PSYC Completes Acquisition
of Media Assets from Technical420, LLC
LAS VEGAS, NV -- September 20, 2022 -- InvestorsHub NewsWire --
PSYC Corporation (OTCPink:
PSYC) (“PSYC” or the “Company”), a media leader focused on the
emerging psychedelic and cannabis sectors, announced the signing
and closing of an amended definitive agreement (“the Agreement”)
for its wholly owned subsidiary Spotlight Media Corp. (“SMC”) to
acquire media-related assets from Technical420, LLC (“T420”) as
well as certain assets of SB Partners, LLC, that include, but are
not limited to, MushroomStocks.com and OnTheBids.com, as well as
Technical420.com.
After announcing the definitive agreement, on August 16, 2022,
the Company started the integration and onboarding process of
T420’s clients. The Agreement is already proving to be accretive to
PSYC and the management team expects the transaction to support the
expansion of the business.
Following the signing of the Agreement, PSYC and Mr. Berger are
working towards the signing of an employment contract. The Company
expects Mr. Berger to sign an employment contract and join the
Company’s Executive Management Team as Chief Operating Officer of
PSYC Corp. The employment agreement is expected to be shareholder
friendly and signed within five (5) business days of completing the
Agreement.
As part of the transaction, and upon the execution of the
definitive agreement, Technical420 and SB Partners founder Michael
Berger will join the Company’s Executive Management Team as Chief
Operating Officer of PSYC Corp. His primary focus will be
integrating the assets, implementing, and executing on a
multi-faceted growth strategy, identifying acquisition targets, and
structuring additional transactions.
As COO of PSYC, Michael Berger will be primarily focused on
integrating the assets, implementing, and executing on a
multi-faceted growth strategy, identifying acquisition targets, and
structuring additional transactions. Since 2014, Mr. Berger has
been focused on the cannabis and psychedelic industries for almost
a decade. Prior to founding SB Partners, he worked in the
Compliance and Equity Research departments at Raymond James
Financial. For his involvement, Mr. Berger has agreed to be
compensated in cash and equity, based on the performance of the
Company. The management team finds this arrangement to provide the
greatest upside potential for shareholders.
Valued at $2.25 million USD, the acquisition will consist of
cash, preferred stock, and common stock warrants. The transaction
will be completed through a series of tranches tied to revenue
performance benchmarks, and the Company believes this mitigates any
transactional risks.
PSYC’s acquisition combines two high-profile media firms,
diversifies SMC’s reach into the cannabis space, and immediately
enhances the reach of the combined entity. Based on initial
analysis, the platforms attract a similar audience demographic, and
the management team expects this aspect of the transaction to be
highly synergistic.
“Closing this acquisition and incorporating the performing media
assets from Technical420 into Spotlight Media is a significant step
forward for our Company,” said PSYC CEO, David Flores. “Over the
past couple of years, we’ve explored and considered a variety of
different acquisition opportunities in search of an asset, or
basket of assets, that we believed would do more than just
contribute to revenue, but also be a natural fit for our trajectory
as a multimedia leader for forward-thinking market sectors. Between
Psychedelic Spotlight, Technical 420, and other assets now under
our umbrella like Bonfire and Psychedelic Finder, we’ve developed
an incredibly unique multimedia ecosystem which provides PSYC the
opportunity to dominate this emerging intersection where cannabis,
psychedelics and holistic living all converge for years to
come.”
Incoming PSYC COO and Technical420 founder Michael Berger
expressed his optimism on the deal closing. “The integration
process has gone smoothly, and I believe the combined company has
enough resources to survive any market weakness. The reach
associated with PSYC’s portfolio of websites is substantial, and I
expect our media offering to be far superior to what is currently
available to companies in emerging industries. Spotlight Media and
T420’s combination will enhance our value proposition, and I am
excited about how the transaction will transform the business.”
PSYC CFO Craig Schlesinger concluded with, “This is a pivotal
moment for PSYC Corp and Spotlight Media, as the acquisition of
Technical420’s assets provide diversification and leverage to the
cannabis space and is immediately accretive to both our top and
bottom lines. While we continue integrating and scaling PSYC’s
digital assets, significant increases in both revenue and cash flow
are expected to follow. With Mr. Berger’s proven track record
building monetizable, digital assets from scratch, his leadership
will be integral in driving EBITDA growth as PSYC moves one
critical leap forward towards profitability.”
About PSYC Corporation (OTCPink:
PSYC)
At PSYC Corporation 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.
About Spotlight Media Corporation
Spotlight Media Corporation (“SMC”) (www.spotlightmediacorp.com)
is a Nevada Corporation and is a privately held wholly owned
subsidiary of PSYC that was incorporated on February 8, 2022. At
present time, SMC operates as a multimedia service company for the
medicinal psychedelic industry through Psychedelic Spotlight in
addition to the developing community-based platform, Bonfire (f/k/a
“PsycheDev”). However, management intends, but cannot guarantee the
success or profitability, that the business plan for SMC is
to potentially expand beyond the medicinal psychedelic industry by
way of other multimedia-related opportunities within other
niche-style industries like cannabis, health and wellness, and
sports such that SMC can make use of the audience it is
establishing, across its platforms for cross-promotional
opportunities and with the intent of developing a network of
interconnected media-focused platforms.
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, the adverse effect of the Omicron variant,
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 and is not incorporated by reference into such
reports.
Disclaimer: PSYC Corporation 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:
PSYC Corporation (PSYC)
www.psyccorporation.com
www.spotlightmediacorp.com
(702) 330-0363
info@psyccorporation.com
OTCPINK:
PSYC
PSYC (PK) (USOTC:PSYC)
Historical Stock Chart
From Mar 2024 to Apr 2024
PSYC (PK) (USOTC:PSYC)
Historical Stock Chart
From Apr 2023 to Apr 2024
