PSYC Completes Execution of JV Partnership with Digital Mental Health Startup, PsycheDev Inc.
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PSYC Looks to Capitalize on Growing Momentum Within the Digital Mental Health Sector
LAS VEGAS, NV, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Global Trac Solutions, Inc. (OTCPink: PSYC) (“Global” “PSYC” or the “Company”) a digital media leader within the emerging sector of medicinal psychedelics, is pleased to announce that the Company has executed a Joint Venture Partnership Agreement (the “JV”) with PsycheDev Inc. (“PsycheDev”), a Canadian based start-up company focused on the development and deployment of technology-driven mental wellness-enhancing solutions.
The formation of the JV creates a unique opportunity for PSYC to begin its entry into the sector of digital mental health which recently, in management’s estimation, has demonstrated significant growth potential amid the ongoing COVID-19 pandemic. It also setups the potential, although there can be no guarantees, for the Company to establish a revenue stream through the intended monetization of the application following its launch later in 2021.
Through the JV, PSYC will work in collaboration with PsycheDev on the co-development and launch of its digital mental health application and platform designed to provide users with the ability to leverage the power and benefits of self-guided trips and mental exercises with the intent of achieving a more profound state of mental health and well-being. Furthermore, as part of the JV, PSYC receives an initial 15% equity stake in PsycheDev in conjunction with its investment into PsycheDev.
“A big takeaway for me from the COVID-19 pandemic is the stress, anxiety, and depression it has regrettably triggered for millions of individuals across the globe,” said David Flores, Global Trac Solutions, Inc. CEO. “And with this, beyond just the current COVID-19 consequences, we have seen an increase across society in the interest in digital tools designed to promote self-care, and more specifically nurture and strengthen the core of our mental health and mental well-being. The PsycheDev application and platform is something that I believe has the opportunity to satisfy this growing demand for digital tools and that have the ability to provide the guidance and techniques needed to fully maximize specific resources and factors around us for the benefit of developing and sustaining a strong and healthy psyche.”
“We are immensely pleased to officially begin our partnership with Global Trac Solutions,” said PsycheDev, Inc. CEO, Justin Roy. “Through our multiple conversations with them, we believe they are the right partners with the right skills and resources to bring our digital mental health platform to life. This is the perfect opportunity for us to introduce a truly unique, valuable and much needed product to this growing sector. We will keep working hard together to start helping as much people as possible, as soon as possible.”
“We are truly excited to enter into this partnership with Justin Roy and his company and believe this venture will further enhance the value we are creating for PSYC and our shareholders,” said Flores.
The companies intend to dedicate the next several months towards the continued to development of the PsycheDev application and will also work on establishing an effective go-to-market strategy for the app and as they aim for an official launch towards the end of the second half of this year.
About Global Trac Solutions, Inc. (OTCPink: PSYC)
At Global Trac Solutions we are integrating media, creativity, and technology to develop and deploy thought-provoking ideas and solutions that are fostering and transforming the approach to some of society’s most pressing matters.
PSYC has expressed its intent and commitment to positioning itself at the forefront of the psychedelic revolution and as a resource center for discovering and understanding the latest research and business opportunities surrounding psychedelic inspired medicines. In conjunction with the FDA’s more open-minded approach to psychedelic medicines, and as several major U.S. cities continue to approve the decriminalization of psilocybin, investors are speculating (although we cannot provide any assurances) that the psychedelic boom could be bigger than that of cannabis. PSYC is your source for current investment related news specific to psychedelic medicines and cutting-edge research improving overall health, moving this sector, we contend, into the mainstream.
We believe in a forward-thinking approach that embraces groundbreaking new technology and innovations and through the vision of business development we intend to continue to evolve into these unchartered territories as the industry leaders of the future. We truly are the right TRAC to follow.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors, including the effect of COVID-19, that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are disclosed on the OTC Markets.com website.
Disclaimer: Global Trac Solutions, Inc. does not in any way encourage or condone the use, purchase, sale or transfer of any illegal substances, nor do we encourage or condone partaking in any unlawful activities. We support a harm reduction approach for the purpose of education and promoting individual and public safety. If you are choosing to use psychedelic substances, please do so responsibly.
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