LAS VEGAS, NV, July 19, 2022 (GLOBE NEWSWIRE) -- PSYC Corporation (OTCPink: PSYC) (“PSYC” or the “Company”), a media leader focused on the emerging psychedelic sector, announced the consolidation of 49 previously issued convertible debentures (“the Debentures”). The Debentures were issued between January 2019 and December 2021.
According to the agreement, the interest rate on the Debentures has been lowered to 7% from 10%. The lower interest rate will reduce the total amount of capital that is owed to holders of the Debentures and presents the opportunity to strengthen the Company’s balance sheet.
The Debentures are owned by RB Capital Partners, Inc. (“RB Capital”), and the agreement is a testament to the firm’s belief in PSYC's outlook. RB Capital is the Company’s largest Debenture holder and has shown a willingness to manage the debt on the balance sheet. The Company also believes that the consolidation of the Debentures further demonstrates RB Capital’s commitment to the Company's long-term growth prospects.
Furthermore, the Company views the consolidation as part of a larger initiative for PSYC, centered around acquiring strategic assets and strengthening the balance sheet. This is particularly relevant while management remains focused on fulfilling its objective of initiating the Form-10 filing process, with the intent of up-listing to the OTCQB in the most reasonable time frame possible.
Over the next quarter, the Company expects to report additional developments with the Debenture holders as it continues to focus on maximizing value for shareholders.
“We are incredibly grateful for the commitment and support RB Capital has shown for PSYC over the last few years,” said PSYC CEO, David Flores. “Their recent support was positively critical to the redevelopment of PSYC and our ability to strategically and successfully position the Company at the forefront of a psychedelic sector that we believe is primed for exponential growth in the near future. Furthermore, the opportunity to work with RB Capital in a practical and constructive manner to not only consolidate a long list of their Debentures, but renegotiate specific terms that are helpful, not harmful to the Company, can, in my opinion, be viewed as a testament to their ongoing support and commitment to PSYC’s long-term success.”
PSYC CFO Craig Schlesinger added, “As always, the math tells the tale. This note consolidation is balance sheet friendly, shareholder friendly, and demonstrates RB Capital’s belief in PSYC’s long-term growth and value through their willingness to provide financial support to the Company during suboptimal market conditions and renegotiate in good faith to benefit PSYC’s liquidity.”
Flores concluded: “Our focus from this point forward is to continue taking additional steps that will strengthen our control over the Company’s debt, create solutions to significantly reduce it, and ultimately establish a scenario whereby loyal shareholders and stakeholders like RB Capital are rewarded for their unwavering commitment and loyalty through the value we are building for PSYC.”
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.
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
(702) 761-6716
info@psyccorporation.com
OTCPINK: PSYC
