Psycheceutical Bioscience Announces Completion of PCAOB Audit and Future Corporation Action Strategy

• Multi-year PCAOB audited financials completed
• Company on the path to become fully SEC reporting
• Future corporate action with name and symbol change

MIAMI, FL / ACCESSWIRE / August 1, 2023 / Psycheceutical Bioscience, Inc. ("Psycheceutical'' or the "Company") (OTC PINK:BWVI), a bioscience company dedicated to developing cutting-edge technologies for the next generation of mental health treatments, today announced that its auditors RBSM LLP have completed a PCAOB audit of the company's financial statements for the periods ending December 31, 2022 and 2021. With the completion of the audit, Psycheceutical is well-positioned to focus on its near-term fundraising plans, to strategize its process and timing for becoming a fully reporting company with the Securities and Exchange Commission (SEC), and to advance its strategic plans for aligning its corporate name and listing symbol.

"This is a major and long-awaited milestone for our organizational strategic objectives, as this audit process has covered both pre- and post-merger periods related to our merger in 2021 with Blue Water Ventures International," stated Chad Harman, CEO of Psycheceutical. "We are eager to advance key fundraising initiatives to support our ongoing drug development efforts, including the recent start of our Phase I clinical trial in Australia to study our novel NeuroDirect^TM ketamine topical to treat PTSD."

The audited financial statements can be viewed here.

PCAOB Audit Completion

The audit completion and approval by RBSM LLP, a PCAOB registered accounting and auditing firm, provides third-party verification as to the accuracy of the company's financial statements. It is expected that the audit completion and process to become a fully reporting company with the SEC will provide an enhanced sense of confidence and transparency to current and potential shareholders moving forward.

Future Name and Symbol Change

The current Blue Water Ventures International name and BWVI ticker symbol came from a reverse merger into a treasure recovery holding company, which can be confusing to investors or anyone doing due diligence. The new name and symbol is the last important step in completing the organization changeover from the merger. It is critical that current and future investors understand Psycheceutical's brand and mission to advance its patented next-generation delivery technologies for the safe and effective treatment of mental health disorders. All focus will be on bringing new therapeutics and treatment options to the market.

As Psycheceutical makes progress on its organizational strategy, it is also making strides in advancing its drug development strategy. The company recently announced the successful dosing of the first patient in the historic Phase I clinical trial for its NeuroDirect ketamine topical as a treatment for individuals suffering from PTSD. Psycheceutical's clinical trial program is the first ever to test the topical application of ketamine for use in treating a mental health disorder. As they look forward to the results of that study, the company will continue expanding its clinical trial program to other psychedelic medicines and treatment options for mental health and neurodegenerative disorders. See Psycheceutical's drug pipeline here.

About Psycheceutical Bioscience, Inc.

Psycheceutical Bioscience, Inc. (OTC PINK: BWVI) is developing cutting-edge technologies to advance the safe and effective delivery of psychedelic pharmaceutical medicines. Powered by a team of FDA drug development veterans, biotechnology experts, and top neuroscientists, Psycheceutical is on a mission to commercialize its precision dosing technologies to provide affordable, life-saving treatments to anyone suffering from mental health disorders or central nervous system diseases. Learn more at Psycheceutical.com.

Forward-Looking Statements:

Certain statements in this news release related to the Company constitute "forward-looking information" within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These uncertainties include, but are not limited to, (i) general market growth for and acceptance of psychedelic-inspired medicines, (ii) capital and credit availability and market volatility, (iii) general economic conditions, (iv) governmental approvals and compliance with regulations, (v) product research and development and clinical trial risks, (vi) incorrect underlying assumptions, and (vii) our future business development, results of operations, and financial condition. These statements generally can be identified using forward-looking words such as "will," "may," "should," "could," "intend," "estimate," "plan," "anticipate," "expect," "believe," "potential" or "continue," or the negative thereof or similar variations. All information provided in this press release is as of the date of this press release, and we undertake no duty to update such information, except as required under applicable law.

Contact:

Psycheceutical Bioscience, Inc.
press@psycheceutical.com

SOURCE: Psycheceutical Bioscience, Inc.