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.