TORONTO, ONTARIO — (Marketwired) — 03/01/16 — Leading visual search platform (TSX VENTURE: SLC) (“Slyce” or the “Company”) today announced its financial results for the year and fourth quarter ended October 31, 2015.
The financial statements and Management Discussion and Analysis for the year ended October 31, 2015 are available at .
Business Highlights
Key customer announcements during the three-month period ended October 31, 2015 include the following:
Financing Update
On February 10, 2016, Slyce terminated its short-form prospectus offering and proceeded with a private placement financing of up to $7 million following agreement with a lead investor to subscribe for up to $5 million in units of the Company. On February 12, 2016, the lead investor subscribed for an aggregate of $1.6 million in 6% interest bearing unsecured promissory notes, which notes have been converted as a subscription for units pursuant to the terms of the Private Placement. As of February 29, 2016, the lead investor subscribed for an additional $1.9 million in units of the Company to bring the current lead investor aggregate subscriptions to $3.5 million in units of the Company. The Company is accepting further subscriptions from the lead investor, and others, and is now moving to close the remainder of the financing.
Technical Highlights
Slyce–s main product development focuses during 2015 were adding robustness around its core visual search offering, and introducing new use cases for visual search. Significant attention was paid to creating a system that enables easy onboarding by minimizing the integration efforts required of new customers. This was achieved by expanding automation of product feeds and packaging our products to enable various capabilities within unified Software Development Kits (“SDKs”).
Specific technology achievements included the following:
Other technology developments included the following:
Financial Highlights for the Year Ended October 31, 2015
Financial Highlights for the Fourth Quarter Ended October 31, 2015
CEO Comment
Mark Elfenbein, CEO, commented, “Growing retailer interest in visual product search and acknowledgement of Slyce as an emerging visual search leader reinforces our confidence in the Company–s potential. Revenue growth continued in the fourth quarter. Based on experience gained during the initial months of commercial operation, we are now vigorously refining our sales process and expense stewardship. Despite investor interest, securing additional financing in the current market environment proved challenging and the recently announced private placement financing enables continued execution of Slyce–s strategy.”
Conference Call
On March 1, 2016 at 4:00 PM EST, the company will be hosting a conference call to discuss this news, featuring a live Q&A session. Access to the live conference call will be available by registering at the following . Once registered, participants will be emailed their call-in information and access code to the call. The conference call is open to any investor or stakeholder, including shareholders, broker-dealers and other securities professionals. The call will be recorded and available for review at . Slyce will be hosting and moderating a Q&A period on the call. Participants will be able to enter a moderated queue to ask a question live on the call, or to submit a question via email. To submit one or more questions to the CEO, please email your question to with the words “Investor Question for Conference Call” in the subject line. Slyce management will endeavour to address as many questions as possible in the hour allocated to the call.
About
Slyce, based in Toronto, ON, delivers sophisticated visual search technologies and is currently focused on enabling a powerful sales channel for major retailers and their customers. Consumers, wherever they are, can conveniently engage with retailers by taking pictures of desired products using their mobile devices, thereby initiating the visual search service with near-instant product recognition capability. The Company delivers its technology both as a white-label visual search platform and as a suite of consumer mobile apps. Slyce–s technology is used by large retail brands such as Neiman Marcus, Tilly–s, J.C. Penney, Urban Outfitters, and Home Depot.
Slyce–s business model features multiple revenue streams arising from its visual search platform and consumer apps. The revenue streams include fees for software licensing, integration, purchase transactions, and program promotions.
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READER ADVISORY
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release contain forward-looking information including, without limitation, Slyce–s business plan, strategy and related milestones, Slyce–s suggestions of future outcomes, the future use and development of its technology, future customers and business partners. The words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Slyce.
Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Slyce.
Slyce does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.
None of the information contained on, or connected to, Slyce–s website is incorporated by reference herein.
Contacts:
Slyce
Mark Elfenbein
T. (587) 897-0993
Slyce
Roy Roman
T. (647) 464-6200
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