PsiloTec Announces Rebranding and Launch as ZYLORION Health

New Name, Same Mission

CALGARY, AB, Oct. 18, 2021 /CNW/ - PsiloTec Health Solutions Inc. ("PsiloTec" or the "Company"), a mental healthcare and psychedelic therapy focused innovator, today announced rebranding and launch as Zylorion Health ("Zylorion" or the "Company"). The Company has been operating as PsiloTec since its inception, and the new brand and corporate logo comes at an important inflection point in the development of the Company and execution of the business strategy.

"Our vision of achieving meaningful improvements in the lives of the estimated 971 million people globally experiencing some form of mental health condition, is becoming clear as the promise of psychedelics and enhanced therapies comes to life. Zylorion, derived from the words 'Zeal' – to approach the cause with enthusiasm and 'Orion' as the rising star, is the quintessential name to guide us on our journey."
– Dr. Peter Silverstone, CEO & Director

The Zylorion name is rooted in the Company's uncompromising commitment to growth and the opportunity to provide relief, restore and heal. We are bound by the convergence of inspirational new compounds, proprietary therapy programs, rigorous application of scientific approaches, and leading technologies, that together have potential to revolutionize the treatment of mental health conditions. The rebrand was carefully arrived at to reflect the vision of the Company and its mission to work collaboratively with practitioners to transform mental health care and address the growing crisis around the world.

"The need for mental health support and treatment is absolutely overwhelming and of course, it's being made worse in the COVID-19 environment", commented Dr. Silverstone. "It is our goal to be an industry leading provider of psychedelic-based therapies that are developed through clinical trials with proven efficacy."

PsiloTec has previously announced that the Company has entered into a non-binding letter of intent (the "LOI") with Michichi Capital Corp. (TSXV:MCCP.P) ("Michichi") to complete a business combination or other similarly structured transaction (the "Proposed Transaction") which will constitute a reverse take-over of Michichi.

The process is on-going and pursuant to the terms of the LOI, completion of the Proposed Transaction is subject to the satisfaction of various conditions as are standard for a transaction of this nature, including, but not limited to: (a) approval by the boards of directors and shareholders, to the extent required, of each of PsiloTec and Michichi in respect of the Proposed Transaction; (b) receipt of all required regulatory and third party approvals, including TSXV approval, and compliance with all applicable regulatory requirements and conditions necessary to complete the Proposed Transaction; (c) the satisfactory completion of due diligence by both Michichi and PsiloTec; (d) the Proposed Transaction being structured in a manner that is satisfactory to PsiloTec and Michichi; (e) the absence of any change in the affairs of PsiloTec or Michichi that would have a material adverse effect; and (f) the negotiation and execution of a definitive agreement in respect of the Proposed Transaction. There can be no assurance that the Proposed Transaction will be completed on the terms proposed or at all.  

About Zylorion
Zylorion is a biopharmaceutical company engaged in the development and delivery of integrated mental health therapies to address psychological and neurological mental health conditions. Zylorion is focused on the research, development and commercialization of psychedelic-based compounds coupled with therapeutic treatment programs targeting a continuum of mental health conditions, such as MDD (major depressive disorder), TRD (treatment resistant depression), PTSD (post-traumatic stress disorder), general depression, anxiety disorders, and a number of addictive tendencies. Zylorion aims to leverage leading technologies to support the scalability and accessibility of its integrated therapy programs in its mission to enable those experiencing mental health challenges to thrive.

Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses 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 information.

SOURCE Zylorion Health

Investor Relations: e: [email protected]; General Enquiries & Media Relations: e: [email protected], www.zylorion.com