SMCE huge news out https://www.accesswire.com/view
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Posted On: 04/18/2023 8:55:21 AM
SMCE huge news out https://www.accesswire.com/viewarticle.aspx?i...mp;lang=en
BOCA RATON, FL / ACCESSWIRE / April 18, 2023 / SMC Entertainment, Inc. ("SMC" or the "Company"
(OTC PINK:SMCE), an incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce that it has executed a stock purchase agreement ("Stock Purchase Agreement" acquiring 100% of the issued and outstanding shares of Fyniti Global Equities EBT Inc. ("Fyniti" for equity. The closing is anticipated in the next few weeks.
Fyniti (www.fyniti.com, www.fynitiiq.com) is a Fintech developer and provider of technology that combines Artificial Intelligence/Machine Learning (AI/ML) driven Quantitative investing (IQ Engine) with AI-enabled wealth management Electronic Block Trading ("EBT" technology. EBT is focused on democratizing Basket Trading, Direct Indexing, Tax Loss Harvesting, and bringing Separately Managed Accounts (SMAs) to the upper end of the retail segment as well as the lower to middle market financial institutions. Fyniti's IQ Engine is an AI driven contextual analyzer that creates a repository of all equity research.
Pursuant to the Stock Purchase Agreement:
The Company will acquire 100% of the issued and outstanding stock of Fyniti including but not limited to all proprietary technologies, algorithms, trade secrets, and sales and marketing collateral material. Fyniti will operate as a 100% wholly owned subsidiary of the Company.
The acquisition is valued at $25 million.
the Company will issue 2,500,000 unregistered shares of its $10.00 Series B Preferred Stock (" Preferred Stock" to Fyniti's stockholders.
the Company committed to raising up to $2,000,000 to expand Fyniti's sales and marketing programs, implement additional technology features in its AI-enabled products and algorithms, and working capital.
The company will provide Fyniti with $250,000 out of the $2,000,000 to be paid on closing. The balance of the $2,000,000 raise will be paid to Fyniti in quarterly installments of $250,000 based on Fyniti's milestone achievements.
Exchange Traded Funds (ETFs) are an $8 trillion dollar market worldwide with over 80% being passive ETFs, which can be replicated through AI/ML-based algorithms. The wealth management platform market is roughly $1.2 trillion worldwide. The EBT market is targeted to generate $6.2 billion in fees and presents a fantastic opportunity for using AI/ML driven portfolio management.
"The Fyniti team is thrilled about the bright future ahead for the company, its products, and its partners as it joins forces with SMCE." Jay Gopalan CEO of Fyniti Global commented "The collaboration between Fyniti and SMCE promises to bring a wealth of valuable tools to the table as Fyniti disrupts the ETFs and MFs markets with its innovative new asset class, Fyniti Blocks. By combining the best of both worlds, Fyniti Blocks offers investors even more tools to effectively manage their portfolios with AI-driven technology. With SMCE's global reach and Fyniti's extensive domain and product expertise, this partnership marks a pivotal moment in the company's history as it launches and expands its products to a wider, global audience. The future looks bright for Fyniti through this new partnership with SMCE."
"I want to commend both teams for moving quickly. We are excited to get this executed and closed," stated Erik Blum CEO of SMCE," This key step solidifies our identity as a major player in FINTECH disruption. We look forward to moving quickly to becoming a fully reporting company and executing on plan to finish development of the Fyniti EBT platform. We are targeting Q3 with initial implementation on multiple tiers of distribution and look forward to many other strong developments as we move forward."
About Fyniti Global Equities EBT Inc.
Fyniti Global Equities EBT Inc. 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 Quantitative investing and AI based Basket Trading platforms.
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
CEO
SMC Entertainment, Inc.
Ron Hughes
Chief Operations Officer
BOCA RATON, FL / ACCESSWIRE / April 18, 2023 / SMC Entertainment, Inc. ("SMC" or the "Company"
(OTC PINK:SMCE), an incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce that it has executed a stock purchase agreement ("Stock Purchase Agreement" acquiring 100% of the issued and outstanding shares of Fyniti Global Equities EBT Inc. ("Fyniti" for equity. The closing is anticipated in the next few weeks. Fyniti (www.fyniti.com, www.fynitiiq.com) is a Fintech developer and provider of technology that combines Artificial Intelligence/Machine Learning (AI/ML) driven Quantitative investing (IQ Engine) with AI-enabled wealth management Electronic Block Trading ("EBT"
technology. EBT is focused on democratizing Basket Trading, Direct Indexing, Tax Loss Harvesting, and bringing Separately Managed Accounts (SMAs) to the upper end of the retail segment as well as the lower to middle market financial institutions. Fyniti's IQ Engine is an AI driven contextual analyzer that creates a repository of all equity research. Pursuant to the Stock Purchase Agreement:
The Company will acquire 100% of the issued and outstanding stock of Fyniti including but not limited to all proprietary technologies, algorithms, trade secrets, and sales and marketing collateral material. Fyniti will operate as a 100% wholly owned subsidiary of the Company.
The acquisition is valued at $25 million.
the Company will issue 2,500,000 unregistered shares of its $10.00 Series B Preferred Stock (" Preferred Stock" to Fyniti's stockholders.
the Company committed to raising up to $2,000,000 to expand Fyniti's sales and marketing programs, implement additional technology features in its AI-enabled products and algorithms, and working capital.
The company will provide Fyniti with $250,000 out of the $2,000,000 to be paid on closing. The balance of the $2,000,000 raise will be paid to Fyniti in quarterly installments of $250,000 based on Fyniti's milestone achievements.
Exchange Traded Funds (ETFs) are an $8 trillion dollar market worldwide with over 80% being passive ETFs, which can be replicated through AI/ML-based algorithms. The wealth management platform market is roughly $1.2 trillion worldwide. The EBT market is targeted to generate $6.2 billion in fees and presents a fantastic opportunity for using AI/ML driven portfolio management.
"The Fyniti team is thrilled about the bright future ahead for the company, its products, and its partners as it joins forces with SMCE." Jay Gopalan CEO of Fyniti Global commented "The collaboration between Fyniti and SMCE promises to bring a wealth of valuable tools to the table as Fyniti disrupts the ETFs and MFs markets with its innovative new asset class, Fyniti Blocks. By combining the best of both worlds, Fyniti Blocks offers investors even more tools to effectively manage their portfolios with AI-driven technology. With SMCE's global reach and Fyniti's extensive domain and product expertise, this partnership marks a pivotal moment in the company's history as it launches and expands its products to a wider, global audience. The future looks bright for Fyniti through this new partnership with SMCE."
"I want to commend both teams for moving quickly. We are excited to get this executed and closed," stated Erik Blum CEO of SMCE," This key step solidifies our identity as a major player in FINTECH disruption. We look forward to moving quickly to becoming a fully reporting company and executing on plan to finish development of the Fyniti EBT platform. We are targeting Q3 with initial implementation on multiple tiers of distribution and look forward to many other strong developments as we move forward."
About Fyniti Global Equities EBT Inc.
Fyniti Global Equities EBT Inc. 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 Quantitative investing and AI based Basket Trading platforms.
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
CEO
SMC Entertainment, Inc.
Ron Hughes
Chief Operations Officer
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