Business
PSYC Looks to Enhance Future Revenue Growth Potential Through Updated Ownership Stake in PsycheDev
PSYC Looks to Enhance Future Revenue Growth Potential Through Updated Ownership Stake in PsycheDev.
About this update from Psyc Corporation
[{"type":"text","content":"\n PSYC to Enter Multi-Million Dollar Mental Health App Market Under New Partnership with Digital Acorn, Ltd. LAKE OSWEGO, OR, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Global Trac Solutions, Inc. (OTCPink: PSYC) (“Global” “PSYC” or the “Company”) a media leader for the emerging medicinal psychedelics sector, and authorities behind Psychedelic Spotlight, a top ranking psychedelic news and information platform, is pleased to announce that based on recent updates tied to the controlling interest of PsycheDev, Inc. (“PsycheDev”), PSYC is now a 50% equity stakeholder in the digital mental wellness platform and has recently entered into co-development partnership with Digital Acorn Ltd. (“Digital Acorn”), a private investment group focused on early stage and emerging growth companies. In January of 2021, PSYC entered a Joint Venture Partnership with PsycheDev that entitled the Company to a 15% equity stake in the yet-to-be-built mobile application, PsycheDev. At the time, it was being developed as a guided trip app for the growing medicinal psychedelics community.  The JV’s initial objective was to leverage PSYC’s industry knowledge and dynamic audience and following, established through Psychedelic Spotlight, to develop effective go-to-market strategies and provide ongoing information and educational resources for its users. In early Q4 2021, however, the Company executed an all-stock Asset Purchase Agreement with PsycheDev Founder and CEO, Justin Roy, whereby PSYC acquired all rights and ownership associated with the concept of the platform.  Following PSYC’s acquisition of the PsycheDev concept, the Company entered into a partnership with Digital Acorn Ltd., through Digital Acorn’s wholly owned limited liability company, Digital Spore LLC. Within this partnership, the companies intend to focus on the co-development of PsycheDev and open access to the platform to a beta community of users within the first two quarters of 2022. Additionally, the companies have already begun focusing on refining the product development roadmap to enhance the overall monetization potential of the app. The concept and brand consistency of PsycheDev has evolved from long-form guided trips to holistic personal growth accelerated with psychedelic practices....