Duncan Park Holdings Corporation Completes Business Combination Transaction with Psyched Wellness Corp.
Toronto, Ontario--(Newsfile Corp. - May 5, 2020) - Duncan Park Holdings Corporation (the "Company") is pleased to announce that it has closed a business combination (the "Business Combination") with Psyched Wellness Corp. ("Psyched"), a Canadian-based health supplements company dedicated to the production and distribution of artisanal functional mushrooms and associated consumer packaged goods.
Following completion of the Business Combination the Company will own all of the outstanding shares of Psyched and will carry on Psyched's business. Psyched's objective is to create premium mushroom products that have the potential to become a global brand in the emerging global functional food category. Over the next 12 months, the Company intends to develop and launch a line of mushroom-infused functional tinctures, teas and capsules designed to help soothe the body, ease physical distress, and assist individuals with achieving better sleep.
"This is a major milestone for the newly combined Company as we continue towards a public listing. We have assembled what we believe to be a "best in class" team of directors and advisors to support managements vision of becoming one of the leading brands in the health supplement space", says Jeff Stevens, CEO of the Company.
Pursuant to the Business Combination, the Company acquired all of the outstanding common shares of Psyched in exchange for common shares of the Company (the "Common Shares") on a one for one basis. Shareholders of Psyched were issued an aggregate of 18,000,000 Common Shares. As a result of the Business Combination, the Company became the sole shareholder of all of the outstanding securities of Psyched.
As a result of certain resignations and appointments completed in connection with the Business Combination, the directors and officers of the Company are now:
Mr. Jeffrey Stevens - Director and Chief Executive Officer
Mr. Stevens has 20+ years of capital markets experience and has held officer and director roles several public companies. Mr. Stevens has taken three companies public, built functional and effective teams and structured multiple M&A transactions while building successful businesses.
Mr. Keith Li - Chief Financial Officer and Corporate Secretary
Mr. Li is a CPA, CA with over ten years' experience in financial reporting. Mr. Li holds Chief Financial Officer positions with several public companies including Quinsam Capital Ltd., and Pharmadrug Inc., and was previously CFO of Harborside Inc.
Mr. David Shisel - Chief Operating Officer
Mr. Shisel is an entrepreneur specializing in the medical cannabis industry in Israel and throughout Europe since 2017. Prior to joining Psyched, Mr. Shisel was a lawyer and has held senior positions with multiple companies in a variety of regulated industries including cannabis with a focus on research and development as well as product formulation.
Mr. Michael Nederhoff - Director (Chairman)
Mr. Nederhoff currently acts as President of JUUL Labs (Canada), overseeing Canadian operations including product launches, organizational structure, and other fiscal responsibilities. Mr. Nederhoff previously served as general manager for CytoSport, Inc., overseeing the Canadian launch of Muscle Milk, and was one of the first employees at Red Bull (Canada) where he was Vice President of Sales for more than eight years.
Mr. Terry Booth - Director
Global cannabis industry pioneer and founder of Aurora Cannabis. An entrepreneur and business leader, Mr. Booth has served as President and CEO of six other highly successful businesses, including several of Canada's top 50 fastest-growing companies.
Mr. Nicholas Kadysh - Director
Mr. Kadysh serves as Head of Corporate Affairs at JUUL Labs (Canada). Mr. Kadysh previously served as the Government Affairs & Public Leader at GE Healthcare and Director of Public Affairs at Red Bull (Canada). Following a career as a political advisor, Mr. Kadysh specializes in managing risk for companies with complex government relations and regulatory matters.
Mr. Chris Hazelton - Director
Currently, Mr. Hazelton is Chief Financial Officer of SustainCo Inc. Mr. Hazelton is also on the board of Duncan Park Holdings Corp. and Vice President for Cavalry Corporate Solutions Ltd. In his past career Mr. Hazelton was President, Chief Executive Officer & Director at Canada Pacific Capital Corp., Chief Financial Officer for Lineage Grow Co. Ltd. (now Harborside Inc.) and Chief Financial Officer & Director at Sagittarius Capital Corp. Mr. Hazelton received an undergraduate degree from McMaster University.
It is anticipated that the Company will seek shareholder approval at its next meeting of shareholders to approve a change to the Company's name to Psyched Wellness Ltd. or such other name as the board of directors determines to better reflect the nature of the Company's business following the Business Combination.
About Duncan Park Holdings Corporation
The Company is the parent company of Psyched which is a Canadian-based health supplements company dedicated to the production and distribution of artisanal functional mushrooms and associated consumer packaged goods.
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Chief Executive Officer
Duncan Park Holdings Corporation
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, including the Company's intention and ability to create mushroom infused products for distribution and consumption, its potential to become a global brand in the emerging global functional food category, its ability to develop and launch a line of mushroom infused products over the next 12 months. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. All figures are in Canadian dollars unless otherwise indicated.
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