San Francisco, CA -- May 13, 2020 -- InvestorsHub NewsWire
-- SMC Entertainment, Inc. (“SMC” or the “Company”)
(OTC:
SMCE), a provider of wireless communications products
and services, digital content and media distribution
solutions, is pleased to provide the following update to its
shareholders.
Corporate Name and Trading Symbol Change
As we communicated with our shareholders in an earlier press
releases, (November 26, 2019), SMC filed a corporate action
with the Financial Industry Regulatory Authority, Inc.
(“FINRA”) for a corporate name and trading symbol change. As
part of the process, SMC worked diligently with its securities
attorneys to provide historical documentation dating back to
Company inception in the state of Texas in 1995, a major
undertaking. In addition to historical documentation,
FINRA requested additional filings as follows:
• Background: On October 6, 2006, the management team of Zoolink
Corp. (SMC’s former name from approximately 2002 - 2006) filed Form
15-12G
with the Securities and Exchange Commission (“SEC”) to become a
nonreporting company with the SEC and report under OTC Markets
Group’s
Alternative Reporting Standard. At the time Zoolink filed Form
15-12G in 2006, Zoolink’s last filing with the SEC was for the
quarter ending on 3/31/2004.
From 2006 till currently, SMC has been filing its financials and
annual disclosure statements with OTC Markets under the
Alternative Reporting Standard guidelines.
• FINRA’s Additional Request and Decision: In a letter dated April
29, 2020 to SMC, FINRA requested the Company to file with the
SEC the 10-Ks and 10-Qs
for the nine (9) periods from 6/30/2004 to 6/30/2006 prior to
approving SMC’s corporate action. Failing to do that, FINRA
has deemed SMC’s corporate action submission to be deficient
under FINRA Rule 6490. FINRA provided SMC the option to appeal
its ruling by May 6, 2020.
• SMC’s Decision: SMC does not have the historical financial
information to successfully complete FINRA’s requested filings.
This would be a costly undertaking and a financial burden to
produce two years of historical audited financial statements. We
are of the opinion the benefit doesn’t justify the
expense and therefore SMC has decided to accept FINRA’s decision.
In addition, SMC has decided not to appeal FINRA’s decision
since the likelihood of changing the outcome is extremely low.
• Moving Forward Plan: We would’ve liked to roll out our expanded
business plan under the FiberSky brand; however, it is not crucial
from an operational standpoint. SMC will continue to operate under
current corporate name and trading symbol. We are exploring
other avenues to utilize the FiberSky brand. Acquisitions and
revenue growth will continue to be our focus.
OTC Markets Filings
SMC is in the process of submitting all required filings including
financial and disclosure statements, attorney opinion letter
to become current with its filings.
Appointment of Mr. Ron Hughes; VP of Communication
SMC is pleased to announce the appointment of Mr. Ron Hughes as the
Company’s Vice President of Communication. In his role, Mr.
Hughes will manage communications relating to capital markets,
corporate and marketing dissemination, shareholder inquiries,
as well as investor and media relations.
With over 25 years of business development experience, Mr. Ron
Hughes was introduced to the investments market in 1992. In
1997, Mr. Hughes joined Global Securities as a Licensed Investment
Advisor providing investment analysis, equity trading and
capital structure to corporate finance. In 2001, Mr. Hughes
became president of TransAmerican Energy Inc., and currently
serves on the boards of three publicly traded companies in the
United States and Canada. Mr. Hughes has been a partner with
North Arm Capital Services, providing Investor Relations and
Business Development services to domestic and international clients
for nearly three decades.
Mr. Hughes completed studies in International Marketing and
Management from University of Hawaii (1988), and Resource
Economics from the University of Alberta (1987).
Share Capital Structure
The Company has received a number of inquiries with respect to its
share capital structure. The Company is pleased to confirm
there have been no changes to its share capital structure
since last reported in 2019. There seems to be confusion on the
definitions of non-restricted and public float common shares. The
Company’s Transfer Agent has confirmed non-restricted common shares
are the same as public float common shares, which is calculated as
outstanding common shares less restricted common share. In light of
the above confirmation, the Company updated its share capital
structure profile on OTC Markets website. The Company encourages
its shareholders to directly contact its Transfer Agent and request
a current share capital structure.
As of today’s date, SMC’s total outstanding common shares are
346,626,974. The breakdown of outstanding common shares is as
follows: total restricted common shares are 223,339,506; and total
non-restricted/public float common shares are 123,287,468. Out
of non-restricted/public float common shares, Cede & Co
(DTC) holds 64,329,070 common shares. It’s the Company’s
understanding that DTC’s position of 64,329,070 common shares
reflects available shares that can be traded by the
public.
About SMC Entertainment, Inc.
SMC Entertainment Inc. (www.smcemedia.com) is a provider of
wireless communications services, digital content, and media
distribution solutions. Our
multi-discipline revenue approach includes providing media and
wireless internet service to under-served markets by acquiring
under-capitalized WISPs (Wireless Internet Service Providers). SMC
operates two wholly owned subsidiaries.
Acquired in August 2019, FiberSKY Networks, Inc. focuses on 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 telecom-owned broadband back haul networks
to produce an efficient and scalable broadband connection. For
more information, visit www.fiberskynetworks.com.
Acquired in December 2019, WiMundo H.S.I.A Solutions provides
end-to-end solutions for the hospitality industry including
hotels, multi-dwelling properties as
well as RV parks and campgrounds. These solutions are comprised of
customized software, industry-leading hardware, installation
services coupled with guest and technical support. For more
information, visit www.WiMundo.com and www.Aktiv-Trak.com.
Press Release Contact:
Ron Hughes, VP Communications
ron@smcemedia.com
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.
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