PSYC Maintains Focus on Building Path
Towards Intended OTCQB Up List
LAS VEGAS, NV -- March 15, 2023 -- InvestorsHub NewsWire -- PSYC
Corporation (OTC
Pink Market: PSYC) ("PSYC", "PSYC Corp" or the "Company"),
parent company to Spotlight Media
Corporation ("SMC" or the "wholly owned subsidiary"), a
multimedia leader positioned at the intersection where all things
psychedelics and cannabis converge, is pleased to provide its
shareholders with updates on key strategic developments recently
made with the intent of maintaining a reasonable path towards up
listing from the OTC Pink Market to the OTCQB.
Consolidation of $850K+ in Convertible
Notes
This month, the Company executed a convertible note with its
long-standing investment partners, RB Capital Partners, Inc. ("RB
Capital"), thereby consolidating 12 convertible notes issued to RB
Capital throughout 2022, totaling just over $850K including
principal and interest.
The new consolidated note includes a fixed conversion price of
$0.05, which is over 1,330% of the recent 10-day average trading
price of the Company's stock as of the date of this press release
and has a reduced interest rate from 10% to 7%.
Between the fixed conversion price of $0.05 and a more favorable
interest rate, the Company believes that the consolidation of these
notes will contribute favorably towards creating a more effective
and efficient capital structure, particularly when focused on
ramping up efforts towards an intended-up listing to the
OTCQB.
Last July, the Company and RB Capital agreed to the
consolidation of over $2.7M in notes dating back to
2019 and placing them into one note at terms favorable to the
Company and shareholders. As such, the Company consolidated more
than $3.5M of its debt with RB Capital and all at a $0.05
conversion price and 7% interest rate per annum.
Since 2017, RB Capital has served as the Company's primary
investment partner. The Company also contends that RB Capital's
unwavering support since current CEO David Flores took over (July
of 2020) has been instrumental in helping develop PSYC into the
formidable multimedia leader for the emerging psychedelics industry
through the success of Psychedelic
Spotlight, which the Company launched in May of 2020.
Audit of 2022 Financials
The Company would also like to announce that earlier this month
it kicked off the audit of its 2022 financials alongside its
Accountant, Alex McKean,
and audit firm, M&K CPAS, PLLC.
In addition to upholding the Company's commitment to enhanced
transparency, completing the audit of its 2022 financials will
provide the Company with fully audited financial statements for
each of the last 3 years.
Maintaining current and fully audited financials is also a
necessary corporate requirement for any company with plans to up
list from the OTC Pink Market to the OTCQB. And while not a
requirement to maintain fully reporting status on the OTC Pink
Markets, the Company has continued to demonstrate a proactive
approach by keeping each of its most recent fiscal years fully
audited.
"In my opinion, we have continued to make significant progress
with strengthening the core fundamentals that make up the
foundation of PSYC," said PSYC CEO, David Flores.
"We believe this progress reasonably demonstrates our commitment
to following through with the many different, and very specific set
of objectives we laid out in recent years, all of which are aimed
at maximizing value for our shareholders.
From the very beginning, we understood that the path from the
Pink Market to the OTCQB would be a lengthy one that requires an
ability to execute on a variety of different objectives.
We recognize that restructuring our debt with RB Capital through
this consolidation is not the end all solution as it relates to
creating the healthiest balance sheet possible. However, we firmly
believe that consolidating these notes under far more favorable
terms is establishing an environment whereby we have the best
opportunity possible to manage this debt and ensure that it is not
something preventing us from moving the Company forward.
The faith, patience, and belief that RB Capital has maintained
in our mission of developing PSYC into the most prominent and
successful multimedia company for the psychedelics industry is, in
my opinion, why we are on a viable path to becoming just
that.
Over the last 2 ½ years we have been adamant on strategically
utilizing their investments to build and develop, piece-by-piece
and step-by-step, Psychedelic Spotlight into what has now become
one of the top 3 ranking psychedelic-focused multimedia platforms
in the world.
We have also been keen on deploying resources focused
specifically on improving our ability to follow through with an up
listing to the OTCQB, reflected by having fully audited financials
for 2020, 2021 and soon-to-be, 2022. In addition to this, the
Company has also made strides in recent months with developing a
more efficient revenue model.
RB Capital's continued faith and support in PSYC's long-term
value potential is something that I believe can be demonstrated
through their willingness to work with us on restructuring their
debt. Our intent is to make strategic use of this opportunity to
help further the Company's objectives and as we continue to develop
PSYC into a company that drives significant value back to each and
every one of our shareholders.
As we continue down this path of an intended up list to the
OTCQB, we will be providing regular updates to shareholders and
markets regarding audience growth, revenue, acquisition
integration, and additional platforms under development to provide
the psychedelic space with a sound, comprehensive, and inclusive
digital ecosystem.
We hope you'll follow along with us on our unprecedented journey
as the first publicly traded psychedelic media company. It's truly
an exciting time for TeamPSYC!"
About PSYC Corporation (OTC
Pink Market: 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) 239-1919
info@psyccorporation.com
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