Mycotopia and Ei.Ventures announced the signing of an LOI to explore a merger and the formation of PSLY.COM, a $360 Million transaction, and will apply to list shares on NASDAQ; Ehave plans to spin out 30%
MIAMI, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Ehave, Inc., (OTC Pink: EHVVF) (the "Company"), a provider of digital therapeutics for the psychedelic and mental health sectors, announced today plans to spin out 30% of its Mycotopia Therapies (OTC: TPIA) shares to existing shareholders on a pro rata basis. Mycotopia Therapies announced Tuesday it had signed an LOI with Ei.Ventures and that the two companies plan to explore a potential merger and formation of PSLY.COM, a $360 Million transaction. Once the transaction is completed, the combined companies will apply to list on NASDAQ.
Ehave controls approximately 9,793,754 shares of Mycotopia Therapies, and the Company plans to spin out a percentage of its shares of the combined companies to its existing shareholders. Ehave acquired its shares in Mycotopia Therapies in December 2020 after its Board of directors elected to sell 100% of its Mycotopia Therapy subsidiary to 20/20 Global for $350,000 and 9,793,754 shares of 20/20 Global stock. 20/20 Global was renamed to Mycotopia Therapies and files audited financial statements with the U. S. Securities and Exchange Commission on EDGAR.
"Spinning out a portion of Ehave's Mycotopia Therapy shares to our shareholders is an honor and a privilege," said Ben Kaplan, CEO of Ehave. Mr. Kaplan continued, "We knew Mycotopia Therapies would have more potential as its own publicly traded company. Being able to spin out 30% of Ehave's Mycotopia shares to our shareholders is a great way for us to say 'Thank You' for being the best part of our company."
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.
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.
The distribution plan is subject to Ehave's Board of Directors authorization. A more complete description of the spin-out of Mycotopia Therapies shares to shareholders will be in a forthcoming press release and in our filings with the SEC on the SEC's website at www.sec.gov. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Ehave, Inc.
Ehave, Inc. is a provider of digital therapeutics delivering evidence-based therapeutic interventions to patients. Our primary focus is on improving the standard care in therapeutics to prevent or treat brain disorders or diseases through the use of digital therapeutics, psychedelics, independently or together, with medications, devices, and other therapies to optimize patient care and health outcomes meeting privacy and HIPAA & GDPR Compliant. Our main product is the Ehave Dashboard which is a mental health informatics platform that allows clinicians to make objective and intelligent decisions through data insight using Blockchain technology. The Ehave dashboard offers Offline Encrypted Digital Records Empowering Healthcare providers and patients and it's a powerful machine learning and artificial intelligence platform using artificial intelligence to extract deep insights from audio, video and text to improve research with a growing set of advanced tools and applications developed by Ehave and its leading partners. This empowers patients, healthcare providers, and payers to address a wide range of conditions through high quality, safe, and effective data-driven involvement with intelligent and accessible tools.
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 Ehave, 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, .
For Investors Relations, please contact:
Gabe Rodriguez
Phone: (623) 261-9046
Email: ir@ehave.com