TORONTO, ON and MADISON, WI, Nov. 5 /CNW/ - Sprylogics International
Corp. (the "Company" or "Sprylogics") (TSX-V: SPY), a provider of
intelligence-based risk mitigation software and services, announced today that
the Company has entered into an agreement to acquire the assets of Devesys
Inc. of Madison, Wisconsin 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 marketplace and open various new lines of business by adding
synergistic, established products that are currently being monetized. The deal
also represents an opportunity for Sprylogics to advance its position in the
risk mitigation and analytical tools market.
Devesys' industry-leading analytical tools and reports have gained
respect within the Fortune 100 and Fortune 500 tier of companies. Customers
include companies in diverse industries including aerospace, energy,
communications, pharmaceuticals, health care, government, financial services,
insurance, and manufacturing.
Devesys pioneered the field of commercially available case tracking
software with its Ethics Administration System in 1995, and continued to
evolve the system over the years. After the Sarbanes-Oxley Act (SOX) was
passed in 2002, and the 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 in
TrakEnterprise 6, Devesys' flagship product, has won wide acceptance
across industries and corporate cultures for its versatility and adaptability.
Subject to the approval of the TSX Venture Exchange and the satisfaction
of all other closing conditions, the transaction is scheduled to close by the
end of November 2007.
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 our 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 our users
to identify non-obvious financial risks based on the Social Network Analysis
of companies, individuals and other entities. Find out more at
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 easy to 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 continues to strive for quality
products and constantly upgrades its software to ensure the best 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 firstname.lastname@example.org; Devesys Inc., Jim Preysz, Vice
President, (608) 223-1311 ext. 205 or email@example.com