SMC Entertainment, Inc. (SMCE) Announces New Name and Domicile and Second Quarter Update
San Francisco, CA, Aug. 24, 2016 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. (OTC PINK: SMCE) (the "Company"), a digital content distribution company, is pleased to announce that we have changed our name and domicile.
SMC Entertainment, Incorporated has officially changed its name to Fenix Media Venture, Incorporated. The name change will be effectively immediately. The Company has also filed a Certificate of Domestication in the state of Wyoming; the filing was approved and is effective immediately.
All pertinent documents have been filed and approved by the Secretary of State of Wyoming. The Company has filed all necessary documents with FINRA and is expecting the new ticker symbol within the coming week. The move to Wyoming will allow substantial cost savings for the Company as well greatly facilitate operations and filings on the state level.
The Company is also very pleased to announce the substantial improvement in its financial position reflected by the balance sheet posted for the quarter ending June 30, 2016. The total liabilities of the Company as posted in the balance sheet as of June 30, 2016 are $1,385,850 and since that date the Company has retired a little more than $540,000* in additional debt through our Exchange and Settlement Agreements, leaving the Company with total outstanding liabilities of approximately $850,000. The Company has reduced its debt by over 80% from a high of almost $4,800,000 as posted on the June 30, 2015 quarterly report.
“The Fenix is a symbol of rebirth and renewal,” Whitcomb said, “We carefully chose this name as we feel that it is a great symbol reflecting the new strategies and direction of the Company.” Whitcomb continued, “I am very excited with the current financial position of the Company; as of the close of the second quarter of 2016, our total liabilities are the lowest they have been in over eight years.”
“I could not be happier with the incredible transformation of the Company in the last several months; we have a much stronger balance sheet and have been able to reduce our expenses by over $80,000 per year in interest expense alone.” Whitcomb stated. “The Company is in a great position to pursue its new direction and has begun preliminary negotiations and due diligence on several potential acquisitions. I am very excited to share the news with our investors as we progress.”
*As announced by the Company on July 25, 2016 and August 3, 2016*
For further inquiries please contact ir@smc-entertainment.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 SMCE, members of their 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.
SMC Entertainment, Inc.
2443 Fillmore Street
San Francisco, CA 94115
Telephone: (415) 603-0858
