PSYC Looks to Acquire Additional Equity in Digital Mental Health Startup, PsycheDev Inc.
July 14 2021 - 7:30AM
InvestorsHub NewsWire
PSYC Looks to Acquire Additional Equity in Digital
Mental Health Startup, PsycheDev
Inc.
PSYC and PsycheDev Inc. Begin Ramping-Up Product
Launch Efforts
LAKE OSWEGO,OR -- July 14, 2021 -- InvestorsHub
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.
Corporate
Contact:
Global Trac Solutions, Inc.
(PSYC)
www.globaltracsolutions.com
(702) 239-1919
psyc@globaltracsolutions.com
OTCPINK: PSYC
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