$PSYC Executes MOU With Digital Mental Health Startup, PsycheDev Inc.
PSYC Aims to Co-Develop Digital Mental Health Platform Through JV Partnership
LAS VEGAS, NV, Dec. 29, 2020 (GLOBE NEWSWIRE) -- Global Trac Solutions, Inc. (OTCPink: PSYC) (“Global” “PSYC” or the “Company”) a digital media leader within the emerging sector of medicinal psychedelics, is pleased to announce that the Company has entered into a Memorandum of Understanding (“MOU”) with PsycheDev Inc. (“PsycheDev”), a Canadian based start-up company focused on the development and deployment of technology-driven mental wellness-enhancing solutions.
In effect, the execution of the MOU outlines the general terms to be applied by each of the respective companies in entering into advanced discussions surrounding the intended establishment of a Joint Venture Partnership Agreement (the “JV”) which will focus on the effective co-development and launch of the PsycheDev platform and app. Furthermore, it is the intent of PSYC, via the anticipated execution of a JV, to acquire an equity stake in PsycheDev through a capital investment and to work alongside the company’s Founder and CEO, Justin Roy, to bring their cutting-edge digital mental health platform to market during the latter quarters of 2021. No assurances can be provided that the JV will be consummated or that the underlying business will be profitable.
“We are extremely pleased to advance our discussions with PsycheDev through the execution of this MOU,” said Global Trac Solutions, Inc. CEO, David Flores. “Our collective focus over the next several days will be to meticulously work through the process of finalizing a JV Partnership Agreement with them so that we can formally begin collaboration efforts. In my opinion, this represents a unique, exciting, and value-driven opportunity for PSYC to collaborate on the development of this highly intriguing early-stage concept and position ourselves to enter the burgeoning sector of digital mental health.”
“We are very glad to collaborate with a team that has the same vision for mental health’s future,” said PsycheDev Inc. Founder and CEO, Justin Roy. “We must join forces to work on building a healthier society and this partnership will bring us one step closer by helping us make the serious, therapeutic use of plant medicine much more accessible. This means a lot, as Global Trac Solutions will go a long way in helping us bring better quality solutions to people much faster.”
“We are currently in the midst of an evolution of digital tools that are transforming society’s approach to mental health and wellbeing,” said Flores. “I truly believe that by combining Mr. Roy’s vision for PsycheDev with the business development and go-to-market experience and knowledge the PSYC team has to offer, we have the potential of bringing a truly unique and highly-beneficial digital resource to the masses.”
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, 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 believe in 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. We truly are the right TRAC to follow.
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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.
Global Trac Solutions, Inc. (PSYC)