Springfield, Oregon--(Newsfile Corp. - April 26, 2023) - Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A) ("Silo" or "the Company") is pleased to announce that on April 25, 2023 it has signed a binding letter of intent to acquire the BitGift asset from Moon Equity Holdings (OTC Pink: MONI) ("MONI") for up to CAD$500,000.
The BitGift platform, designed for secure and anonymous cryptocurrency transactions, presents an opportunity to address the challenges faced by licensed psilocybin operators in Oregon in adhering to banking and anti-money laundering regulations. To ensure compliance with these laws, Silo Wellness and BitGift would attempt to collaborate with other providers and industry experts to develop and implement robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, including but not limited to identity verification, transaction monitoring, risk assessment, and regulatory reporting.
"We are looking at BitGift as a potential 'picks and shovels' service to help quickly steer away Oregon psilocybin from a dangerous cash-only system," said Mike Arnold, CEO of Silo Wellness. "We are excited to explore this opportunity further and work with MONI to complete our due diligence and quickly finalize the transaction.
"Under the terms of the agreement, MONI would transfer the Silo shares to its shareholders as a dividend. We are looking forward to the chance of bringing into the Silo family up to 2,000 new US-based shareholders and introducing to them our revenue plan in Jamaica and Oregon for psilocybin programming. We encourage them to reach out to us on social media and via investor relations and to ask about a shareholder discount for Jamaica psilocybin retreats."
Under the terms of the arm's length transaction, Silo would purchase the BitGift asset for 5,050,505 Common Shares of Silo (currently valued at CAD$100,000 per the 20-day VWAP as of April 21, 2023), with additional consideration of up to CAD$400,000 payable based on the achievement of certain revenue milestones with no finder's fees paid. Shares would be subject to a 12-month contractual hold. The acquisition is subject to the completion of due diligence, regulatory and board approvals, and the execution of a definitive agreement.
"We are pleased to have reached this agreement with Silo Wellness and look forward to working together to bring the BitGift platform to the psilocybin market in Oregon and beyond," said Frank Ottaviani, CEO of Moon Equity Holdings. "We believe that our technology could provide significant value to Silo and its clients."
About Silo Wellness
Silo Wellness's mission is to provide psychedelics to those suffering as quickly and inexpensively as possible. Silo is currently Oregon's only publicly traded company actively providing psychedelics to clients. The Company was founded in 2018 by an Oregon trial lawyer in anticipation of Oregon legalizing psilocybin on January 1, 2023, and currently offers Jamaica psilocybin retreats at an all-inclusive seafront resort. The Company has a right of first refusal on all psilocybin mushrooms with Oregon first-mover cultivator Satya, Inc., and announced in January its intended Portland-area rural psilocybin service center with overnight dorm room accommodations (if land use permits are granted).
Contact:
Mike Arnold, CEO
541-900-5871
IR at silo wellness dot com
About Moon Equity Holdings Corp.
MONI was created with the focus on acquiring companies in Fintech. MONI recently acquired the BitGift platform which is focused on Crypto, Blockchain Technology and DeFi (Decentralized Finance). Its goal is to offer services and products globally to capture total market share and increase company stock value for its shareholders.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates, and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking information may relate to anticipated events or results including, but not limited to the ability of the Company to finalize definitive documents and close this or any other previously announced transaction; the Company's ability to fund operations as well as the company's pre-existing capital requirements and significant debt load. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, regulatory, political and social uncertainties and the potential impact of COVID-19. Such risks and uncertainties include, among others, the risk factors included in Silo Wellness's continuous disclosure documents available on www.sedar.com. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Silo Wellness assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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SEE THE MOST RECENT MD&A ON SEDAR FOR RISK FACTORS.
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