TSX Venture Exchange
TORONTO, Aug. 7 /CNW/ - Sprylogics International Corp. ("Sprylogics" or
the "Company") is providing this fifth 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 to the Annual Financial Statements (collectively, the
"Annual Required Filings") before the prescribed deadline of June 1, 2009. The
Company provided its first bi-weekly default status report on June 12, 2009,
its second bi-weekly default status report on June 25, 2009, its third
bi-weekly status report on July 10, 2009 and its fourth bi-weekly default
status report on July 24, 2009 (collectively, the "Default Status Reports").
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.
As previously announced, the Company is currently negotiating a
convertible debenture financing on a private placement basis in order to
provide sufficient working capital to engage the auditors to complete the
Annual Financial Statements. The Company continues to anticipate that it will
file the Annual Required Filings by August 31, 2009.
As previously announced, as a result of the delay in filing the Annual
Required Filings, the Company has been unable to file its interim quarterly
financial statements for the three month period ended April 30, 2009 and its
management discussion and analysis related thereto (collectively, the "Interim
Required Filings"). The Corporation intends to file the Interim Required
Filings along with the Annual Required Filings on August 31, 2009.
The Company reports that since the Default Notice and 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.
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 Michael@sprylogics.com