LAS VEGAS, NV, Oct. 13, 2022 (GLOBE 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.
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