SMC Entertainment Acquires WiMundo Solutions
San Francisco, California--(Newsfile Corp. - December 5, 2019) - SMC Entertainment, Inc. (OTC Pink: SMCE) ("SMC" or the "Company"), a provider of wireless communications services, digital content, and media distribution solutions, is pleased to announce that it has executed a definitive purchase agreement for the 100% acquisition of WiMundo H.S.I.A. Solutions ("WiMundo") for equity in SMC.
WiMundo provides end-to-end solutions for the hospitality industry including hotels, multi-dwelling properties as well as RV parks and campgrounds. A typical solution is comprised of customized software, industry-leading hardware, and installation services coupled with guest and technical support. WiMundo's 2017 and 2018 revenues were approximately $165,000 and $145,000 respectively (unaudited). Revenues for the first 10 months of 2019 were approximately $105,000 (unaudited).
SMC will provide future funding to grow WiMundo's market share and introduce new products and services to meet market demands. WiMundo is currently working on a new offering for the hospitality industry; a product prototype is in initial testing. Additional information will be released as product development matures.
Rick Bjorklund, President and CEO of SMC, stated, "This acquisition provides SMC with additional building blocks in the wireless internet space. SMC will leverage this acquisition to expand its business plan into the hospitality market and integrate WiMundo's solutions with SMC's products. We will continue to look for strategic acquisitions, preferably with revenues, to vertically integrate with our multi-discipline approach."
Grant Cheeseman, President of WiMundo, stated, "We are very pleased to be part of the SMC family. We look forward to utilizing SMC's management and technical expertise to open up new opportunities for us resulting in faster sales and marketing cycle. In addition, our future product development cycle will be significantly shortened by utilizing SMC's already developed software products. Shorter development cycle will enable us to have new products; hence faster market entry and revenues."
Under the terms of the acquisition agreement: SMC has acquired 100% of WiMundo and will operate as a wholly owned subsidiary of SMC; SMC will issue 20,000,000 restricted common shares to WiMundo's shareholders; and SMC will extend a management agreement to WiMundo's management team. All shares will be issued from the Company's treasury in accordance with Rule 144 of the Securities and Exchange Commission.
After share issuance to WiMundo's stakeholders, SMC's share capital structure will be as follows: total outstanding common shares 326,626,974; total restricted common shares 243,339,506; total non-restricted common shares 123,287,468; total Cede & Co (DTC) common shares 64,329,070. The non-restricted and DTC common shares have not changed since our last shareholder update. It's our understanding that DTC's position of 64,329,070 shares reflects available shares that can be traded electronically by the public.
About WiMundo H.S.I.A Solutions
WiMundo has been providing 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, please visit www.WiMundo.com.
About SMC Entertainment, Inc.
SMC Entertainment Inc. 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). With our recent acquisition of FiberSKY Networks, Inc., 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 telecom-owned broadband back haul networks to produce an efficient and scalable broadband connection. For more information, please visit us at www.smcemedia.com, and 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50436