BESSEMER, MI / ACCESSWIRE / June 14, 2021 / SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC PINK: SMCE), an on-site family entertainment provider, is pleased to announce that it has received a second cash payment from the sale of its wireless assets comprising iPTerra Technologies Inc., the intellectual property of the iPMine software and the intellectual property of the AktivTrak software (collectively the âWireless Assetsâ).
On March 30, 2021, SMC announcement he sold his last wireless assets for $ 600,000 in cash and stock. Upon signing the purchase contract with Wyoming-based private company Aktiv-Trak Inc., SMC received an initial cash payment of $ 27,000. SMC is pleased to announce that it has received a second cash payment of $ 55,000, bringing the total cash payments received to date to $ 82,000.
On March 23, 2021, SMC announced the 100% acquisition closing from Michigan Specter Entertainment, LLC (“Spectrum”). This acquisition significantly strengthens SMC’s sales and balance sheet. The acquisition will be reflected in SMC’s second quarter 2021 financial statements. Spectrum specializes in rides, games, food and fun for the whole family. Spectrum has been around for over 25 years. Revenues for fiscal 2018 and 2019 were $ 597,153 and $ 618,204, respectively. Spectrum saw a significant drop in revenue for fiscal 2020 due to the pandemic, but expects revenue to rebound for fiscal 2021 as the economy opens up and market conditions change. ‘improve. At the end of fiscal 2020, Spectrum’s net property, plant and equipment amounted to $ 1,569,000. Not all figures are audited.
SMC is pleased to announce the promotion of Mr. Ron Hughes from Chief Operating Officer to President of SMC to focus on corporate operations and investments. Mr. Rick Bjorklund will retain the roles of Chief Executive Officer and Chairman of the Board of Directors and will focus on acquisitions and strategic partnerships.
âOver the past 12 months, I have really enjoyed being a part of the SMC family,â said Ron Hughes, President of SMC. âI have witnessed SMC’s rapid transformation towards its current business goal. With my new role and responsibilities, I am committed to bringing operational excellence to current and future SMC subsidiaries, and additional investments to expand our growth. I look forward to my new responsibilities. “
âRon joined us in May 2020 as Vice President of Communications. His promotions reflect SMC’s commitment to cultivating the best breed management talent, âsaid Rick Bjorklund, CEO and Chairman of the Board of Directors of SMC. âWe continue our quest to build 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 the investment market. In 1997 Ron joined Global Securities as a Chartered 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 directors of three publicly traded companies in the United States and Canada. Ron has been a partner of North Arm Capital Services, providing investor relations and business development services to domestic and international clients for nearly three decades. Ron graduated from the University of Hawaii in International Marketing and Management (1988) and in Resource Economics from the University of Alberta (1987).
About Spectrum Entertainment LLC
Spectrum Entertainment LLC, through its marketing brand Spectrum Carnival Midway, has been providing rides, games, food and entertainment 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 family-focused entertainment products and services. Our multidisciplinary approach to revenue provides a foundation for improving revenue growth through acquisitions. For more information visit www.smceinc.com.
Press release contact:
SMC Entertainment, Inc.
Safe Harbor Declaration
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. These statements include statements regarding intent , current beliefs or expectations of the Company, members of its management and the assumptions on which these statements are based. Potential investors are cautioned that these 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 these forward-looking statements.
THE SOURCE: SMC Entertainment, Inc.
See the source version on accesswire.com: