SMC Sells Remaining Wireless Assets For $0.6M To Focus On Core Business

SMC Entertainment Inc SMCE inked an agreement to divest SMC’s last wireless assets to Wyoming’s Aktiv-Trak to focus on venue-based family-oriented entertainment products and services.
SMC sold, transferred, and gave all rights and ownership to SMC’s subsidiary iPTerra Technologies, iPMine software intellectual property, and Aktiv-Trak software intellectual property for $0.6 million in cash and Aktiv-Trak shares.
Aktiv-Trak will pay SMC a minimum of $250 thousand in cash and the balance in either cash, shares, or a combination of both.
SMC has received the first payment of $27 thousand from Aktiv-Trak. The balance will be due over one year unless extended by both SMC and Aktiv-Trak.
SMC recently divested its WiMundo Solutions subsidiary. The company also acquired Michigan-based Spectrum Entertainment, LLC for a revenue and balance sheet boost.
Price action: SMCE shares closed at $0.0062 on Monday.