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LAS VEGAS, NV, March 12, 2024 (GLOBE NEWSWIRE) -- PSYC Corporation (OTCPink: PSYC) (“PSYC” or the “Company”), announces the consolidation of 10 previously issued convertible debentures (“the Debentures”). The Debentures were executed between the Company and its long-standing investment partner, RB Capital Partners, Inc. (“RB Capital”), and were originally issued between January 2023 and October 2023.
The consolidated note provides for a reduction in interest rate from its original 10% to 8% and is set at a 24-month term. Furthermore, the share price conversion rate on this newly executed consolidated note is set at a rate of $0.05.
RB Capital is the Company’s largest Debenture holder, and the Company sees this consolidation as a demonstration of their continued faith and commitment to the Company’s long-term growth potential.
Moreover, the Company believes this commitment comes at a pivotal juncture as it prepares for a sweeping, yet strategic, shift in management and to a new business model that incoming management perceives as being more fundamentally structured from a cash flow perspective, and one that it hopes will reinvigorate shareholder confidence and value potential in PSYC.
In the days ahead, the Company anticipates the release of detailed information pertaining to its new incoming management team. Information will also be provided surrounding the Company’s transition in core business operations that it contends will be focused on the online gaming market sector.
About PSYC Corporation (OTC Pink Market: PSYC)
Since early 2020, PSYC Corporation (the “Company” or “PSYC”) has operated as a forward-thinking multimedia leader for progressive and emerging market sectors such as medicinal psychedelics and cannabis.
The Company remains committed to identifying cutting-edge, value-driven, technologies and market sectors for the benefit of its shareholders.
Currently, the Company is meticulously exploring the viability of various business opportunities outside of multimedia and with a particular focus on opportunities that it believes will drive shareholder value.
Forward-Looking Statements Disclaimer Applicable to this Press Release and the Company’s Video:
No information contained in this Press Release or the Company’s video should be construed in any way whatsoever as an offer to sell or buy the Company’s securities.
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 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. No information contained in this press release should be construed as any indication whatsoever of the Company’s future, revenues, results of operations or stock price.