$SMCE SMC Entertainment Divests Its Second Non-Cor
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Posted On: 03/25/2021 9:23:07 AM
$SMCE SMC Entertainment Divests Its Second Non-Core Wireless Assets
SAN FRANCISCO, CA / ACCESSWIRE / March 25, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company"
(OTCPink:SMCE) , a provider of products and services for the entertainment industry, is pleased to announce that it has executed an agreement to divest its WiMundo H.S.I.A. Solutions subsidiary ("WiMundo" . The agreement is effective immediately.
Pursuant to the agreement, SMC will return all assets related to the WiMundo acquisition, including but not limited to WiMundo stock, intellectual properties, marketing material, and website development to WiMundo's original stakeholders ("WiMundo Stakeholders" . In return, WiMundo Stakeholders have agreed to forego the issuance of 20,000,000 shares of SMC's common stock. As an inducement to facilitating the divesture agreement and the expeditious manner, the transaction was concluded, SMC will issue 3,000,000 new restricted shares of SMC's common stock to WiMundo consultants. The restricted common shares will be issued in accordance with Rule 144 of the Securities and Exchange Commission. SMC will retain full ownership of Aktiv-Trak intellectual property, marketing material, and all product development.
https://www.barchart.com/story/news/1380879/s...ess-assets
SAN FRANCISCO, CA / ACCESSWIRE / March 25, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company"
(OTCPink:SMCE) , a provider of products and services for the entertainment industry, is pleased to announce that it has executed an agreement to divest its WiMundo H.S.I.A. Solutions subsidiary ("WiMundo" . The agreement is effective immediately. Pursuant to the agreement, SMC will return all assets related to the WiMundo acquisition, including but not limited to WiMundo stock, intellectual properties, marketing material, and website development to WiMundo's original stakeholders ("WiMundo Stakeholders"
. In return, WiMundo Stakeholders have agreed to forego the issuance of 20,000,000 shares of SMC's common stock. As an inducement to facilitating the divesture agreement and the expeditious manner, the transaction was concluded, SMC will issue 3,000,000 new restricted shares of SMC's common stock to WiMundo consultants. The restricted common shares will be issued in accordance with Rule 144 of the Securities and Exchange Commission. SMC will retain full ownership of Aktiv-Trak intellectual property, marketing material, and all product development. https://www.barchart.com/story/news/1380879/s...ess-assets
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