Silo Wellness Announces Intent to Acquire BitGift as Potential Blockchain Payment Processor for Oregon Psilocybin

Springfield, Oregon–(Newsfile Corp. – April 26, 2023) – Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) (FSE: 3K7A) (“Silo” or the “Company”) is pleased to announce that On April 25, 2023, it has signed a binding letter of intent to acquire the BitGift asset from Moon Equity Holdings (OTC Pink: MONI) (“MONI”) for up to CAD 500,000.

The BitGift platform, designed for secure and anonymous cryptocurrency transactions, provides an opportunity to address the challenges faced by licensed psilocybin operators in Oregon in complying with banking and anti-money laundering regulations. To ensure compliance with these laws, Silo Wellness and BitGift will endeavor to work with other suppliers and industry experts to develop and implement robust Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, including but not limited to identity verification, transaction monitoring , risk assessment and regulatory reporting.

“We see BitGift as a potential ‘pick and shovel’ service to help quickly steer Oregon psilocybin out of a dangerous cash system,” said Mike Arnold, CEO of Silo Wellness. “We are excited to explore this opportunity further and work with MONI to complete our due diligence and quickly complete the transaction.

“Under the terms of the agreement, MONI will transfer the Silo shares to its shareholders as a dividend. We look forward to the opportunity to bring up to 2,000 new US-based shareholders into the Silo family and introduce to them our revenue plan in Jamaica and Oregon for psilocybin programming. We encourage them to contact us on social media and via investor relations and ask about a shareholder discount for the Jamaica psilocybin retreat.”

Under the terms of the arm’s length transaction, Silo would purchase the BitGift asset for 5,050,505 common shares of Silo (currently valued at CAD 100,000 per 20-day VWAP as of April 21, 2023), with additional consideration of up to CAD 400,000. based on achieving certain revenue milestones without paying finder’s fees. Shares will be subject to a 12-month contractual retention period. The acquisition is dependent on completion of due diligence, regulatory and board approvals, and completion of a final agreement.

“We are pleased to have reached this agreement with Silo Wellness and look forward to working together to bring the BitGift platform to the psilocybin market in Oregon and beyond,” said Frank Ottaviani, CEO of Moon Equity Holdings. “We believe our technology can provide significant value to Silo and its customers.”

About Silo Wellness

Silo Wellness’ mission is to provide psychedelics to those suffering as quickly and affordably as possible. Silo is currently Oregon’s only publicly traded company actively supplying psychedelics to clients. Founded in 2018 by an Oregon trial attorney in anticipation of Oregon legalizing psilocybin on January 1, 2023, the company currently offers Jamaica psilocybin retreats at an all-inclusive seaside resort. The company has first-mover rights to all psilocybin mushrooms with Oregon first-mover cultivator Satya, Inc., and announced in January its intended Portland-area rural psilocybin service center with dormitory accommodations (subject to land use permits).

Contact:
Mike Arnold, CEO
541-900-5871
IR at silo wellness dot com

About Moon Equity Holdings Corp.

MONI was created with a focus on acquiring companies within Fintech. MONI recently acquired the BitGift platform which is focused on Crypto, Blockchain Technology and DeFi (Decentralized Finance). The aim is to offer services and products globally in order to take total market shares and increase the company’s share value for shareholders.

CAUTION NOTE REGARDING FUTURE INFORMATION: This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this press release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, estimates, targets, assumptions, future events or performance (often but not always by the use of phrases such as “expects”, or “does not expect”, “expects” , “anticipates” or “does not anticipate”, “plans”, “budget”, “planned”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and expressions or indicates that certain actions, events or results “may” or “could”, “would”, “can” or “will” be deemed to occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking information may relate to anticipated events or results, including, but not limited to, the Company’s ability to complete definitive documents and close this or other previously announced transactions; the company’s ability to finance operations as well as the company’s existing capital needs and significant debt load. Forward-looking statements are necessarily based on a number of estimates and assumptions that, although considered reasonable, are subject to known and unknown risks, uncertainties and other factors that could cause actual results and future events to differ materially from those expressed or implied. . by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, regulatory, political and social uncertainties and the potential impact of COVID-19. Such risks and uncertainties include, among other things, the risk factors included in Silo Wellness’s continuous disclosure documents available at www.sedar.com. No guarantee can be given that such statements will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements.

Readers should not place undue reliance on the forward-looking statements and information contained in this press release. Silo Wellness undertakes no obligation to update forward-looking statements about beliefs, opinions, estimates or other factors, if they change, except as required by law.

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