Sprylogics International Corp. - Announcement of Late Filing of Annual Financial Statements



    
    TSX Venture Exchange
    Symbol: SPY
    

    TORONTO, May 28 /CNW/ - Sprylogics International Corp. ("Sprylogics" or
the "Company") announced today that it will not be filing its audited
financial statements for its fiscal year ended January 31, 2009 (the "2008
Financial Statements") and its management's discussion and analysis relating
to the 2008 Financial Statements (collectively, the "Required Filings") before
the prescribed deadline of June 1, 2009.
    The Company has made an application with the applicable securities
regulators under National Policy 12-203 requesting that a management cease
trade order be imposed in respect of this late filing. The Company is not able
to file the Required Filings within the prescribed time because of the lack of
working capital and the resultant delay in funding its auditors to perform the
audit of the 2008 Financial Statements.
    The Company is currently finalizing short-term arrangements to finance
the audit through the offering of securities on a private placement basis (the
"Financing"). The Company has a term sheet in place for the Financing and
anticipates closing the Financing shortly (please refer to the Company's press
release of May 27, 2009). With this funding in place, the Company will engage
the auditor to complete the audit of the 2008 Financial Statements, and the
Company expects to file the Required Filings by July 15, 2009.
    The Company has confirmed that it will satisfy the provisions of the
alternative information guidelines under National Policy 12-203 by issuing
bi-weekly default status reports in the form of news releases so long as it
remains in default of the filing requirements set out above.

    About Sprylogics International Corp.

    Sprylogics International Inc. develops advanced search, analysis, and
compliance technology. These solutions provide case management tools to the
Fortune 500. Additionally, Sprylogics' products search large amounts of
unstructured data on the web, and in internal corporate databases, and convert
it into more relevant searches for a variety of applications. The core
technology driving Sprylogics' solutions is embedded in the Cluuz Search
Engine platform. Cluuz search results are visually displayed through patent
pending semantic cluster graphs and result in improved decision-making
capabilities. Find out more at www.sprylogics.com, and www.cluuz.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 of Sprylogics International Corporation
(the Company) to be materially different from any future results expressed or
implied by such forward-looking statements, supplemented or revised whether as
a result of new information, changing circumstances, future events or
otherwise.

    
    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    

    %SEDAR: 00021389E




For further information:

For further information: Sprylogics International Corp., Michael Frank,
CEO, (905) 532-0032, Michael@sprylogics.com

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Sprylogics International Corp.

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