Charleston, SC, Feb. 03, 2022 (GLOBE NEWSWIRE) — SMC Entertainment, Inc. (OTC: SMCE) and its majority-owned subsidiary, Genesis Financial, Inc. – an integrated financial technology company are pleased to announce the closing of $2,000,000 bridge financing The company has secured $1,500,000 with AD Asset Management LTD through its AD High Yield Income Fund the balance was secured with a boutique hedge fund. Both the International Asset Management Fund and the boutique hedge fund group specialize in FinTech development globally.
The Bridge Financing will be utilized in multiple ways by SMCE. It will enable us to begin pursuing accretive acquisitions and complete SMC’s financial audits. Furthermore, it will provide us the working capital necessary to attain a Reporting Issuer with the SEC and up list to a senior exchange. The Company has received the first tranche of the Bridge Financing and working towards its milestones in the coming weeks. The Company is in discussions with multiple funding groups to raise additional capital to facilitate future US-based acquisitions. Round one funding is estimated at $6-10 million in new capital.
About Genesis Financial, Inc.
Genesis, with 23 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 10 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.
