BOCA RATON, FL / ACCESSWIRE / February 15, 2023 / SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK: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 focused 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.

SOURCE: SMC Entertainment, Inc.