PSYC to Enter Multi-Million Dollar Mental Health App Market Under New Partnership with Digital Acorn, Ltd.
LAKE OSWEGO, OR, Jan. 25, 2022 (GLOBE 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 have we 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.
The content is by GlobeNewswire. DKODING Media is not responsible for the content provided or any links related to this content. DKODING Media is not responsible for the correctness, topicality or the quality of the content.