TORONTO and MADISON, WI, Dec. 6 /CNW/ - Sprylogics International Corp.
(the "Company" or "Sprylogics") (TSX-VENTURE: SPY), a provider of
intelligence-based risk mitigation software and services, announced today that
it has closed the previously announced acquisition of the assets of Devesys
Inc. in exchange for US$325,000 and 1,150,000 common shares of the Company.
The acquisition is intended to strengthen Sprylogics' presence in the
North American compliance marketplace with the addition of highly synergistic,
complementary, and well-established revenue generating products. Devesys's
industry-leading analytical tools and reporting capabilities have gained
respect within the Fortune 100 and Fortune 500 tiers of companies, including
Xerox, El Paso Corporation, Waste Management, Inc., and CenterPoint Energy
Services Company LLP, etc. In addition, leading not-for-profit health care
organizations include Caregroup Inc. and Partners Health Care Inc.
"We are pleased to join forces with Devesys and its industry leading
compliance technology which compliments our strategic and product initiatives
throughout North America and around the world," said Michael Frank, CEO of
Sprylogics. "This deal represents an opportunity for Sprylogics to advance and
accelerate its position in the risk mitigation and analytical tools market
with the synergies both companies create together."
Sprylogics's products currently include the Analyst and Investigator
software suite, which have been licensed by a number of offshore financial
centers as well as the Investment Dealers Association (IDA). The Company
recently rolled out for test users its Market Intelligence Database-IntegraDB.
Devesys's tool set forms the hub of a comprehensive compliance system,
connecting compliance officers with other departments, external services, and
upper management. Customers in a variety of industries including aerospace,
energy, communications, pharmaceuticals, health care, government, financial
services, insurance, and manufacturing currently use these products.
Devesys pioneered the field of commercially available case tracking
software with its Ethics Administration System in 1995, and has continued to
enhance the system over the years. After the Sarbanes-Oxley Act (SOX) was
passed in 2002, and US Sentencing Commission Guidelines were established in
2004, Devesys began a process of revisions, which have resulted in
TrakEnterprise 6. The product has features designed to help companies
understand their risks, and improve their compliance across key departments.
TrakEnterprise 6, Devesys's flagship product, has won wide acceptance across
industries, and corporate cultures for its versatility and adaptability.
"This certainly marks an exciting strategic opportunity and new era for
Devesys and its existing and potential clients. We view Sprylogics's
technology as an excellent combination with our existing offerings and believe
that this puts us at the forefront of the industry for compliance, ethics, and
due diligence solutions," said Jim Preysz, Vice President of Devesys.
About Sprylogics International Corp.
Sprylogics develops intelligence based analytical solutions and content
for enhanced risk analysis and investigative research in the regulatory, law
enforcement, government, financial services, investment, and private sectors.
Our technological solutions enable users to methodically collect, analyze,
discover, and report large amounts of raw data, and transform that data into
analyzed and actionable intelligence. Our content solutions enable users to
identify non-obvious financial risks based on the Social Network Analysis of
companies, individuals and other entities. Find out more at
www.sprylogics.com. For a free trial of IntegraDB please go to
About Devesys, Inc.
Devesys, Inc. has been developing case management, tracking and reporting
systems for Fortune 500 companies since 1995. Devesys provides a tracking
system that is easy to use, and maintain, with a responsive installation
support team to back it up. In addition, Devesys' expertise in case tracking
issues, and related industries has won strong praise from the Ethics and
Compliance marketplace. Devesys continually strives to improve the quality of
its products by constantly upgrading its software to ensure the best of class
capabilities in tracking, and reporting systems in the industry. Devesys'
product line consists of TrakBasic(R), TrakEnterprise(R), and TrakWeb(TM).
Find out more and view an online "demo" at www.devesys.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
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Sprylogics International Corp., Michael Frank,
CEO, (416) 221-5119, or email@example.com; Devesys Inc., Jim Preysz, Vice
President, (608) 223-1311 ext. 205, or firstname.lastname@example.org