San Francisco, CA, July 19, 2016 (GLOBE NEWSWIRE) -- - SMC Entertainment, Inc. (OTC PINK: SMCE) (the "Company"), a digital content distribution company, is excited to announce that it has executed another Exchange and Settlement Agreement (the “Agreement”) and retired an additional $290,000 in debt, inclusive of principal and accrued unpaid interest.
The Company retired the debt in full satisfaction for 290,000 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.
“The retirement of the outstanding debt is going very well,” Whitcomb said, “with the execution of this Agreement and the two previous Agreements we have retired over $460,000 of debt, bringing us very close to our initial goal of $500,000.”
“We have been having such a positive response from our note holders that we strongly believe that we will be able to retire up to an additional $350,000 of debt, bringing the total to over $800,000” said Whitcomb. “I could not be happier with how well the capital restructuring is going and the potential to retire even more debt than planned, the overwhelming support of our stakeholders has been critical to this process.”
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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.