Business
PSYC Completes Execution of JV Partnership with Digital Mental Health Startup, PsycheDev Inc.
PSYC Completes Execution of JV Partnership with Digital Mental Health Startup, PsycheDev Inc..
About this update from Psyc Corporation
[{"type":"text","content":"\n 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 a...