Charleston, SC, Jan. 31, 2022 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its majority-owned subsidiary, Genesis Financial, Inc. (“Genesis”) - an integrated financial technology company (“Fintech”) are pleased to provide this audit update and announce the cancellation of 40,000,000 common shares from the Company’s outstanding shares. This cancellation was effective January 25, 2022, per confirmation correspondence with the Company’s stock transfer agent.
The Company is also pleased to announce that it has provided its auditor with all requested documentation to complete the 2019 and 2020 fiscal year financial statements. Fiscal year 2020 financial audit will commence immediately and will be completed shortly. The Company’s management team and board of directors have decided to audit fiscal year 2021 in anticipation of consolidating balance sheets and becoming a fully reporting company.
In the Company’s press release dated January 6, 2022, the Company outlined a number of initiatives regarding the audits and share cancellation. This share cancellation announcement is part of those initiatives, and the Company is incredibly pleased to deliver on those initiatives. In addition, the Company has submitted to its stock transfer agent another block of shares to be cancelled. The company has presented executed instructions of the agreement between the Company and shareholder and is awaiting its stock transfer agent to provide written cancellation confirmation.
About Genesis Financial, Inc.
Genesis, with twenty-three employees under its purview along with 120 financial consultants, advisors, and representatives, is a fully integrated financial technology company with a full suite of digital financial services solutions. Genesis, focusing on fintech-powered wealth management services, operated its business through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are the 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 advisors managing 2.2 million investors. The annual fees generated by the Wealth Management industry is close to $3.9 billion. According to AITE (2020) at least ten million adults are underserved or not served at all by the Australian Financial Advisors. Genesis has firmly positioned itself to acquire and consolidate to expand in Australia's fragmented Independent Dealer Group business sector.
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
President
SMC Entertainment, Inc.
ron.hughes.operations@gmail.com
Safe Harbor Statement
This press release contains statements, which 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. Those statements include statements regarding the intent, belief or current expectations of the Company, members of its management, and assumptions on which such statements are based. Prospective investors are cautioned that any such 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 such forward-looking statements.
