Sprylogics Announces Amendment to Financing



    TORONTO, July 7 /CNW/ - Sprylogics International Corp. (the "Company")
(SPY - TSX Venture) announces that it has made certain amendments to the
previously announced best efforts private placement offering of up to
$1.5 million of units (see April 4, 2008 and May 22, 2008 news releases) (the
"Brokered Offering") with PowerOne Capital Markets Limited acting as agent
(the "Agent"). The Brokered Offering will now be comprised of up to 10,000,000
units ("Units") of the Company at a price of $0.15 per Unit, each Unit
comprised of one common share of the Company and one common share purchase
warrant ("Warrant"), with each Warrant exercisable into a common share of the
Company at an exercise price of $0.20 for a period of 24 months.
    The closing of the Brokered Offering is expected to occur on or about
July 18, 2008 and is subject to receipt of all necessary regulatory approvals
including that of the TSX Venture Exchange.
    The Company has agreed to pay the Agent a cash commission of 7% of the
gross proceeds of the Brokered Offering and to issue broker warrants entitling
the Agent to purchase that number of Units equal to 7% of the number of Units
sold pursuant to the Brokered Offering. Such broker warrants will be
exercisable at any time until the 24 month anniversary of their issuance at a
price of $0.15 per Unit.
    The Company may also issue up to 10,000,000 Units on a non-brokered
private placement basis (the "Non-Brokered Offering") on the same terms of the
Units as issued pursuant to the Brokered Offering for gross proceeds of up to
$1,500,000.
    Proceeds of the Brokered Offering and the Non-Brokered Offering will be
used to fund general working capital, including marketing and research and
development.

    About Sprylogics International Corp.
    ------------------------------------
    Sprylogics International Inc. develops advanced search, analysis, and
information display tools and services. These solutions enable users to search
large amounts of unstructured data on the Web, and in internal corporate
databases, and convert it into actionable intelligence. The core technology
driving Sprylogics' solutions is embedded in the Cluuz Search Engine platform
which enables both consumers and corporate users to methodically search the
Internet and internal corporate resources and find the information they are
looking for. Cluuz search results are visually displayed through patent
pending semantic graphs and result in improved decision making capabilities.
To find out more, visit www.sprylogics.com .

    Certain statements in this press release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements of the
Company to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. When
used in this press release, such statements use such words as "may," "will,"
"expect," "anticipate," "project," "believe," "plan" and other similar
terminology. The risks and uncertainties are detailed from time to time in
reports filed by the Company with securities regulatory authorities to which
recipients of this press release are referred for additional information
concerning the Company, its prospects and the risks and uncertainties relating
to the Company and its prospects. New risk factors may arise from time to time
and it is not possible for management to predict all of those risk factors or
the extent to which any factor or combination of factors may cause actual
results, performance and achievements of the Company to be materially
different from those contained in forward-looking statements. Given these
risks and uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The
forward-looking information contained in this press release is current only as
of the date of this press release. There should not be an expectation that
such information will in all circumstances be updated, supplemented or revised
whether as a result of new information, changing circumstances, future events
or otherwise.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.

    %SEDAR: 00021389E




For further information:

For further information: Sprylogics International Corp., Michael Frank,
CEO, (416) 221-5119 or michael@sprylogics.com

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Sprylogics International Corp.

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