BOCA RATON, FL / ACCESSWIRE / September 5, 2023 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), an incubator company focused on acquisition and support of commercialized services and technology (Fintech) companies, is pleased to provide the following corporate and shareholder update.
Form 10-12G Filing to Become a Fully Reporting Issuer. On June 7, 2023, SMC filed Form 10-12G with the Securities and Exchange Commission (the "SEC"). On July 6, 2023, SMC received comments from the SEC which SMC addressed via filing an amended Form 10-12G on September 1, 2023. Once Form 10-12G is effective and SMC becomes a fully reporting issuer, SMC plans to file a corporate action with FINRA seeking a name and trading symbol change.
Fyniti Global Equities EBT Inc. ("Fyniti") Product Development. Fyniti is currently SMC's only wholly owned subsidiary. Fyniti (www.fyniti.com, www.fynitiiq.com) is a Fintech developer and provider of technologies that combine Artificial Intelligence/Machine Learning (AI/ML) driven quantitative investing (IQ Engine) with AI-enabled wealth management Electronic Block Trading ("EBT") technology. Fyniti's EBT platform is focused on democratizing Basket Trading and maximizing Tax Loss Harvesting. To that end, Fyniti's development efforts are focused on those two components.
The ETFs are an $8 trillion dollar market worldwide, with the wealth management platform market at roughly $1.2 trillion worldwide. The potential market for tax loss harvesting through AI/ML-based algorithms is targeted to generate $1.2 billion in fees and presents a fantastic opportunity for using AI/ML driven portfolio management.
Market Research and Product Positioning Report. SMC has engaged the services of Marietta, GA-based Shareholders IPR LLC, to provide a comprehensive market research and product positioning report. We expect the report to be finalized shortly. SMC plans to release the report to our valued shareholders and the public at large.
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
Chief Executive Officer
SMC Entertainment, Inc.
Ron Hughes
Chief Operations Officer
SMC Entertainment, Inc.
[email protected]
360-820-5973
Safe Harbor Statement
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by the third-party. Therefore, in no case whatsoever will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.
SOURCE: SMC Entertainment, Inc.