SMC Entertainment Receives Second Cash Payment from the Sale of Its Wireless Assets and Announces Management Promotion
BESSEMER, MI / ACCESSWIRE / June 14, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a provider of venue-based family-oriented entertainment, is pleased to announce that it has received a second cash payment from the sale of its wireless assets comprising of iPTerra Technologies Inc., iPMine software intellectual property, and AktivTrak software intellectual property (collectively the "Wireless Assets").
On March 30, 2021, SMC announced it sold its last Wireless Assets for $600,000 in cash and stock. Upon execution of the purchase agreement with Wyoming-based and privately-held Aktiv-Trak Inc., SMC received first cash payment of $27,000. SMC is pleased to announce that it has received second cash payment of $55,000 which brings the total of cash payments received to date to $82,000.
On March 23, 2021, SMC announced the closing of 100% acquisition of Michigan-based Spectrum Entertainment, LLC ("Spectrum"). This acquisition significantly strengthens SMC's revenue and balance sheet. The acquisition will be reflected in SMC's second quarter 2021 financial statements. Spectrum specializes in fair ground rides, games, food and fun for the whole family. Spectrum has been in operation for over 25 years. Revenues for fiscal years 2018 and 2019 were $597,153 and $618,204 respectively. Spectrum experienced a significant revenue drop for fiscal year 2020 due to the pandemic but expects a rebound in revenues for fiscal year 2021 as the economy opens up and market conditions improve. As of fiscal year-end 2020, Spectrum's net tangible assets were $1,569,000. All figures are unaudited.
SMC is pleased to announce the promotion of Mr. Ron Hughes from Chief Operating Officer to SMC's President to focus on Company operations and investments. Mr. Rick Bjorklund will retain the titles Chief Executive Officer and Chairman of the Board and his focus will center around acquisitions and strategic partnerships.
"For the past 12 months, I have very much enjoyed being part of the SMC family," said Ron Hughes, President of SMC. 'I've witnessed the swift transformation of SMC to its current business focus first hand. With my new role and responsibilities, I'm committed to bringing operational excellence to SMC's current and future subsidiaries, and additional investments to expand our growth. I look forward to my new responsibilities."
"Ron joined us in May 2020 as VP of Communication. His promotions reflect SMC's commitment to cultivating best of breed management talent," said Rick Bjorklund, CEO and Chairman of the Board of SMC. "We continue our quest to building a high performing management team that will deliver exceptional results to our valued shareholders."
Ron has over 30 years of experience in business development and investments market. In 1997, Ron joined Global Securities as a Licensed Investment Advisor providing investment analysis, equity trading and capital structure to corporate finance. In 2001, Ron became president of TransAmerican Energy Inc., and currently serves on the boards of three publicly traded companies in the United States and Canada. Ron has been a partner with North Arm Capital Services, providing Investor Relations and Business Development services to domestic and international clients for nearly three decades. Ron completed studies in International Marketing and Management from University of Hawaii (1988), and Resource Economics from the University of Alberta (1987).
About Spectrum Entertainment LLC
Spectrum Entertainment LLC, thru its marketing brand Spectrum Carnival Midway, has been providing fair ground rides, games, food and fun for the whole family for over 25 years. For more information, visit www.spectrumcarnival.com.
About SMC Entertainment, Inc.
SMC Entertainment, Inc. is a provider of venue-based family-oriented entertainment products and services. Our multi-discipline revenue approach provides a building block to enhance revenue growth thru acquisitions. For more information, visit www.smceinc.com.
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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.
SOURCE: SMC Entertainment, Inc.
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