SMC Entertainment Completes FiberSKY Networks, Inc. Acquisition
San Francisco, CA -- September 4, 2019 -- InvestorsHub NewsWire -- SMC Entertainment, Inc. ("SMC" or the "Company") (OTC: SMCE), a provider of wireless communications services, digital content, and media distribution solutions, is pleased to announce the acquisition completion of Milwaukee, Wisconsin-based FiberSKY Networks, Inc. ("FiberSKY") for equity in SMC.
FiberSKY provides advanced wireless communications and broadband services to a number of disciplines including wireless ATMs and media event ticketing. FiberSKY has built a solid foundation of clients and revenue stream with strong renewal rates and growth opportunities. FiberSKY's 2018 revenue was approximately $118,000 (unaudited).
Rick Bjorklund, President and CEO of SMC stated, "FiberSKY is expanding its current business plan and customer base which would potentially have a significant increase on future revenues. As we integrate our two companies, with our planned growth thru future acquisitions, the repositioning of our combined business plan strategy will have a positive direct impact on future revenue of SMC."
Ted Lasser, President and CEO of FiberSKY stated, "We are very pleased with the speed and professionalism of the due diligence process the SMC team performed. We look forward to working with SMC's management team to expand our market reach and revenue growth under the direction of SMC."
The terms for acquiring 100% of FiberSKY are: (a) issuance of 20,000,000 restricted common shares in accordance with Rule 144 of the Securities and Exchange Commission, and (b) SMC is extending a management agreement to FiberSKY's management team. All shares will be issued from the Company's treasury.
About SMC Entertainment, Inc.
SMC Entertainment Inc. is a provider of wireless communications services, digital content, and media distribution solutions. For more information, please visit us at www.smcemedia.com.
About FiberSKY Networks, Inc.
FiberSKY is an initiative-based integrated information technology services and systems. FiberSKY's primarily design concept involves the Digital Dome designs of a hybrid Internet of Things (IoT)-based broadband network system called FiberSKY™. This unique proprietary design is capable of utilizing multiple technologies for the enhancement of deploying the "last mile" of advanced high speed services to residential and commercial customers. The FiberSKY system incorporates multiple technologies such as power lines, fiber optics, licensed and unlicensed wireless frequencies and existing telco owned broadband back haul networks to produce an efficient and scalable broadband connection. For more information, please visit us at www.fiberskynetworks.com.
SMC Entertainment, Inc.
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.