DELRAY BEACH, FL -- April 26, 2023 -- InvestorsHub
NewsWire -- 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.
https://www.moonpay.com/about-us
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.
Contact us at: Info@moonequityholdings.com
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