Ehave Announces Mycotopia Therapies Reaches Definitive Agreement on Triangular Merger with Ei.Ventures to Form PSLY.com to List on NASDAQ
MIAMI, May 23, 2022 (GLOBE NEWSWIRE) -- Ehave, Inc., (OTC Pink: EHVVF) (the “Company”), a leading healthcare services and technology company, announced today that its Mycotopia Therapies (OTC: TPIA) subsidiary has signed a definitive agreement to complete a triangular merger with Ei.Ventures, an early-stage tech company empowering mental wellness through psychoactive compounds, nutraceuticals and technology, to form PSLY.COM. The companies anticipate closing the transaction on or about July 30, 2022.
Ehave owns approximately 9,793,754 shares of Mycotopia Therapies, which was valued around $28.4 million at the close of business Friday. As of May 16, 2022 Ehave currently has 276,775,899 shares outstanding, which values Ehave’s stake in Mycotopia Therapies at more than $0.10 per share. In addition to Ehave’s Mycotopia Therapies stake, the company owns its KetaDASH subsidiary, MetaHealthU, and is developing partnerships with SelfDecode, COGAPPS, GoMeyra, and Vastmindz.
The transaction between Mycotopia Therapies and Ei.Ventures will be structured as a triangular merger. The two companies will form a new holding company, PSLY.COM, and operate as subsidiaries after the merger. PSLY.COM will apply for a NASDAQ listing. Mycotopia Therapies primary focus is on mushroom and psychedelic opportunities. The company has been performing most of its research in Jamaica, where psilocybin is legal, as well as 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. Ei.Ventures’ ambition is to deliver governmental approved therapeutic treatment options that address the current global mental healthcare pandemic. By leveraging blockchain, emerging technologies and the Metaverse, Ei.Ventures intends to create a safe, efficient, and secure way to provide telehealth services in general, as well as for psychoactive therapeutics.
Ben Kaplan, CEO of Ehave, Inc., said, "The statistics on the declining state of mental health in America are devastating. Globally, the statistics are even more bleak. Ei.Ventures recently completed a successful Reg A offering, which raised over $25 million. Their plan is not only to profit from delivering governmental approved therapeutic treatment options that address the current global mental healthcare crisis, but to provide solutions for the millions of people who want to improve their mental health. Not only will this transaction afford Ei.Ventures with better opportunities to raise capital in order to execute its business plan, it is a fantastic opportunity to monetize Ehave’s Mycotopia Therapies asset for our shareholders."
In America, 52.9 million people, or 21% of U.S. adults, experienced mental illness in 2020, 14.2 million people, or 5.6% of U.S. adults, experienced serious mental illness in 2020. Even more alarming is that 16.5% of U.S. youth aged 6-17 experienced a mental health disorder in 2016, 6.7% of U.S. adults experienced a co-ccurring substance use disorder and mental illness in 2020, and suicide has emerged as the 2nd leading cause of death among people aged 10-34.
Ehave CEO Ben Kaplan continued, "As far as our Ehave shareholders are concerned, this business combination represents the culmination of monetizing our Mycotopia Therapies asset. At the end of December 2020, we announced we would reposition Mycotopia Therapies asset by merging it with 20/20 Global. We closed the transaction in January 2021, and applied to FINRA to change the name of the company from 20/20 Global to Mycotopia Therapies. Approximately one-year later, I announced plans to merge with Ei.Ventures and create PSLY.com in this transaction valued at more than $380 million. In addition to receiving shares of PSLY.com, our Ehave shareholders still own our growing KetaDASH subsidiary, MetaHealthU, and our developing partnerships with incredible companies like SelfDecode, COGAPPS, GoMeyra, and Vastmindz.”
Ehave will issue an additional press release, as well as file the required documents with the SEC, discussing distribution of Mycotopia Therapies/PSLY.COM shares to shareholders, as well as a timeline.
About Ehave, Inc.
Ehave is a leading healthcare services and technology company, focused on progressing psychedelics-to-Therapeutics by engineering novel compounds and new treatment protocols for treating brain health. Together with our network of scientists and mental health professionals, we are on a mission to create safe and effective therapeutics for patients to address a multitude of mental health issues, leveraging clinical data to help us achieve optimal patient outcomes. Ehave’s operations span across the entire USA, Canada, Jamaica, and Australia. Additional information on Ehave can be found on the Company’s website at: www.ehave.com.
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 Inc.:
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, http://www.sec.gov.
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