HYTN Completes Acquisition of Prism Scientific Labs, Enhancing Psychedelic Compound Manufacturing Capabilities
VANCOUVER, British Columbia, July 19, 2024 (GLOBE NEWSWIRE) — HYTN Innovations Inc. (CSE: HYTN | FSE: 85W0) “HYTN” or “The Company”, a leader in the development, formulation, and manufacturing of psychoactive and psychotropic compounds, including cannabis and psilocybin, is pleased to announce, further to its news release dated June 13, 2024, the completion of its acquisition (“Acquisition”) of all of the issued and outstanding share capital of Prism Scientific Labs Inc. (Prism), a company focussed on the research and development of psychedelic and psychoactive compounds, with a particular emphasis on enhancing tryptamine yields in psychedelic mushrooms. This strategic acquisition grants HYTN exclusive access to Prism’s suite of intellectual property, including, most significantly, its license (“License”) with respect to the technologies of Lux Sit Systems Inc. (Lux Sit) relating to the cultivation of psilocybin-containing mushrooms (“Licensed IP”). These technologies include specialized equipment designed to increase both the total yield and the tryptamine profile of mushrooms by enabling the production of larger and more potent biomass for psychedelic drug manufacturing. This License is for a term expiring on June 4, 2029, with the license agreement between Prism and Lux Sit having been entered into on June 4, 2024 (“License Agreement”). The Company notes that Prism secured the License in exchange for the issuance to Lux Sit of 100,000 Prism shares, and the payment of $35,000, as well as a covenant to issue an additional 100,000 Prism shares and $30,000 in cash upon the first anniversary of the License Agreement.