DELRAY BEACH, FL, April 26, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Moon Equity Holdings Corp. (“MONI” or “the Company”) (OTC: MONI) has signed a binding letter of intent (“LOI”) to divest its BitGift asset to Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A), an Oregon-based psychedelics company, for a sum up to CAD$500,000. At closing, MONI plans to allocate the Silo shares as a dividend to MONI existing shareholders, based on a record date to be determined by FINRA.
Moon Equity Holdings CEO, Frank Ottaviani, stated, “We are pleased to have entered into this agreement with Silo Wellness, and we are looking forward to integrating the BitGift platform into Oregon’s psilocybin market and beyond. This technology will provide significant value to Silo and its clients. This transaction is timely for MONI as we’ve been working to finalize our previously announced acquisition of MONI by an aviation company.”
BitGift®, recently signed a Partnership Agreement with MoonPay. BitGift’s platform is designed to make the crypto experience more accessible and provide users with greater flexibility. Catering to both beginners and experienced users, the platform enables users to be able to provide its customers the use of Visa Debit Cards, as well as Onramp and Offramp services. Existing BitGift® users have already been able to open a cryptocurrency wallet to buy, store, send, or receive a crypto gift; now, with the help of MoonPay, BitGift® users will be able to sell their crypto, convert their crypto into cash, and send/transfer funds to a bank account of their choice.
This new partnership with MoonPay comes with great quality and magnitude. In November 2021, MoonPay completed a round of Series A funding in the amount of $555 million. This brought the valuation of MoonPay to $3.4 billion, which in turn placed MoonPay as the largest and highest-valued Series A for any bootstrapped crypto company having over five million customers. MoonPay ensures that compliance with their over 5 million customers will never be an issue as it provides top notch KYC and onboarding services.
When this transaction is completed, Silo Wellness will utilize the platform as a solution for addressing the challenges faced by licensed psilocybin operators in Oregon when complying with banking and anti-money laundering regulations. To ensure adherence to these laws, Silo Wellness and BitGift plan to collaborate with other providers and industry experts to establish and implement strong Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, encompassing identity verification, transaction monitoring, risk assessment, and regulatory reporting.
According to the terms, MONI would transfer the BitGift asset to Silo Wellness in exchange for 5,050,505 Common Shares of Silo (currently valued at CAD$100,000 as per the 20-day VWAP). Additional consideration of up to CAD$400,000 would be payable upon reaching specific revenue milestones. The shares would be subject to a 6-month contractual hold. We plan on executing a definitive agreement within the next 30 days.
When this transaction is completed, MONI will distribute the Silo shares as a dividend to its shareholders, introducing approximately 2,000 new US-based shareholders to the Oregon psilocybin market.
Mike Arnold, CEO of Silo Wellness, commented, “We see BitGift as a catalyst to swiftly move Oregon psilocybin away from a cash-only system. We’re enthusiastic about further exploring this opportunity and collaborating with MONI to finalize the transaction terms. As per the agreement, MONI would distribute the Silo shares as a dividend to its shareholders. We will be welcoming up to 2,000 new US-based shareholders into the Silo family and sharing our revenue strategy for psilocybin programming in Oregon and Jamaica. We encourage all our new shareholders to contact us through social media and investor relations to inquire about shareholder discounts for Oregon and Jamaica psilocybin retreats.
About Moon Equity Holdings Corp.
MONI was created with a 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.
About Silo Wellness
Silo Wellness’s mission is to provide psychedelics to those suffering as quickly and as 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).
Forward-Looking Statements This press release contains forward-looking statements. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those projected in the forward-looking statements. The company disclaims any obligation to update any forward-looking statements made in this press release.
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