SMC Executes Stock Purchase Agreement to Acquire 100% of AI-enabled Wealth Management Technology Platform, Fyniti Global Equities EBT Inc.
18 Abril 2023 - 7:00AM
InvestorsHub NewsWire
BOCA RATON, Florida -- April 18, 2023 -- InvestorsHub
NewsWire -- 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
ron.hughes.operations@gmail.com
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.
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