Sprylogics International Corp. - Sixth Default Status Report
TSX Venture Exchange Symbol: SPY
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
The Company is pleased to announce that it has entered into a term sheet with a lender providing for the issuance by the Company of CAD$304,500 principal amount of senior secured convertible debenture (the "Debenture"). The Debenture will bear interest at 15% per annum, mature one year from closing and be convertible at any time prior to maturity into common shares of the Company at
The Company previously announced that it anticipated that it would file the Annual Required Filings by
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
The Company reports that, since its fifth bi-weekly default status report dated
Other than the information set out above, the Company reports that since the Default Notice and the five subsequent bi-weekly default status reports ending with the default status report dated
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.
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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 or otherwise.
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.
%SEDAR: 00021389E
For further information: Sprylogics International Corp., Michael Frank, CEO, (416) 221-5119 or [email protected]
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