PSYC Provides Shareholders with a
Year-End Company Review for 2022
Las Vegas, NV -- December 13, 2022 -- InvestorsHub NewsWire
-- PSYC Corporation (OTC
Pink Market: PSYC) ("PSYC" or the "Company"), a multimedia
leader focused on forward thinking market sectors such as
psychedelics, cannabis, and mining and precious metals, is pleased
to provide its shareholders with an overview of Company highlights
and achievements from 2022 and insight into the potential it
believes lies ahead in 2023.
Incorporation and Launch of Spotlight Media
Corporation
In February of this year, the Company launched Spotlight Media
Corporation ("SMC"), a Nevada corporation and wholly owned
subsidiary of PSYC.
The Company contends that it has and plans to continue to
strategically utilize SMC to effectively compartmentalize its
growing list of performing media assets such as Psychedelic
Spotlight, Technical
420, On the Bid, along with its respective ownership
stakes in Bonfire and Psychedelic
Finder.
Additionally, in recognizing the potential that it sees
developing through the crossover between the psychedelics and
cannabis market sectors, and as further evidenced by the Company
while exhibiting at this year's Marijuana Business Conference
("MJBizCon") in Las Vegas, the Company will continue to evolve SMC
into a multimedia leader positioned to dominate the intersection
where each of these value-driven market sectors converge.
In doing so, the Company sees a unique opportunity for PSYC to
become one of the first publicly traded media-focused companies to
be positioned within this intersection of psychedelics and cannabis
and is cautiously optimistic as to the long-term value this will
present for the Company and its shareholders.
PSYC
Secures $350K in Private Equity-Based Capital
Financing
In March of this year, the Company secured a $350K private
equity-based capital financing deal with Trent Sullivan of Jackson,
Tennessee.
According to the Company, the deal, which was organized by
former CFO and now Advisor to PSYC, Craig Schlesinger, played a
vital role in helping strengthen the Company's financial position
throughout 2022 and directly contributed to fostering the growth of
its Psychedelic Spotlight platform, as well as helping facilitate
the eventual acquisition of media assets from Technical420,
LLC.
PSYC's Psychedelic Spotlight Surpasses 1M Page
View Milestone
In June of this year, the Company's Psychedelic Spotlight
platform, which launched in the spring of 2020, achieved a
long-standing objective when the platform surpassed the 1M page
view milestone.
The Company believes that the achievement of this milestone in
combination with the consistent overall performance of Psychedelic
Spotlight throughout 2022, and as observed and substantiated
through Google Analytics, demonstrates the successful emergence of
the platform as a premier media leader for the emerging sector of
psychedelics.
As the Company looks ahead to 2023, it expects Psychedelic
Spotlight to not only continue to strengthen its reach and presence
across the psychedelics sector as a trusted source for news and
information, but to also play an integral role in fostering the
growth and intended success of the Bonfire and Psychedelic Finder
platforms.
PSYC
Strengthens Balance Sheet by Consolidating Notes with Reduced
Interest
In July of this year, the Company announced the consolidation of
49 previously issued convertible debentures ("the Debentures"). The
Debentures were issued between January 2019 and December 2021 and
are all owned by RB Capital Partners Inc. ("RB Capital"), the
Company's largest Debenture holder.
Included with the consolidation was an agreement to lower the
interest rate from 10% to 7% and thus reduce the total amount of
capital owed to RB Capital.
The Company continues to maintain the belief that this
consolidation remains as part of a larger initiative for PSYC
centered around enhancing the Company's positioning for additional,
accretive acquisition targets as well as future equity-based
financing opportunities, and its potential to create a more
reasonable path toward its intended up listing to the OTCQB.
Completion of 2021 Audited
Financials
In August of this year, the Company published its 2021 audited
financials helping to provide PSYC with fully audited financials
for each of the two most recent fiscal years (2020 & 2021).
