SMC Moves to establish ESOP
SMC Entertainment, Inc. (OTC: SMCE) has engaged attorneys to develop an Executive and Employee Share Option Plan (ESOP) to incentivize advisors, executives, and shareholders.
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Rhea-AI Summary
SMC Entertainment, Inc. (OTC: SMCE) has engaged attorneys to develop an Executive and Employee Share Option Plan (ESOP) to incentivize advisors, executives, and shareholders. Director Warwick Kerridge emphasized the importance of human capital, while President Eric Blum noted the plan's potential to attract new advisors and differentiate SMC in the financial services sector. CEO Ron Hughes expressed full support, indicating that further details on the ESOP will be announced shortly. This initiative aims to enhance the company's value and recruitment efforts as it focuses on fintech-powered wealth management.
Positive
- Initiation of an Executive and Employee Share Option Plan to incentivize advisors and executives, potentially improving retention and recruitment.
- The ESOP serves as a competitive advantage in attracting new advisors within the financial services industry.
Negative
- None.
Details
News Market Reaction – SMCE
The recorded move for SMCE in the trading session of this news was +16.28%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Point Roberts, WA, Dec. 13, 2021 (GLOBE NEWSWIRE) -- SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC: SMCE) and its subsidiary Genesis Financial, Inc. (“Genesis”), a diversified financial services company with a focus on fintech-powered wealth management advisory services, are pleased to announce that consistent with their intentions as stated in the definitive agreements, have engaged attorneys to prepare an Executive and Employee Share Option Plan (ESOP) to provide the basis for a model to reward and remunerate advisors, executives and shareholders as the case may be.
"In a financial services firm, Human Capital is the single greatest asset, and it is vital that we have the ability to provide ongoing incentives and rewards to our greatest asset; the people that work for us whether they are advisors or executive management." quoted Warwick Kerridge, director of SMC.
"In addition to Warwick’s comment, the proposed stock option plan can be used as a tool to recruit new advisors to our group and will provide a unique point of difference between our group and others in the financial planning, broking and advisory sector.” quoted Eric Blum, President of SMC. “I am thrilled that we are able to immediately move to start the process of transformative change, which will enhance our group in all respects.”
SMC CEO, Ron Hughes agreed wholeheartedly. Further announcements regarding the detail of the ESOP will be announced as required in the near future.
About Genesis Financial, Inc.
Genesis is a diversified financial services company focusing on fintech-powered wealth management business mainly through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are Ballast Holdings and The Financial Link Group. For more information, visit www.ballast.com.au and www.tflg.com.au.
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. In 2021 SMC acquired Genesis Financial, Inc., a diversified financial services company focusing on fintech-powered wealth management business. Genesis, with 23 employees under its purview along with 120 financial consultants, advisors, and representatives, operates its business through two Australian regulated entities in wealth management, tax and accounting advisory services. The two operating subsidiaries are the Ballast Group and The Financial Link Group. For more information on Genesis, visit www.ballast.com.au and www.tflg.com.au. For more information on SMC, visit www.smceinc.com.
Press Release Contact:
Ronald E Hughes
Chief Executive Officer
SMC Entertainment, Inc.
ron.hughes.operations@gmail.com
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 the Company, members of its 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.
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