing Tax Loss Harvesting. To that end, Fyniti 's development efforts are focused on creating customized personal indexes and leveraging trend investing. The potential market for trend investing and tax loss harvesting through AI/ML-based algorithms as a sector is projected to generate significant fees and presents a fantastic opportunity for using AI/ML driven portfolio management.
Corporate Name and Trading Symbol Change Status:
On June 20, 2024, SMC requested a corporate name change from SMC Entertainment, Inc. to "Fyntechnical Innovations Inc. " Along with this, the Company requested changing the stock trading symbol from "SMCE " to "FYNN " to follow suit. The Company has reserved the name Fyntechnical Innovations Inc. with the Nevada Secretary of State, and the Company has reserved a new domain name that will host its new website, www.fyntechnical.com. There are no guarantees that change will be approved by the Financial Industry Regulatory Authority (“FINRA”). SMC will provide an update when FINRA responds.
Review of Form 10 Complete:
On June 10, 2024, SMC was notified that the Securities and Exchange Commission (the "SEC ") had completed the review of the Company’s Form 10-12G. The Company is current in its SEC filings and is a fully reporting filer under the Securities Exchange Act of 1934.
Share Cancellation:
On June 7, 2024, SMC announced the cancellation of 250,000,000 shares of its outstanding Common Stock representing a 17% reduction of Outstanding Common Shares.
NewPCAOB-Registered Independent Auditor Engaged:
In June 2024, the Company engaged RBSM, LLP ( "RBSM ") as its independent registered public auditor for the fiscal year ended December 31, 2024, effective immediately.
“We continue to work diligently on deploying a best in class, global DeFi platform correctly. What differentiates SMC is our strength that comes from assembling a diverse team of experts to help execute and realize our vision. When fully deployed, our global trading platform will have real-time quotes on all exchanges including Forex, Crypto, News, and Charts. Once fully developed, our FYNN-AI Advisor, integrated with Fyniti’s customized trading indexes, will be offered to subscribers with commission free trading, all for $99 a month. This a true milestone achievement,” comments Erik Blum, CEO of SMC Entertainment, “We will continue to deploy domestically. On the international front, our plan is to leverage the trading platform with our On Chain capabilities and target the most progressive crypto markets globally for deployment, starting with India, Singapore, Canada, UK, and Australia. As always, we actively seek potential acquisitions that create greater shareholder value. I want to thank our shareholders for their patience and continued support. We continue to work diligently to increase shareholder value and create a solid foundation to move forward.”
About SMC Entertainment, Inc.
SMC Entertainment, Inc., is a versatile holding company that is focused on the 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.
About ChainTrade LTD
ChainTrade LTD, is a UK Registered Entity and is a joint Venture between Plato Data Intelligence and Redmatter.Capital., a registered financial services company, with its subsidiary granted a securities trading license by the Capital Market Authority of Montenegro. ChainTrade 's AI research tools will enable investors to analyze thousands of data points including live price data, performance, investor sentiment, fair value, and risk factors simultaneously. These features enable the ChainTrade AI Research tool to provide timely insights to investors, which in turn will allow them to make informed decisions on optimizing their portfolio performance.
About Fyniti Global Equities EBT, Inc.
Fyniti Global Equities EBT, Inc., a wholly owned subsidiary of SMC, 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. For more information, click the following links: (www.fyniti.com, www.fynitiiq.com).
About RBSM, LLP ( "RBSM ")
RBSM LLP, is a certified public auditing firm with operating offices in major cities in the United States, Europe & Asia. The firm provides professional accounting, auditing and tax services to several publicly traded companies as well as privately held businesses.
About PCG Advisory:
PCG Advisory, is a leading investor relations firm dedicated to the delivery of top-tier strategic services that encompass investor relations, capital markets navigation, digital strategies, and corporate communications for innovative and emerging companies from around the globe. PCG Advisory has extensive experience with life sciences, technology, and other emerging growth companies. For more information, please go to: www.pcgadvisory.com.
About ProActive Capital Partners, LP
ProActive Capital Partners, LP, is a private investment firm managed by Jeff Ramson. Specializing in investing in asymmetrical opportunities, the fund is anchored in over 30 years of identifying and investing in disruptive innovations with the power to revolutionize the global economy. Leveraging its versatile investment model, ProActive Capital identifies management teams, businesses, and sectors of emerging growth such as Technology and Financial, Healthcare, Energy, and Blockchain Technologies.
Press Release Contact:
Erik Blum
Chief Executive Officer
SMC Entertainment, Inc.
Cee@Jwprice.com
360-820-5973
Forward-Looking Statements
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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