Per Management, the Company has made it a priority to maintain
current audited financials as it continues to work through a
process involved with an eventual up listing to the OTCQB that it
intends to follow through within the earliest and most reasonable
time frame possible. Although the Company does not offer any
guarantee that any such up listing will be completed, Management
maintains an optimistic outlook in its ability to execute on this
long-standing objective.
Diversification Through Strategic Media Asset
Acquisitions
In September of this year, the Company, through its wholly owned
subsidiary, SMC, completed the acquisition of media assets from
Technical420, LLC as well as certain assets of SB Partners, LLC,
that included, but were not limited to, MushroomStocks.com and OnTheBids.com, as well as Technical420.com.
Valued at $2.25 million USD, the acquisition was structured to
include a mix of cash, preferred stock, and common stock warrants
distributed through a series of tranches tied to revenue
performance benchmarks.
This acquisition has afforded the Company the opportunity to
diversify its media asset holdings beyond psychedelics and into the
adjacent cannabis market sector through Technical 420, as well as
into the mining and precious metals sector through the On the Bids
platform.
According to Management, this diversification has been critical
in allowing the Company, as a growing multimedia organization, to
develop a revenue model that is no longer dependent on one market
sector. Furthermore, the Company contends that both the Technical
420 and the On the Bids platforms have been key driving forces
behind the revenue the Company has generated since each of them
were integrated into SMC back in September.
Progress Made with Additional Psychedelic-Focused Media
Assets
Bonfire
In the summer of this year, the Company, in partnership with
Digital Acorn Ltd, coordinated the successful soft launch of
Bonfire (f/k/a "PsycheDev"), an early-stage community-focused
platform being developed for a growing community of individuals
interested in exploring altered states of consciousness.
In the months following the soft launch, Bonfire held a number
of virtual community events hosted by Jack Bunce, Lead Facilitator
& Community Manager for Bonfire.
The Company contends that these virtual community events have
helped to refine both the overall objective and mission of Bonfire,
along with helping PSYC and Digital Acorn develop an effective
revenue model for the platform as it moves closer to an intended
official market launch.
Though an official market launch time frame has not been
established as of the date of this press release, the Company
remains cautiously optimistic that Bonfire may evolve into a more
integral part of its revenue model within 2023.
Psychedelic Finder
This past September, the Company joined forces with Nucleus
Holding Inc. ("Nucleus"), a venture studio building psychedelic
brands, to launch Psychedelic Finder, a full-service, integrated
technology platform that will connect the growing community of
psychedelics and psychedelic-inspired healing.
This partnership is being facilitated through PSYC Tech, LLC of
which PSYC owns 60% and will create an opportunity for the Company
to expand on the ecosystem it is focused on developing within the
psychedelics market sector by way of the various media platforms it
is affiliated with.
In combining the web development talents and robust psychedelic
industry database developed by Nucleus with the PSYC's content
production capabilities and available industry reach and authority
that it has established through its Psychedelic Spotlight platform,
the companies believe they have a unique opportunity to develop and
bring to market an online database and search tool for the
psychedelics market sector unlike any other.
Since forming their partnership in September, the companies have
been dialed-in on developing a viable business model for
Psychedelic Finder that not only intends to provide an unmatched
end-to-end user experience, but that will also promote safety,
responsibility, and reliability in an otherwise unregulated nascent
market sector.
As with Bonfire, the Company is cautiously optimistic that
Psychedelic Finder may become a more substantial part of its
revenue model in 2023 and beyond.
Management's Perspective
In reflecting upon 2022, PSYC CEO, David Flores, said the
following, "With all things considered, I think it's more than
reasonable to chalk up 2022 as the most successful year we have had
for PSYC since I came on board as CEO in July of 2020.
All year we found ourselves up against a fair number of external
challenges. The volatility experienced throughout the global
markets this year had a particularly negative impact on the
psychedelics market sector that presented us with a myriad of
obstacles. Nonetheless, the sheer will, and perseverance of our
team combined with strategic planning that led to significant moves
throughout the year allowed us to not only survive a challenging
year but to come out on the other end of it fundamentally stronger,
in our opinion.
