San Francisco, CA, July 12, 2016 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. (OTC PINK: SMCE) (the "Company"), a digital content distribution company, is pleased to announce that it has executed 2 Exchange and Settlement Agreements (the “Agreements”) and retired $170,000 in debt, inclusive of principal and accrued unpaid interest.
The Company retired the debt in full satisfaction for 170,000 shares of Series A Preferred Stock (the “Preferred Stock”). The Preferred Stock allows for the holder to convert the preferred shares into common shares at any time after a one year holding period, subject to a maximum conversion of 20% of the Preferred Stock in any 30 day period.
“We are excited at how quickly we were able to get the first Agreements executed, and the positive feedback that we are getting from our note holders,” Whitcomb stated. “The execution of these Agreements will save the Company thousands of dollars per month in interest payments, which in turn can be used for growth,” continued Whitcomb.
“Together with our noteholders and shareholders, we are building a better company and strengthening our balance sheet,” said Whitcomb. “We are looking to execute several more Agreements in the days and weeks ahead until we have reached or exceeded our goal.”
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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
Source:SMC Entertainment Inc.