McapMediaWire - CECORS, INC. (OTC: CEOS) ("CeCors" or the "Company"), is pleased to provide corporate highlights from the final quarter of fiscal 2022 and an update to the earlier press release dated December 19, 2022, regarding initial negotiations with VetComm Corp. CeCors and VetComm founder, Kate Monroe have agreed in principle to terms as part of the planned 100 percent purchase of VetComm Corp.
VetComm Corp. is a veteran's education, and benefits company focused on assisting the over 14 million United States veterans that qualify for underutilized annual benefits and owed compensation, resulting in estimated Billions of dollars of unclaimed benefits every month in the United States. Users of VetComm can file claims for free, with no medical or service records required. VetComm also focuses resources to support and donate to Veteran Charities. VetComm's goal for 2023 is to help 1 million veterans get rated, offering support packages leading to benefits with costs ranging from $247 to $997, generating potential revenues for VetComm between $247 million and $997 million annually.
As part of the initially agreed-upon terms of the acquisition, CeCors will issue a combination of unregistered, restricted preferred and common shares. In addition, each of Sukhinder Kalsi, Director and CFO and Amar Bhatal, President, Secretary and Director, will assign half of their Series A Preferred Shares to VetComm founder Kate Monroe as part of the proposed acquisition terms. Management of the Company continues to be focused on limiting dilution and bringing value to shareholders using CeCors current capital structure.
Concurrent with closing, Kate Monroe will step in as CEO of CeCors, Inc., and VetComm will operate as a wholly-owned subsidiary. Operations of the controlled subsidiary PsyKey, Inc. will continue to run in parallel.
"Now that we have come to a mutual agreement on the terms of the acquisition, we can focus on closing and consolidating our efforts moving forward. We have worked diligently to reach terms agreeable to all parties and expect to close the transaction in Q1 2023. The more we learned about VetComm as part of our due diligence process, the more we understood VetComm's vast potential for growth. Kate is determined to enroll 1 million veterans into the VetComm platform this fiscal year (2023), potentially putting billions of dollars into the pockets of deserving veterans who have put their lives on the line for their country." commented Mr. Sukhinder Kalsi, CeCors' Chief Financial Officer.
Mr. Kalsi added, "Kate is the most determined and motivated individual I've ever encountered. Being a marine corps veteran, she has real insight into the daily challenges veterans face due to a lack of financial and mental health resources. With the current uncertainty in the global economy, VetComm can be an indispensable service partner for all vets seeking benefits."
"I'm very excited to have come to terms on the acquisition of VetComm. We have an opportunity to get our message out to every veteran who is entitled to unused benefits and compensation. The idea of being involved with a public company only enhances our platform to get our message out to the over 14 million veterans who are entitled to compensation. With our existing high-level political and celebrity backing, we're confident we will hit our goal of enrolling 1 million veterans this year," concluded Kate Monroe.
Year in Review for CeCors, Inc.
The Company has worked diligently over the past year to acquire its initial revenue-generating operations, and OTCMarkets has recently updated our online profile to denote our exit from Shell Status. This milestone was in part achieved as a result of the successful launch of our first retail-ready product offering, PsyKey Functional Mushroom Infused Coffee. The launch saw both consumer support and major corporate interest leading to the fulfillment of substantial purchase orders. Continuing with management's goal of steady corporate growth and wanting to help create inclusivity and ease of access to mental health support, the Company also recently completed the development of its Telemental Health App PsyKey Live. The App is currently being beta tested with real-world scenarios and expanded to allow for additional capabilities.
Building a strong medical, scientific, and management team also continues to be a priority for the Company and was complemented by the 2022 additions of John Gustin as head of Global Business Development; Dr. Michael J. McCarthy as an appointee to our Scientific Advisory Board; and Dr. Shahiem Hartley to our Medical Advisory Board. The addition of Dr. Hartley will help the Company build a mental health support and education platform, while the additions of John Gustin and Dr. McCarthy provide a conduit into the scientific world and the ability for the Company to adequately develop and introduce scientific advancements and patented technologies to the market.
On behalf of the entire CeCors and PsyKey team, we would like to express our deepest gratitude to our amazing shareholders for their patience and support this past year. We are excited about what 2023 has in store for the Company, and we look forward to providing regular updates as we continue.
For further information:
Publicly traded company (OTC: CEOS) Website: www.psykeyworld.com
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Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward- looking statements.
View source version on newsdirect.com: https://newsdirect.com/news/cecors-finalizes-terms-with-vetcomm-to-enter-the-multi-billion-dollar-veteran-benefits-industry-727336277