Psychedelic Spotlight experienced record growth over the course
of 2022 and is now officially on the map as a media leader for the
psychedelics sector. I truly believe this is an incredibly
advantageous foothold we have earned within a market sector that
still has a ton of potential ahead of it despite the slowdown it
experienced this year. And it's a foothold that we intend to make
strategic use of in the months and years ahead as we develop a
unique, value-focused ecosystem for this market sector that we
believe will be the first of its kind.
As optimistic as we remain over the future potential of the
psychedelics industry, however, we recognize the necessity of
diversification. This is essential to ensuring that the Company has
the resources necessary to produce revenue from multiple
outlets.
The media assets we acquired from Technical420, LLC have
delivered a welcome source of steady revenue for the Company that
we are focused on expanding upon in the months ahead. Michael
Berger and Sacha Hebbert have done a tremendous job respectively
with integrating these assets into the Company and with building
out a sales pipeline that is demonstrating exciting potential for
us as a leading media platform for forward thinking market
sectors.
In my opinion, the opportunity to tap into market sectors
outside of just psychedelics such as cannabis, EV, and mining and
precious metals, is a huge advantage for us as a media organization
and one that we did not have a year ago.
And while we remain a long way away from achieving the revenue
milestones we have our sights set on, I can say with full
confidence that the financials from 2022 will ultimately reflect
our strongest gross revenue earnings since PSYC shifted its primary
business model to media in 2020.
Minor, yet significant accomplishments were also made throughout
the year that I believe will prove to be beneficial in
strengthening our ability to begin driving value back to our loyal
shareholders.
From Debenture consolidation, to raising capital by way of
equity, all the way to keeping each of our two most recent fiscal
years fully audited, we are continuing to follow the methodical
process that we believe is necessary to earn credibility within the
public market sector and to effectively demonstrate the value
potential in what we are building here.
This process now represents 2 ½ years of my own hard work,
perseverance, and dedication. Looking back, it is easy for me to
see how far we have come in that time and the progress we have
made. But, I also see how much more there is left for us to do here
until we reach a point where we are able to return the value back
to our loyal shareholders that they deserve.
With the group of talented and passionate individuals that I am
fortunate enough to be working with and the assets we have
meticulously assembled within PSYC, I am encouraged in our ability
to continue to defy the odds and uncover value and success in
less-than-ideal environments.
Here's to our breakthrough in 2023!"
PSYC COO, Michael Berger, added the following, "During the last
quarter, we have successfully integrated the businesses and have
recorded higher levels of user engagement. The combined company is
recording record levels of lead generation for our clients, and we
are taking steps to enhance this aspect of the business.
The acquisition has proven to be accretive to PSYC and we are
still in the early stages of growth. Over the next quarter, we
expect to exceed the growth that was recorded in the last calendar
quarter of the year and are excited about our growth prospects as
we look ahead into 2023."
PSYC Director and Spotlight Media Corporation, COO, Sacha
Hebbert, concluded with the following statement, "SMC is a
full-service digital media agency that can build custom ecosystems
that promote exciting and undervalued opportunities, amplify brand
buy-in, and syndicate broad messaging across a comprehensive matrix
of media platforms.
Our growing number of assets puts us in a unique position to
insert brand positioning smack-dab in the middle of decision-making
mechanisms en masse!
Unlike any other media-based company within these sectors, we
believe that our engagement with end users and communities such as
Bonfire and Psychedelic Finder gives us an advantage. We're tapping
into the atmosphere, trends and the growing mainstream interest in
psychedelics, cannabis, wellness modalities, and even natural
resources. We're on the frontlines shaking hands with the bodies
affecting the speed at which commercialization will become
inevitable and those shaping the distribution of compounds. We're
telling the most compelling stories, and as a result, we have a
strong hand in influencing outcomes. That's the power of media!
Operationally it has been no small feat to integrate and scale
the many arms of our transmedia formats, and I am incredibly proud
of what we've accomplished so far. In our opinion, we've developed
the secret sauce.
2022 was fantastic, but 2023 should be a banner year!"
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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