TORONTO, June 25 /CNW/ - Sprylogics International Corp. ("Sprylogics" or
the "Company") is providing this second bi-weekly default status report in
accordance with National Policy 12-203 - Cease Trade Orders for Continuous
Disclosure Defaults ("NP 12-203"). In its initial default announcement of May
28, 2009 (the "Default Notice"), the Company announced 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 provided its first bi-weekly default status report on June 12, 2009
(the "First Default Status Report").
As previously announced, the Company made an application to the
applicable securities regulators under NP 12-203, requesting that a management
cease trade order be imposed in respect of this late filing. On June 2, 2009,
the Ontario Securities Commission issued a temporary management cease trade
order, which imposed restrictions on all trading in and all acquisitions of
the securities of the Company by the Chief Executive Officer and the Chief
Financial Officer of the Company for a period of 15 days from the date of such
order. On June 15, 2009, the Ontario Securities Commission issued a permanent
management cease trade order.
The Company continues to work on closing its previously announced private
placement in order to provide sufficient working capital to engage the
auditors to complete the 2008 Financial Statements. In the Default Notice and
First Default Status Report, the Company announced that it anticipated that it
would file the Required Filings by July 15, 2009. However, since the Company
has not yet completed the previously announced private placement within the
timeframe originally contemplated, the Company now anticipates that it will
file the Required Filings by August 31, 2009.
Other than the information set out above, the Company reports that since
the Default Notice and First Default Status Report: (i) there is no material
change to the information set out in the Default Notice or the First Default
Status Report; (ii) there has been no failure by the Company in fulfilling its
stated intentions with respect to satisfying the provisions of the alternative
information guidelines set out in NP 12-203; (iii) there has not been any
other specified default by the Company under NP 12-203; and (iv) there is no
other material information concerning the affairs of the Company that has not
been generally disclosed.
The Company will continue to satisfy the provisions of the alternative
information guidelines under NP 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.
In addition, the Company announces that it has rescheduled its Annual
Special Meeting of security holders, originally scheduled for July 30, 2009,
to Monday, September 14, 2009 to allow sufficient time for the Company to
complete the Required Filings and prepare the remaining materials in respect
of such meeting. The new record date for such meeting will be August 7, 2009.
A revised Notice of Record Date will be filed on SEDAR.
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, performance or achievements of
Sprylogics International Corporation (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
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.
For further information:
For further information: Sprylogics International Corp., Michael Frank,
CEO, (416) 221-5119 or firstname.lastname@example.org