SMC Entertainment, Inc.
Executes Debt Retirement and Asset Divestiture
Agreement
San
Francisco, CA -- August 20, 2018 -- InvestorsHub NewsWire
-- SMC
Entertainment, Inc. (OTC:
SMCE) ("SMC" or the "Company"), a digital content and
distribution provider, is pleased to announce it has executed an
Asset and Liability Divesture Agreement ("Agreement") with the
Company's former Chairman, Mr. Ralph Tashjian, and an entity
substantially controlled by Mr. Tashjian to divest from certain
music catalog ("Music Catalog") in exchange of debt
retirement.
Under
the terms of the Agreement, Mr. Tashjian assumes a $380,000 debt
owed by the Company to Mr. Tashjian's entity, in exchange, the Company assigns the Music Catalog
to Mr. Tashjian.
"With
the recently announced reduction of outstanding shares of our
common stock by 110,000,000 shares, and today's announcement to
divest from legacy assets and debt retirement, demonstrate
SMC's commitment to broaden its business plan to include vertically integrated
wireless media in multiple disciplines," stated Rick Bjorklund,
SMC's President and CEO.
About
SMC Entertainment, Inc.
SMC
Entertainment Inc., founded in 2005 with its head office in San
Francisco, California, is a digital content, wireless and
distribution company. For more information, please visit our
website www.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 SMC Entertainment, Inc., 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.
Press
Release Contact: info@smcemedia.com