TORONTO, June 12 /CNW/ - Sprylogics International Corp. (TSX-V:SPY)
("Sprylogics" or the "Company") is providing this 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 "2008 Financial Statements") and its
management's discussion and analysis relating to the 2008 Financial Statements
(collectively, the "Required Filings") before the prescribed deadline of June
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 imposes 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
The Company continues to work on closing its previously announced private
placement in order to provide sufficient working capital to engage the
auditors to complete the 2008 Financial Statements. The Company continues to
anticipate that it will file the Required Filings by July 15, 2009.
The Company reports that since the Default Notice: (i) there is no
material change to the information set out in the Default Notice; (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.
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
Sprylogics International Corporation (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
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 email@example.com