PSYC Completes Execution of JV Partnership with Digital Mental Health Startup, PsycheDev Inc.
January 19 2021 - 8:30AM
InvestorsHub NewsWire
PSYC Completes Execution of JV Partnership with
Digital Mental Health Startup, PsycheDev
Inc.
PSYC Looks to
Capitalize on Growing Momentum Within the Digital Mental Health
Sector
LAS VEGAS, NV --
January 19, 2021 -- InvestorsHub 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.
Corporate
Contact:
Global Trac Solutions, Inc.
(PSYC)
www.globaltracsolutions.com
(702) 239-1919
psyc@globaltracsolutions.com
OTCPINK:
PSYC
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