ATMA Was The First Private Sector Service Provider In Canada Conducting Legal Psychedelic-Assisted Therapy For A Palliative Care Patient Under The Approval Of Health Canada's Section 56(1) Exemption
VANCOUVER, BC, April 8, 2021 /PRNewswire/ - Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) (FRA: 6MH) ("MINDCURE" or the "Company") a leader in advanced proprietary technology for psychedelic therapy, is pleased to announce a further strategic equity investment in ATMA Journey Centers Inc. ("ATMA"). This follow-on investment enables MINDCURE to retain its 13% ownership of ATMA, in accordance with the terms of the letter of intent (the "LOI") announced on January 12, 2021. Additionally, MINDCURE President and CEO Kelsey Ramsden will be joining the ATMA Board of Directors.
"We are extremely excited to strengthen our partnership with the team at ATMA through this investment. This further solidifies the Company's strategic position in clinics and partnerships for the deployment of digital therapeutics to drive near-term revenues. ATMA's team is a true pioneer in the psychedelic therapy industry by growing a global network of group and retreat psychedelic therapy clinics," said Kelsey Ramsden, President and CEO, MINDCURE. "ATMA's established clinical footprint gives us the opportunity to deploy our iSTRYM technology, with the intended goal to optimize treatment for ATMA's patients and obtain the data we need to build iSTRYM into the platform trusted by therapists and patients around the world."
iSTRYM is an investigating technology that focuses on patient feedback and data-driven insights into the efficacy of treatments in order to assist in the application of more effective and more efficient diagnosis techniques and treatments. It's a technology that is targeted for both therapists and patients.
As first stated in the LOI on January 12, 2021, MINDCURE's investment into ATMA will facilitate the syndication of Mind Cure's psychedelic drug protocols and the use of MINDCURE's proprietary AI-driven platform, iSTRYM, to optimize treatment for ATMA clients.
"We are thrilled today to welcome a visionary leader like Kelsey to our Board of Directors," said Vu Tran, Co-CEO of ATMA. "We are eager to get to work with the MINDCURE team to help establish the industry-standard protocols and digital tools to better help patients in need and the therapists that serve them."
The strategic investment was comprised of a purchase of $350,000 of ATMA's Series A Preference shares as part of ATMA's Series A financing. MINDCURE satisfied the aggregate subscription price through the issuance of 796,541 common shares in its capital at an agreed-upon price of $0.4394 per share, being the 10-day volume-weighted average trading price of the common shares on the Canadian Securities Exchange.
About ATMA Journey Centers Inc.
ATMA is a private healthcare company with the mission of delivering effective and innovative healing and transformative experiences that awaken the inner healer and promote a deeper connection with the self, with others, and with the beauty of the world. ATMA was the first private sector service provider in Canada to announce conducting legal psychedelic-assisted therapy for a palliative care patient under the approval of Health Canada's section 56(1) exemption. Our team members collectively have over 100 years of experience in the disciplines of medicine work, integration, therapy and personal development.
The ATMA Journey Team is comprised of medical professionals, management staff and advocates who believe that psychedelic and non-traditional medicines have an important role to play in the healing and transformation of humankind. We believe that the current approaches to mental and emotional struggles are simply not enough and that psychedelics hold the key to actually resolving the root causes of mental health issues that affect so many. The ATMA Team is deeply committed to creating and delivering the most effective long-term healing and transformation program available.
The Company has entered into an agreement with Psychedelic Finance to provide services relating to social media support and strategic media services for a six month term beginning in April, 2021. The Company has agreed to pay a total of CDN$60,000 for the services to be provided during the term.
About Mind Cure Health (MINDCURE) Inc.
MINDCURE exists as a response to the current mental health crisis and urgent calls for effective treatments. MINDCURE believes in the need to reinvent the mental health care model for patients and practitioners to allow psychedelics to advance into common and accepted care.
MINDCURE is focused on identifying and developing pathways and products that ease suffering, increase productivity, and enhance mental health. MINDCURE is interested in exploring diverse therapeutic areas beyond psychiatry, including digital therapeutics, neuro-supports, and psychedelics, all to improve mental health.
On Behalf of the Board of Directors
Kelsey Ramsden, President & CEO
Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, and may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: MINDCURE deploying its iSTRYM technology through ATMA clinics; iSTRYM becoming the platform trusted by therapists and patients around the world; and ATMA and MINDCURE establishing the industry-standard protocols and digital tools to better help patients in need and the therapists that serve them.
Forward-looking information is based on a number of key expectations and assumptions made by MINDCURE, including, without limitation: the COVID-19 pandemic impact on the Canadian economy and MINDCURE's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect MINDCURE's business; there will be a demand for MINDCURE's products in the future; no unanticipated expenses or costs arise; MINDCURE will be able to continue to identify products that make them ideal candidates for providing solutions for treating mental health; that the functional mushroom industry will continue to grow; MINDCURE will deploy its iSTRYM technology through ATMA clinics; ATMA and MINDCURE will establish the industry-standard protocols and digital tools to better help patients in need and the therapists that serve them; and MINDCURE will be able to operate its business as planned. Although the forward-looking information contained in this news release is based upon what MINDCURE believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.
Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Those risks and uncertainties include, among other things, risks related to: the impacts of the COVID-19 pandemic on the Canadian economy, MINDCURE's industry and MINDCURE's business, which may negatively impact, and may continue to negatively impact, MINDCURE and may materially adversely affect MINDCURE's investments, results of operations, financial condition, and MINDCURE's ability to obtain additional equity or debt financing, and satisfy its financial obligations; general economic conditions; future growth potential; competition for mental health and wellness investments MINDCURE may not deploy its iSTRYM technology through ATMA clinics; ATMA and MINDCURE may not establish the industry-standard protocols and digital tools to better help patients in need and the therapists that serve them; and changes in legislation or regulations. Management believes that the expectations reflected in the forward-looking information contained herein are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with such forward-looking information. Additional information on the risk factors that could affect MINDCURE can be found under "Risk Factors" in MINDCURE's final prospectus which is available on SEDAR at www.sedar.com.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to MINDCURE. The forward-looking information is stated as of the date of this news release and MINDCURE assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
United States Advisory
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), may be offered and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act is available. Hedging transactions involving the securities must not be conducted unless in accordance with the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in the state in the United States in which such offer, solicitation or sale would be unlawful.
The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Mind Cure Health Inc.