Mycotopia and Ei.Ventures sign LOI to Explore Merger and Formation of PSLY.COM, a $360 Million Transaction, And Will Apply To List Shares On NASDAQ
Post-acquisition company would focus on Ei.Ventures’ flagship product Psilly, a whole-plant Botanical Psilocybin-based formulation, which is currently in the pre-clinical phase
MIAMI, Dec. 07, 2021 (GLOBE NEWSWIRE) -- Mycotopia Therapies Inc. (OTC Pink: TPIA) (the “Company”), a biopharma company focused on research, technology, and the development of medical psychedelics, announced today it has entered into a letter of intent regarding a potential acquisition of botanical psilocybin pioneer, Ei.Ventures. When a definitive agreement is reached, the combined companies intend to pool their resources to develop regulatory approved, plant-derived, psychoactive therapeutic treatment options and non-psychoactive nutritional supplements and related products that address global mental healthcare needs. The parties expect any transaction would close in the first quarter of 2022. At closing David Nikzad and Jason A. Hobson would be appointed as officers and directors of the Company and the Company would change its name to PSLY.COM, to better reflect the Company’s business moving forward. The Company plans to use PSLY as its trading symbol.
Ei.Ventures’ flagship botanical psilocybin-based formulation Psilly is a whole-plant botanical psilocybin-based formulation, which is currently in the pre-clinical phase. The goal of the combined companies would be to complete pre-clinical and phase 1 trials and launch therapeutic Psilly into jurisdictions where psilocybin is legal. Psilly is a whole plant and fungi botanical formulation. Ei.Ventures has pioneered using the whole plant and fungi in its botanical formulations, which has the potential to create the “Entourage Effect.” Researchers suggest the Entourage Effect could be key to Psilocybin’s healing properties. The Entourage Effect is a synergistic interaction between two or more different molecules found within the same plant. Similar to how various strains of cannabis has different effects on the end-user, the same effect is now believed to hold true with Psilocybin mushrooms.
Mycotopia Therapies is focused on the research, development, and commercialization of novel therapeutics based on naturally-derived psilocybin. Performing most of its research in Jamaica, where psilocybin is legal, Mycotopia Therapies is focused on mushroom and psychedelic opportunities. Mycotopia Therapies is currently working with one of the largest cannabis labs in the Netherlands to develop psychedelics to jointly license certain molecules to be used in psychedelic medicine. Mycotopia Therapies also plans to open psylocibin and ketamine clinics in Jamaica under the direction of a licensed clinical psychiatrist. Mycotopia Therapies’ psylocibin and ketamine clinic will be designed to make the most peaceful and serene setting possible to give patients an ideal situation for psychedelic therapies. The primary focus of each clinic will be to help patients heal and reclaim their life under the direction of a licensed clinical psychiatrist.
PSLY.COM, the combined company, would focus its efforts on developing fungi and plant based Botanical Psychedelic API and Therapeutics instead of single molecule synthetic drugs with the belief that research will continue to confirm the importance of a synergistic approach. This would set PSLY.COM apart from virtually every other company in the space developing synthetic versions of Psilocybin. Ei.Ventures holds the IP for the extraction process of three botanical potential API compounds, Psilocybin, DMT and MDMA. PSLY.COM plans to further develop this API and file a Drug Master File with the FDA, which will provide the opportunity to potentially sell the API to other organizations while protecting its IP.
David Nikzad, Founder and Chairman of Ei.Ventures, said, “I am excited by the amount of wisdom these two companies could bring together. Everyone in these companies has a background in public markets, a decade plus in cannabis, and lawyers that have been involved in cannabis legislation, as well as start-ups, and heavily compliance-oriented businesses. We were the first to work on legally-compliant CBD products, and we were the first to work on a commercial Ayurvedic spa in the US built around plant medicine. Between Benny, Jason and myself we’ve invested in more than 100 companies. This is not our first rodeo. That’s what makes this a real Olympic team, ‘A’ players only.”
Jason Hobson, Co-Founder and COO of Ei.Ventures, said, "With this deal we would be moving our growth forward by a huge leap, allowing us to accelerate our timeline of research in natural psilocybin delivery, like our recently announced transdermal delivery initiative. Mycotopia Therapies’ focus on mental health solutions is in alignment with our goals and we look forward to helping people move toward mental wellness with the amazing team at Mycotopia Therapies."
Ben Kaplan, CEO of Mycotopia Therapies said, "Psilocybin and other psychedelic medicines have tremendous potential to improve the mental health of many people who have given up hope. Our passion has been focused on how Psilocybin and other psychedelic medicines are changing the lives of many individuals struggling with anxiety, depression, PTSD, opioid use disorder and other harmful addictions." Mr. Kaplan continued, "Joining forces with Ei.Ventures presents a unique solution with the potential to accelerate our results. We are excited to work with the Ei.Ventures team in an attempt to enhance value for our shareholders."
About Mycotopia Therapies
Mycotopia Therapies focuses on helping you heal and reclaim your life. Your journey of healing is an understanding of the causes and works to mental wellness through psychedelic enhanced psychotherapy, integrated with a professional team of mental wellness practitioners and cutting-edge technology. Psychedelic therapy is a holistic and spiritual approach providing healing and has shown successful treatment for many years. Additional information on Mycotopia Therapies can be found on the Company’s website at: https://www.mycotopiatherapies.com.
About Ei. Ventures
Empowering mental wellness through psychoactive compounds and technology. Our ambition is to deliver governmental approved therapeutic treatment options that address the current global mental healthcare pandemic. https://www.ei.ventures
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements: (i) the initiation, timing, progress and results of the Company’s research, manufacturing and other development efforts; (ii) the Company’s ability to advance its products to successfully complete development and commercialization; (iii) the manufacturing, development, commercialization, and market acceptance of the Company’s products; (iv) the lack of sufficient funding to finance the product development and business operations; (v) competitive companies and technologies within the Company’s industry and introduction of competing products; (vi) the Company’s ability to establish and maintain corporate collaborations; (vii) loss of key management personnel; (viii) the scope of protection the Company is able to establish and maintain for intellectual property rights covering its products and its ability to operate its business without infringing the intellectual property rights of others; (ix) potential failure to comply with applicable health information privacy and security laws and other state and federal privacy and security laws; and (x) the difficulty of predicting actions of the USA FDA and its regulations. All forward-looking statements included in this press release are made only as of the date of this press release. The Company assumes no obligation to update any written or oral forward-looking statement unless required by law. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is contained under the heading "Risk Factors" in 20/20 Global, Inc.’s Registration Statement on Form F-1 filed with the Securities and Exchange Commission (SEC) on September 24, 2015, as amended, which is available on the SEC's website, http://www.sec.gov.
Contact for Mycotopia Therapies
Media Inquiries and Investor Relations:
Phone: (623) 261-9046
Contact for Ei.Ventures
Susan von Seggern
Phone: (213) 840-0077
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