PSYC Looks to Acquire Additional Equity in Digital Mental Health Startup, PsycheDev Inc.
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PSYC and PsycheDev Inc. Begin Ramping-Up Product Launch Efforts
LAKE OSWEGO,OR, July 14, 2021 (GLOBE NEWSWIRE) -- Global Trac Solutions, Inc. (OTCPink: PSYC) (“Global” “PSYC” or the “Company”) a leading publicly traded digital media company within the emerging sector of medicinal psychedelics, is pleased to announce that the Company has reached an agreement in principle with PsycheDev Inc. (“PsycheDev”) to acquire up to an additional 5% in equity of PsycheDev through a series of additional investments throughout the remainder of the 2021 fiscal year.
The agreement, in principle, between the companies comes as progress with the development of PsycheDev’s digital mental health application continues to move forward and keeping them on course for an intended minimum viable product launch by the 4th quarter of this year, and as they look to close an additional private equity financing deal in this or the final quarter.
In January, PSYC acquired a 15% equity stake in PsycheDev through an executed Joint Venture Partnership Agreement and investment into the PsycheDev company. PSYC intends to now focus its efforts on acquiring up to an additional 5% equity stake in PsycheDev while also working closely with them to develop and implement their forthcoming go-to-market strategy for the app.
“We are incredibly pleased with the progress of the PsycheDev app and for the opportunity to expand our equity stake in their company,” said Global Trac Solutions, Inc. CEO, David Flores. “Since our first introduction to the PsycheDev company in late 2020, we have believed in the value potential of their company which is why we were proud to become early investors in their concept. The digital mental health sector, in my opinion, only continues to expand as more and more fascinating digital tools hit the market. Justin (Justin Roy, CEO of PsycheDev Inc.) has demonstrated, in my opinion, incredible leadership and dedication over the past several months in helping to move the app through the different phases of development, assembling an impressive team of experienced mental health professionals, and with securing the additional financing necessary to bring his concept to fruition.”
“With Global Trac Solutions gaining more and more traction through their digital platforms, we are more than happy to expand our partnership and to offer them an additional 5% equity stake in PsycheDev,” Said PsycheDev Inc. Founder and CEO, Justin Roy. “The sustained growth from Psychedelic Spotlight's audience combined with their team's marketing expertise is very valuable to us, especially at this stage, and so we strongly believe in their ability to help us solidify our positioning. We're looking forward to this continued collaboration and to the exciting launch ahead. We are also constantly recruiting test users and would like to take this opportunity to welcome anyone interested in early testing to contact us or Psychedelic Spotlight."
“In the coming the months, we plan to leverage the use of our Psychedelic Spotlight platform to help identify and build a target market for PsycheDev and play a vital role in what we expect will be a successful product launch,” said Flores.
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, we believe investors are speculating 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 into the mainstream.
We are dedicated to 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 contend that we are truly 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 and the success of the current vaccine distribution, 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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