SMC/Genesis Financial Converts $1.7 Million in Debt to $2.5 Million in Stock | News
Charleston, South Carolina, Feb. 17 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”) with a full range of digital financial services solutions, is pleased to announce the confirmation of a previously submitted debt-to-equity conversion.
The company was awaiting confirmation of a signed deal to swap $1.7m of debt on the books of Genesis receiving $2.5m of equity in another major Fintech entity/disruptor currently (in its quiet period) in the middle of filing his S-1.
This execution confirmation allows Genesis to add an accretive asset to the balance sheet. The $2.5 million valuation is based on an issue with no growth potential. Genesis is convinced by seeking conversion at this valuation which will increase considerably. Genesis won’t be able to sell until the position is seasoned, but it allows the company to strengthen its balance sheet as it scales with its own increased trading.
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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SMC Entertainment, Inc.
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