Psyched Wellness LTD. Adds Scientific Advisor and Grants Stock Options
Toronto, Ontario, October 26, 2020 – Psyched Wellness Ltd. (formerly Duncan Park Holdings Corporation) (CSE:PSYC, OTC Pink: DCNPF) (the “Company” or “Psyched”) a life sciences company focused on the production and distribution of artisanal functional mushrooms, is pleased to announce that Brian Towncany has joined the advisory board to support the management team on the scientific side as the Company progresses through the pre-clinical trials for Amanita Muscaria with our CRO partner. Mr. Tancowny has over 25 years of experience in Research and Development with government, academic, and private sector partners. He has built and managed diverse research portfolios in animal and human health supplements, personal care products and medical therapeutics. He has led diverse research teams in creating new and innovative research projects that have bridged private and government collaborators with a particular focus on end-stage development and product marketing. Mr. Tancowny is presently a quality-assurance manager with an in-depth understanding of the challenges of operational issues in start-up companies to regulatory procedures and policies.
In addition to Mr. Tancowny joining the advisory board, Psyched is pleased to announce that as part of the Company’s long-term incentive program, and pursuant to the terms and conditions of its stock option plan, Psyched Wellness has approved the grant of 1,500,000 stock options to Consultants and Advisors to the Company. The options expire five years from the date of grant and are exercisable at a price of $0.15 per common share, the options vest immediately.
Jeff Stevens, Chief Executive Officer of the Company said, “I am thrilled to welcome Brian to our team and look forward to working with him as we continue to move Psyched Wellness towards an MVP. Adding Brian to our advisory board adds an additional layer of scientific expertise to compliment the skillset of our existing board and advisory board members”.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
About Psyched Wellness Ltd.:
Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company’s objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.
Cautionary Statement Regarding Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop Amanita Muscaria-derived products; the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and (ii) the uses and potential benefits of Amanita Muscaria.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the Company’s ability to continue to develop its mushroom-derived products and associated consumer packaged goods; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company’s operations; competition within the psychedelics market; risks with respect to the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and the risk that there is no potential benefit of Amanita Muscaria consumption.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.