TORONTO, Sept. 4, 2013 /CNW/ - Sprylogics International Corp. (TSXV: SPY), ("Sprylogics" or the "Company"), the international provider of innovative mobile search and messaging monetization services, is pleased to announce the results of the Company's annual and special meeting of shareholders held on September 3, 2013. Messrs. Marvin Igelman, Michael Kron Michael Serruya, Kevin Taylor and Keith Yokomoto were elected as directors for the ensuing year. All items put forth at the meeting were approved by the shareholders, including the consolidation (the "Consolidation") of the Company's common shares on the basis of one (1) new post-consolidation common share for every ten (10) pre-consolidation common shares. The Company has filed Articles of Amendment and the Consolidation has been completed with an effective date of September 3, 2013.
No fractional shares will be issued. Any fractions of a share will be rounded to the nearest whole common share. A new CUSIP number of CA 85210P2008 replaces the old CUSIP number to distinguish between the pre and post-consolidation shares. The Company's name and trading symbol will remain unchanged. The Company's common shares are expected to begin trading on a post-consolidation basis on the TSX Venture Exchange when markets open on September 6, 2013. The number of outstanding stock options and warrants of the Company will similarly be adjusted on the same basis as the common shares, and the exercise prices adjusted accordingly.
Letters of transmittal describing the details of the Share Consolidation and the process by which shareholders obtain actual share certificates representing the post-consolidation common shares were mailed out to registered shareholders of the Company. Registered shareholders may also obtain copies of the letter of transmittal by contacting the Company's transfer agent, Computershare Investor Services Inc.
The completion of the Consolidation satisfies the remaining escrow release condition of the Company's previously announced subscription receipt financing for gross proceeds of $6,078,936, the net proceeds of which have now been released to the Company. As a result, each subscription receipt has been exchanged for one (1) post-consolidation common share. Following the Consolidation and the issuance of common shares pursuant to the subscription receipt financing, the Company now has approximately 27,347,706 common shares issued and outstanding.
Sprylogics International Corp. enables telecom operators and mobile applications providers to introduce new revenue streams into their mobile offerings by integrating contextual content and transaction services that unlock the monetization of consumer search intent, while increasing loyalty, engagement and usage activity levels. Sprylogics also markets Poynt, an award winning all-in-one mobile search App that has garnered 20 million downloads. Both products have a common focus on enhancing the mobile user experience, enabling users to do more without leaving the messaging or chat app, and resulting in the monetization capture of search intent via content and transaction services. More about Sprylogics at www.sprylogics.com.
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.
Cautionary and Forward-looking Statements - Statements contained in this news release which are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which could cause actual results of Sprylogics to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to the date the post-consolidation common shares being trading and factors referenced in Sprylogics' other continuous disclosure filings which are available on SEDAR at www.sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
SOURCE: Sprylogics International Corp.
For further information:
Sprylogics International Corp.
David Berman, CFO
(905) 761-9200, Ext. 21