TORONTO, ONTARIO — (Marketwired) — 03/31/16 — Leading visual search and image recognition company . (TSX VENTURE: SLC)(FRANKFURT: 06O1) (“Slyce” or the “Company”) today announced its financial results for the first quarter ended January 31, 2016.
The interim financial statements and Management Discussion and Analysis for the quarter ended January 31, 2016 are available at .
Business Highlights
Key customer announcements during the three-month period ended January 31, 2016 include the following:
Financing Update
On February 10, 2016, the Company 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 under the Private Placement. As of February 29, 2016 the lead investor has subscribed for an additional $1.9 million in units of the company to bring the current lead investor aggregate to $3.5 million in units of the Company.
On March 11, 2016, the Company announced that it has completed the first tranche of its previously announced non-brokered private placement of up to 70,000,000 units of the Corporation (“Units”), at a price of $0.10 per Unit. The first tranche of the Private Placement involved the issuance of 44,690,669 Units for aggregate gross proceeds of approximately $4,469,067.
Technical Highlights
Slyce–s main product development focuses during first quarter of 2016 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 products to enable various capabilities within unified Software Development Kits (“SDKs”).
Financial Highlights for the Quarter Ended January 31, 2016
Conference Call
On April 4, 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.
This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.
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, Urban Outfitters, JCPenney and Home Depot.
Slyce–s business model features multiple revenue streams arising from its visual search platform, consumer apps and corresponding data services. The revenue streams include fees for software licensing, integration, purchase transactions, program promotions and data analytics.
Slyce is also listed on the Frankfurt exchange trading under (FRANKFURT: 06O1).
For image download and further company information, please click for the .
READER ADVISORY
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release contain forward-looking information. 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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