San Francisco, CA, Aug. 03, 2016 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. (OTC PINK: SMCE) (the "Company"), a digital content distribution company, is pleased to announce that it has executed its final 2 Exchange and Settlement Agreements (the “Agreements”) and retired an additional $320,000 in debt, inclusive of principal and accrued unpaid interest.
The Company retired the debt in full satisfaction for 320,000 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 have just executed our final two Agreements with noteholders, retiring an additional $320,000 in debt. The total of all debt retired and exchanged has exceeded $1,000,000, over twice the amount of our initial estimates!” stated Whitcomb. “I am extremely proud to report that we have reduced our debt by more than 50% in the last month, putting the Company in one of the best financial situations it has ever been in.”
“I feel better than ever about our current financial position as well as our ability to ramp up our operations” said Whitcomb, “this is a very exciting time for the Company, and I am looking forward to sharing the progress with our shareholders and investing public.”
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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.