Simulated Environment Concepts Announces New Management Team and Change of Control
Rhea-AI Summary
Simulated Environment Concepts Inc. (OTC-PINK:SMEV) has announced a significant management change, appointing Marvin T. Baker as the new CEO and Sole Director, alongside Douglas B. Vaughn as CFO. Baker acquired a control block of preferred shares and 120 million common shares from former management, which will be retired. The company plans to reduce its Authorized share count substantially and has no plans for a reverse split. Baker aims to rebrand SMEV and explore new asset acquisitions to generate revenue within the next year, enhancing shareholder value.
Positive
- New management team installation, including an experienced CEO, Marvin T. Baker.
- Acquisition of a control block of shares and retirement of former management's stocks.
- Plans to reduce Authorized share count significantly.
- Rebranding and potential asset acquisitions aimed at generating revenue.
Negative
- None.
News Market Reaction – SMEV
In the trading session that priced this news, SMEV declined 0.53%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Nashville, TN, June 17, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Simulated Environment Concepts Inc. (OTC-PINK:SMEV) announces new management team and change of control. SMEV would like to introduce Marvin T. Baker as the New CEO and Sole Director of SMEV and Douglas B. Vaughn as CFO, whereby Mr. Baker agreed to acquire the control block of preferred shares and 120,000,000 shares of common stock owned by former management, which represents all of the shares owned by previous management that Mr. Baker plans to retire. In addition to this retirement of shares the Authorized count will also be reduced dramatically. The current Authorized is only at this level to accommodate the "Control Block" which Mr. Baker has purchased as well. Once he has the time to calculate a Control Block conversion ratio that is more suitable, he will reduce the Authorized share count substantially to bring it in line with the Outstanding Shares. The company sees no reason for an Authorized Share count to be so high. In addition, management has no intention of doing any type of a reverse split for the foreseeable future.
The parties closed the acquisition on or about April 28, 2021. At the time of closing, Mr. Baker, the CEO and controlling shareholder, was appointed as the sole member of the Board of Directors of SMEV. Mr. Baker, thereafter, intends SMEV will be rebranded and to drop in new assets and business to quickly generate revenues.
Mr. Baker is an accomplished C-level executive with success driving results across a broad base of middle-market companies in direct sales, technology, distribution, product development, and others. He has been an entrepreneur, corporate officer, and turnaround consultant. He started his career in the 1990s after obtaining a BSME degree in Mechanical Engineering from Youngstown State University. Since then, he has been actively involved in mergers and acquisitions, and bringing new products and services to new markets globally. His primary expertise is understanding the needs of growing organizations, evaluating and defining the strategic objectives of a business, turning around businesses, marketing and communicating with stakeholders to successfully execute company objectives.
Mr. Baker has numerous diversified initiatives created specifically for development within an environment such as SMEV, which will be discussed at a later time. Presently, agreements for the acquisition of these assets are being negotiated, and SMEV will disclose them to the public, in the near future, as the agreements are entered into. All filings for OTC Markets are done and the company is waiting for approval of their new application to OTC Markets to be approved so they can upload the filings and move toward bringing SMEV to PINK CURRENT ASAP!
SMEV and Mr. Baker are confident that the change of control of SMEV will lead to these various acquisitions that will commence generating income over the next year and result in appreciable shareholder value. http://www.smevmerger.com
Forward-Looking Statements:
This press release may contain forward-looking statements. The words "believe," "expect," "should," "intend," "estimate," "projects," variations of such words and similar expressions identify forward-looking statements, but their absence does not mean that a statement is not a forward-looking statement. These forward-looking statements are based upon the Company's current expectations and are subject to a number of risks, uncertainties and assumptions. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the important factors that could cause actual results to differ significantly from those expressed or implied by such forward-looking statements are risks are detailed in the Company's respective filings at https://www.otcmarkets.com/stock/LIGA/overview.
Contact Information:
SMEV Shareholder/Investor inquiries can be directed to:
Marvin Baker
CEO
Email: Marvin@smevmerger.com
URL: www.smevmerger.com