PSYC’s Spotlight Media
Highlights Revenue Growth and Other Operational Achievements Met in
Q3
LAS VEGAS, NV -- October 13, 2022 -- InvestorsHub NewsWire --
PSYC Corporation (OTCPink:
PSYC) (“PSYC” or the “Company”), a media leader focused on the
emerging psychedelic and cannabis sectors, is pleased to report a
42% increase in revenue from 2022 Q2 to Q3 and other operational
highlights through its wholly owned subsidiary Spotlight Media
Corp. (“SMC”).
The Company contends that the following details can be viewed as
operational highlights that were achieved by the Company throughout
the 3rd quarter of 2022.
- Consolidated $2.7M in convertible notes at
$0.05/share
- Completed 2021 FY Audit
- Acquired
assets from Technical420 LLC & SB Partners LLC in accretive
$2.25M transaction
- Developed & launched Psychedelic
Finder in partnership with Nucleus
- Revenue for the quarter exceeded $29.6K and represents an
increase of 42% over Q2
Through a series of strategic transactions with large
shareholders, the Company was able to effectively consolidate $2.7M
of convertible notes. The management team is highly focused on
strengthening the balance sheet and the transactions are in line
with this mission. Overall, the consolidation will have a positive
impact on cash flow by reducing the amount of capital that is
needed to satisfy its monthly debt obligation.
Completing and publishing its audited financials for 2021
provides the Company with fully audited financials for each of the
last two fiscal years. This, according to the Company, represents a
significant step forward in the Company’s pursuit of up listing
from the OTC Pink Sheets to the OTCQB, though the completion of any
such up listing cannot be guaranteed.
SMC’s acquisition of T420 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.
Developing the Psychedelic Finder brand and technology
represents a significant opportunity for PSYC to design the
foundational architecture of a monetizable, scalable asset for the
psychedelic space writ large. Moreover, it’s another strategic
low-cost, low-risk, high-reward maneuver to build growth and value
for shareholders.
“The third quarter was very much focused on solidifying a
foundation beneath us that has now effectively positioned SMC as a
multimedia leader fully capable of dominating this intersection
where psychedelics and cannabis will converge for years to come,”
said PSYC CEO, David Flores. “My hope is that shareholders will
recognize and appreciate the progress we’ve made since we
repositioned the Company in mid-2020 into multimedia focused on
emerging, forward thinking market sectors. Although this progress
may seem to move slowly, I truly believe that we’ve performed
remarkably well despite serious challenges and speaks to the
perseverance of our core team.”
Flores concluded his statement, “With our two most recent fiscal
years now fully audited, revenue drivers like Technical 420, and
the value potential we see in developing platforms like Psychedelic
Finder, I feel confident that PSYC is effectively positioned now
more than ever.
“We’re witnessing the beginning of a new chapter for PSYC and
Spotlight Media,” added CFO Craig Schlesinger. “Revenue is growing
in the face of major market headwinds. Our entrance into the
cannabis space leverages our revenue drivers to a sector which just
received a much-needed shot in the arm from the White House.
Moreover, several ballot initiatives for both cannabis and
psychedelics in various cities and states are expected to succeed
this November. Drug reform keeps moving forward, slowly but surely,
and we expect the anticipated electoral, legislative, and executive
order progress at both the state and federal levels to be a
significant catalyst. Money is already flowing back into cannabis
and psychedelics stocks, and we believe this development to be a
positive indicator for PSYC in Q4.”
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:
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