TORONTO, July 2, 2013 /CNW/ - Sprylogics International (TSXV: SPY), ("Sprylogics" or "the Company") the international provider of innovative mobile search and messaging monetization services announces that, further to the Company's press release of May 31, 2013, it has signed a definitive share purchase agreement (the "Agreement") to acquire Poynt Inc ("Poynt"). Closing of the acquisition is scheduled to occur on or before July 15, 2013. Closing of the acquisition of Poynt by Sprylogics remains subject to satisfactory completion of all closing conditions as set out in the Agreement, including receipt of all third-party and regulatory approvals.
Unsecured Debenture Financing
The Company has arranged for an unsecured debenture financing in the amount of $250,000. The Debenture will bear interest at 7% per annum and mature 12 months from closing. The holder of the Debenture will also be issued 1,000,000 common shares of Sprylogics in connection with providing the loan.
Sprylogics International develops advanced search and analysis technology. The patent pending technology platform uses Semantic and Machine Learning techniques to process, analyze and interpret unstructured data including real time conversation, in order to extract key sentiments, facts, user interests and intent. The technology platform is currently being used to develop innovative solutions related to search and discovery of products and places on mobile devices. Find out more at www.sprylogics.com or www.2ya.it
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, all condition precedents to the completion of the acquisition of Poynt being satisfied, including third-party and regulatory approvals; and, other 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.
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