Charleston, South Carolina, Feb. 3 28, 2022 (GLOBE NEWSWIRE) — SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its majority subsidiary, Genesis Financial, Inc. (“Genesis”) – an integrated financial technology company ( “Fintech”) is pleased to announce the closing of a bridge financing of $2,000,000 (“Bridge Financing”) The company has secured $1,500,000 from AD Asset Management LTD through its AD High Yield Income Fund the balance was secured with a boutique hedge fund. The International Asset Management Fund and boutique hedge fund group specializes in the development of fintech globally.
The bridge financing will be used in multiple ways by SMCE. This will allow us to start looking for accretive acquisitions and complete the financial audits of SMC. Additionally, it will provide us with the working capital needed to achieve a reporting issuer with the SEC and move to a senior exchange. The Company has received the first tranche of the bridge financing and is working towards its milestones in the coming weeks. The company is in talks with several financing groups to raise additional capital to facilitate future US-based acquisitions. Round one funding is estimated at $6-10 million in new capital.
About Genesis Financial, Inc.
Genesis, with 23 employees under its responsibility as well as 120 consultants, advisors and financial representatives, is a fully integrated financial technology company with a complete range of digital financial services solutions. Genesis, which focuses on fintech-enabled wealth management services, operated its business through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are 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 advisers who manage 2.2 million investors. Annual fees generated by the wealth management industry are nearly $3.9 billion. According to AITE (2020), at least 10 million adults are underserved or not served at all by Australian financial advisers. Genesis has positioned itself firmly to acquire and consolidate in order to grow in the fragmented business of independent dealer groups in Australia.
About SMC Entertainment, Inc.
SMC is a versatile holding company focused on acquiring and supporting proven commercialized financial services and technology (fintech) companies. SMC’s multidisciplinary acquisition growth approach aims to increase revenue and equity. For more information about SMC, visit www.smceinc.com.
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This press release contains statements that 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. Such statements include statements regarding the intention , current beliefs or expectations of the Company, its officers and the assumptions on which such statements are based. Potential investors are cautioned that these 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 these forward-looking statements.