• signs LOI to license platform to Softection PTY Limited of Australia
TORONTO, Nov. 22, 2011 /CNW/ - Sprylogics International Corp. - TSX Venture: SPY ("Sprylogics" or the "Company") is pleased to announce that it has
signed a Letter of Intent ("LOI") to license Sprylogics' Semantic
Search Technology to Softection PTY Limited ("Softection") of
Softection develops Digital Asset Protection ("DAP") Enterprise
solutions in the Data Loss Protection marketplace (which is growing at
a rate of 20% per year according to The Radicati Group of Palo Alto,
CA). Their current technology protects an organization's sensitive
digital assets through encryption, logging and tracking.
Integration of the Sprylogics technology will fill the void left by
other Data Loss Protection technologies by enabling the discovery,
classification and tagging of sensitive unstructured data. The solution
will also allow for the real time identification, classification and
protection of all new digital assets to proactively enforce data
Softection will target the integrated solution at a number of key
enterprise verticals, and initially, will pursue opportunities within
the growing eHealth market.
"We are pleased about the opportunities that the combined technologies
of Sprylogics and Softection offers both companies", said Marvin
Igelman, Sprylogics CEO. "It is a further validation of our core
technology platform and supports our intention to pursue strategic and
complimentary license deals."
This license opportunity is directly related to the Company's previously
announced strategy, "Sprylogics Platform" (see press release dated
October 19, 2011) which relates to the licensing of the core search,
semantic, and data acquisition technology to enterprise customers in
the Financial Services, Health, Telecommunications and Media verticals.
About Sprylogics International Corp.
Sprylogics International develops advanced search and analysis
technology. 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.
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. The Company assumes no obligation to
update any forward-looking statements, except as required by applicable
SOURCE Sprylogics International Corp.
For further information:
Sprylogics International Corp.
David Berman, CFO, 905-761-9200 Ext.21 or email@example.com