TSX Venture Exchange Symbol: SPY
TORONTO, Nov. 3 /CNW/ - Sprylogics International Corp. ("Sprylogics" or the "Company") is providing this ninth 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 thereto (collectively, the "Annual Required Filings") before the prescribed deadline of June 1, 2009. As previously announced, with respect to this late filing, the Company is currently subject to a permanent management cease trade order (pursuant to an order of the Ontario Securities Commission dated June 15, 2009).
The Company has completed its current debenture financing (see the press release of the Company dated October 16, 2009), which will provide the Company with 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 November 30, 2009.
As a result of the delay in filing the Annual Required Filings, the Company has been unable to file, before the prescribed deadline, its interim quarterly financial statements for the three month periods ended April 30, 2009 and July 31, 2009, as well as its management discussion and analysis related thereto (collectively, the "Interim Required Filings"). The Company intends to file the Interim Required Filings along with the Annual Required Filings on November 30, 2009.
Other than the information set out herein, the Company reports that since the Default Notice and the eight subsequent bi-weekly default status reports (collectively, 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.
The Company is also issuing this press release to announce, at the request of the TSX Venture Exchange Inc. (the "Exchange"), that the Company continues to be offside of the Exchange's requirements for holding an Annual General Meeting ("AGM") within the time period required by Exchange Policy 3.2.
The Company has set a new date of February 5, 2010 for an annual and special meeting of shareholders, with a record date for such meeting of December 30, 2009. The Company has issued a Notice of Meeting on SEDAR with respect to such meeting. Should the Company fail to hold such meeting as proposed, the common shares of the Company may be halted from trading without further notice.
The Company has undertaken to the Exchange that it will hold its future AGMs within the time period required by the policies of the Exchange.
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.
SOURCE Sprylogics International Corp.
For further information: For further information: Sprylogics International Corp., Michael Frank, CEO, (416) 221-5119 or Michael@sprylogics.com