BESSEMER, MI / ACCESSWIRE / May 24, 2021 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK:SMCE), a provider of venue-based family-oriented entertainment, is pleased to announce the retirement of $600,000 long-term debt in the form of a convertible note. The debt retirement will be reflected in the Company's second quarter 2021 financial statements.
In February 2018, SMC issued a convertible note (the "Note") as part of SMC's acquisition of iPTerra Technologies, Inc. ("iPTerra") and the iPMine software intellectual property ("iPMine").
On March 30, 2021, SMC announced it executed a stock and intellectual property purchase agreement with Wyoming-based privately-held Aktiv-Trak Inc. whereby SMC sold iPTerra, iPMine and SMC's AktivTrak software intellectual property to Aktiv-Trak Inc. for cash and stock. As a result of SMC's divesture, SMC was able to negotiate a substantial reduction in the principal amount of the Note with the Note holder.
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.
About Spectrum Entertainment LLC
Spectrum Entertainment LLC, through 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.
Press Release Contact:
Ron Hughes
Chief Operating Officer
SMC Entertainment, Inc.
[email protected]
Safe Harbor Statement
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.