Las Vegas, Nevada--(Newsfile Corp. - January 14, 2021) - CECORS, INC. (OTC PINK: CEOS) ("CeCors" or the "Company"), is pleased to announce that the Company is transitioning into the Psychedelics Market, with a direction that includes a complete overhaul of the management team, bringing the Company to current status and delivering exciting growth for our shareholders.
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The newly appointed management of PsyKey Inc. will oversee operations of CeCors as we look ahead to build a viable, sustainable, and innovative company that will become a category leader as psychedelics become legal in more and more jurisdictions. The previous officers and/or directors no longer have any relationship with CeCors, and we wish them well in their future endeavors. The Company has begun the process of becoming current in its reporting obligations with the OTC Markets, beginning with financials, completing a successful audit, and updating new director biographies accordingly.
The Acquisition Agreement between the two companies allows CeCors to purchase all outstanding shares of PsyKey Inc., a Canadian federal corporation. PsyKey Inc. will operate as a wholly-owned Canadian subsidiary of CeCors until the Company achieves current status with OTC Markets. At that point, they will look to a name change to PsyKey World. The Company has completed an Authorized Share increase of 250 million shares, for a total of 500 million Authorized Shares in order to accommodate for the acquisition. There are no outstanding convertible notes, and all shares issued in consideration for the purchase of PsyKey Inc. will be subject to standard regulatory restriction periods.
PsyKey's vision entails:
- Valuable intellectual property portfolio
- Unique innovative delivery systems
- Product expansion
- Strong management team that values execution
"Being cognizant of the fact that most entheogenic and psychedelic companies are years away from realizing revenue, let alone profitability, we took a different approach. PsyKey Inc. is developing retail-ready nootropic-based consumables, utilizing our innovative delivery systems. This will allow us to not only generate revenue but also create brand awareness while navigating the waters of the fast-evolving psychedelic market. With our innovative delivery systems and the furthered development of our proprietary technologies, intellectual property, and patent portfolio, PsyKey Inc. is excited to build a strong position in this growing and evolving industry". Concluded Amar Bhatal, president CeCors, Inc.
Mr. Bhatal reports the Company has updated the Nevada Secretary of State with the new officers and directors and will be completing the forms necessary to update OTC Markets for Current Status to OTC PINK.
According to Data Bridge Market Research, the psychedelic market is growing with a CAGR of 16.3% in the forecast period of 2020 to 2027 and expected to reach USD 6.8 Billion by 2027. With cannabis initially opening the doors for alternative medicines, the Psilocybin and Psychedelic Markets have garnered serious attention for the effects it has on mood, cognition and reception. Recent studies conducted on the use of psilocybin have shown the potential to relieve severe anxiety and depression.
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Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
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