SMC Entertainment Inc. to Acquire Crypto Disruptor Flax Tech Ltd, Integrating AI for Enhanced Trading Platform
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2 Sources
[1]
SMC Entertainment Inc. Signs Letter of Intent to Acquire 100% of Flax Tech Ltd, a United Kingdom Crypto Disruptor Provider By Investing.com
BOCA RATON, Fla., Jan. 21, 2025 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. ("SMC" or the "Company") (OTC PINK: SMCE), a Fintech incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce that it has signed a Letter of Intent (LOI) to acquire a 100% of Flax Tech Ltd. (Flax or the Subsidiary). SMC is anticipating quickly reaching an executed definitive purchase agreement (Purchase Agreement) after conducting and completing its due diligence. Upon the completion of due diligence, at the closing of the acquisition, Flax will be a wholly owned subsidiary of the Company, led by its founder and president, Surya Chowdhury. SMC also announces the appointment of Mr. Eric Sherb of EMS Consulting Services as its new Chief Financial Officer. SMC thanks its former Chief Financial Officer, Mr. Adam Yang, for his valued service. We continue to work on the development and integration of all our legacy platforms into Fyntechnical.com, Erik Blum CEO stated. Once completed the Flax Tech platform will enhance our ability to execute our FYNN AI model. I look forward to working with both the Flax Tech team and our new CFO. About Flax Tech Ltd. Flax, a United Kingdom (TADAWUL:4280) corporation, is a developing Crypto disruptor company and participates in the creation of a disruption platform for research, AI interaction and trading, as well as all associated proprietary technology, relevant IT, and infrastructure to run the platform, all-inclusive in the acquisition. For more information, visit www.flaxbit.com 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, visit www.smceinc.com. 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 any 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.
[2]
SMC Entertainment Inc. Signs Letter of Intent to Acquire 100% of Flax Tech Ltd, a United Kingdom Crypto Disruptor Provider - SMC Enter (OTC:SMCE)
BOCA RATON, Fla., Jan. 21, 2025 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. ("SMC" or the "Company") SMCE, a Fintech incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce that it has signed a Letter of Intent ("LOI") to acquire a 100% of Flax Tech Ltd. ("Flax" or the "Subsidiary"). SMC is anticipating quickly reaching an executed definitive purchase agreement ("Purchase Agreement") after conducting and completing its due diligence. Upon the completion of due diligence, at the closing of the acquisition, Flax will be a wholly owned subsidiary of the Company, led by its founder and president, Surya Chowdhury. SMC also announces the appointment of Mr. Eric Sherb of EMS Consulting Services as its new Chief Financial Officer. SMC thanks its former Chief Financial Officer, Mr. Adam Yang, for his valued service. "We continue to work on the development and integration of all our legacy platforms into Fyntechnical.com," Erik Blum CEO stated. "Once completed the Flax Tech platform will enhance our ability to execute our FYNN AI model. I look forward to working with both the Flax Tech team and our new CFO." About Flax Tech Ltd. Flax, a United Kingdom corporation, is a developing Crypto disruptor company and participates in the creation of a disruption platform for research, AI interaction and trading, as well as all associated proprietary technology, relevant IT, and infrastructure to run the platform, all-inclusive in the acquisition. For more information, visit www.flaxbit.com 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, visit www.smceinc.com. Press Release Contact: Erik Blum Chief Executive Officer SMC Entertainment, Inc. 360-820-5973 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 any 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. Market News and Data brought to you by Benzinga APIs
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SMC Entertainment Inc. signs LOI to acquire Flax Tech Ltd, a UK-based crypto disruptor, aiming to enhance its FYNN AI model for crypto research and trading. The company also appoints a new CFO as it focuses on integrating AI into its fintech operations.
SMC Entertainment Inc. Signs LOI to Acquire Flax Tech Ltd
SMC Entertainment, Inc. (OTC PINK: SMCE), a Fintech incubator company, has announced the signing of a Letter of Intent (LOI) to acquire 100% of Flax Tech Ltd., a United Kingdom-based crypto disruptor provider. This strategic move aims to enhance SMC's capabilities in the rapidly evolving cryptocurrency and artificial intelligence sectors 12.
Acquisition Details and Strategic Vision
The acquisition, once completed, will make Flax Tech a wholly-owned subsidiary of SMC Entertainment. Flax Tech, led by its founder and president Surya Chowdhury, is known for its innovative approach to cryptocurrency research, AI interaction, and trading platforms 1.
Erik Blum, CEO of SMC Entertainment, expressed enthusiasm about the acquisition, stating:
"Once completed, the Flax Tech platform will enhance our ability to execute our FYNN AI model. I look forward to working with both the Flax Tech team and our new CFO." 2
This statement highlights SMC's focus on integrating AI technologies into its fintech operations, particularly through the development of the FYNN AI model.
Flax Tech's Crypto Disruption Platform
Flax Tech Ltd. is developing a disruption platform that combines cryptocurrency research, AI interaction, and trading capabilities. The acquisition includes all associated proprietary technology, IT infrastructure, and systems necessary to operate the platform 12.
This integration is expected to significantly boost SMC's technological capabilities in the crypto space, potentially positioning the company as a more competitive player in the fintech industry.
Corporate Changes and Future Plans
Alongside the acquisition announcement, SMC Entertainment revealed key changes in its executive team:
- Appointment of Mr. Eric Sherb from EMS Consulting Services as the new Chief Financial Officer.
- Departure of former CFO, Mr. Adam Yang 12.
SMC is also working on integrating its legacy platforms into Fyntechnical.com, which is expected to work in tandem with the Flax Tech platform to enhance the company's AI-driven financial services 2.
Market Implications and Future Outlook
The acquisition of Flax Tech Ltd. represents a significant step for SMC Entertainment in expanding its footprint in the cryptocurrency and AI sectors. As the fintech industry continues to evolve rapidly, such strategic moves could potentially position SMC as a more prominent player in the market.
However, as with all forward-looking statements, the company cautions that actual results may differ materially due to various risks and uncertainties in the market 12.
As the crypto and AI landscapes continue to transform the financial services industry, acquisitions like this one between SMC Entertainment and Flax Tech Ltd. may become increasingly common, reflecting the growing intersection of traditional finance, cryptocurrency, and artificial intelligence technologies.
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