SMC Signs Letter of Intent to
Acquire AI-enabled Wealth Management
Technology Platform
Boca Raton, Florida -- February 15, 2023 -- InvestorsHub NewsWire
-- SMC Entertainment, Inc. ("SMC" or the "Company") (OTC:
SMCE), an incubator company focused on acquisition and support
of commercialized financial services and technology (Fintech)
companies, today announced the execution of a Letter of Intent
("LOI") to acquire 100% of Fyniti Global Equities EBT Inc.
("Fyniti") for equity.
Fyniti (www.fyniti.com,
www.fynitiiq.com)
is a Fintech developer and provider of technology that combines
Artificial Intelligence/Machine Learning (AI/ML) driven
Quantitative investing (IQ Engine) with AI-enabled wealth
management Electronic Block Trading ("EBT") technology. EBT is
focussed in democratizing Basket Trading, Direct Indexing, Tax Loss
Harvesting and bringing Separately Managed Accounts (SMAs) to the
upper end of the retail segment as well as the lower to middle
market financial institutions. Fyniti's IQ Engine is an AI driven
contextual analyzer that creates a repository of all equity
research. Click here to
view Fyniti's product overview and positioning, ETF basket trading,
and market positioning and competitiveness.
Pursuant to the terms of the LOI, SMC will acquire the 100% of the
issued and outstanding stock of Fyniti including all proprietary
technology algorithms. The
acquisition is valued at $25 million. Fyniti shareholders
will receive SMC's preferred stock convertible to common.
Subsequent to acceptance and closing of this transaction,
management will strategize an additional capitalization plan to (a)
expand Fyniti's sales and marketing programs; (b) implement
additional technology features in its AI-enabled products and
algorithms; and (c) expand working capital. The closing is
anticipated after completion of due diligence by both parties.
"The ETFs are an $8 trillion dollar market worldwide with over 80%
being passive ETFs, which can be replicated through AI/ML-based
algorithms. The wealth management platform market is roughly $1.2
trillion worldwide. The EBT market is targeted to generate $6.2
billion in fees and presents a great opportunity for using AI/ML
driven portfolio management," says Jay Gopalan, founder of Fyniti
and a wall street veteran who has in the past built wealth
management and prime broking technology for Goldman Sachs, JP
Morgan Chase, Bank of America (Merrill Lynch) and Citigroup.
"Fyniti continues to embark on its journey to create
next-generation technology offerings in both these markets. The
Fyniti/SMC market is a perfect fit for driving deeper technology
and rapid market expansion."
"SMC is excited to announce this acquisition to our shareholders.
We are ready to begin executing on our vision of airing multiple
Fintech companies," stated Erik Blum President of SMC. "This
acquisition solidifies our commitment to expand our Fintech product
offering. The technology in the software platform is targeted
for wealth management especially the values aligned investment
markets. EBT + IQ combined offers the ability to customize trading
baskets, addressing all aspects of index investing, from ETF
trading to customized portfolio management. The AUM in global
wealth management is ripe for disruption. Wealth Managers currently
has over $1.25 trillion dollars being managed at all different fee
levels. Fyniti's EBT platform provides the company with a first in
class fee for wealth management, ETF, and Mutual Funds. We are
looking forward to quickly moving to a definitive purchase
agreement and closing."
About Fyniti Global Equities EBT
Inc.
Fyniti Global Equities EBT Inc. is a Fintech platform developer
founded by veteran wall street technologists and investment
bankers. Fyniti has a clear focus on developing disruptive
technologies in the Wealth Management and capital markets domains.
Fyniti owns the IQ Engine and EBT Technology which combine to
provide AI driven Quantitative investing and AI based Basket
Trading platforms.
About SMC Entertainment,
Inc.
SMC is a versatile holding company focused on acquisition and
support of proven commercialized financial services and technology
(Fintech) companies. SMC's multi-discipline growth by acquisition
approach is to enhance revenues and shareholder equity. For more
information on SMC, visit www.smceinc.com.
Press Release
Contact:
Erik Blum
President
SMC Entertainment, Inc.
Ron Hughes
Corporate Administrator
ron.hughes.operations@gmail.com
360-820-5973
Safe Harbor Statement
Some of the statements in this press release may be forward-looking
statements or statements of future expectations based on currently
available information. Such statements are naturally subject to
risks and uncertainties. Factors such as the development of general
economic conditions, future market conditions, unusual catastrophic
loss events, changes in the capital markets, and other
circumstances may cause the actual events or results to be
materially different from those anticipated by such statements. The
Company does not make any representation or warranty, express or
implied, regarding the accuracy, completeness, or updated status of
such forward-looking statements or information provided by the
third-party. Therefore, in no case whatsoever will the Company and
its affiliate companies be liable to anyone for any decision made
or action taken in conjunction with the information and/or
statements in this press release or any related damages.
