PSYC Looks to Enhance Future Revenue Growth Potential Through Updated Ownership Stake in PsycheDev
January 25 2022 - 8:30AM
InvestorsHub NewsWire
PSYC Looks to Enhance
Future Revenue Growth Potential Through Updated Ownership Stake in
PsycheDev
PSYC
to Enter Multi-Million Dollar Mental
Health App Market Under New Partnership with Digital Acorn,
Ltd.
LAKE OSWEGO, OR
-- January 25, 2022 -- InvestorsHub 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.
Madison Ayer, a
Managing Partner for Digital Acorn Ltd., will provide primary
oversight of this endeavor on behalf of Digital
Acorn.
“I strongly believe
that this realignment in controlling interest and concept provided
us with a tremendous opportunity to revisit PsycheDev’s core
fundamentals and make some highly strategic adjustments that we
believe will optimize our ability to monetize the app over the
course of its introduction into the marketplace,” said PSYC CEO,
David Flores. “We really have taken a deep dive into analyzing some
of the elements that have helped to make similar mental wellness
apps, such as Calm, so successful in terms of how they have
generated revenue through subscriptions and upgraded features that
users can purchase and we have used that knowledge to help create
our own unique monetization strategies for
PsycheDev.”
“PsycheDev is by no
means intended to be the next coming of the Calm app; however, the
rise to success we have witnessed in recent years with their app,
which, in my opinion, can be highlighted by their more than
$23M in
revenue in Q1 2021, demonstrates the value potential we believe
is present within this expanding sector of digital mental wellness
apps and is why we are eager to see PSYC enter this sector by way
of PsycheDev.”
“Moreover, the
opportunity to work alongside a successful entrepreneur like
Madison Ayer and his talented team at Digital Acorn on bringing our
app to market is another big reason why I am confident that the
concept will achieve its full potential and also become a vital
revenue generator for PSYC in the months and years
ahead.”
In addition to the
companies’ co-investment in PsycheDev, Madison Ayer also assumed a
position on PSYC’s Advisory Board, where he will lend his
professional expertise to the ongoing corporate restructuring for
PSYC. Mr. Ayer has founded and led successful exits of multiple
consumer technology businesses through both public market and
private equity transactions. At Digital Acorn, Mr. Ayer supports
the leadership teams of pioneering business models to discover
product-market fit, refine strategic focus, raise capital, and
accelerate revenue
growth.
“We’re excited about
the potential for psychedelic-assisted mental wellness, and through
our co-investment in the ‘PsycheDev’ concept, I’ve gotten to know
David and the PSYC team well,” said Mr. Ayer. “They have an
intuitive understanding of how the nascent psychedelic sector is
evolving, and a very compelling vision for creating the leading
multimedia technology platform at the center of it. I’m pleased to
join the team and get to work on these
initiatives.”
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.
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: 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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