TORONTO, Jan. 4 /CNW/ - Sprylogics International Corp. ("Sprylogics" or the "Company") is providing this thirteenth 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 "Annual Financial Statements") and its management's discussion and analysis relating thereto (collectively, the "Annual Required Filings") before the prescribed deadline of June 1, 2009. As previously announced, with respect to this late filing, the Company is currently subject to a permanent management cease trade order (pursuant to an order of the Ontario Securities Commission dated June 15, 2009).
As a result of the delay in filing the Annual Required Filings, the Company has been unable to or does not expect to file, before the prescribed deadline, its interim quarterly financial statements for the three month periods ended April 30, 2009, July 31, 2009 and October 31, 2009, as well as its management discussion and analysis related thereto (collectively, the "Interim Required Filings").
The Company completed a debenture financing (see the press release of the Company dated October 16, 2009), which has provided the Company with sufficient working capital to engage the auditors to complete the Annual Financial Statements. As previously announced, the Company continues to expect to file the Annual Required Filings and Interim Required Filings by January 15, 2010.
Other than as set out herein, the Company reports that since the Default Notice and the twelve subsequent bi-weekly default status reports (collectively, the "Default Status Reports"): (i) there is no material change to the information set out in the Default Notice or the Default Status Reports that has not been generally disclosed; (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.
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.
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SOURCE Sprylogics International Corp.
For further information: For further information: Sprylogics International Corp., Michael Frank, CEO, (416) 221-5119 or Michael@sprylogics.com