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Sprylogics International Corp. - Announcement of Late Filing of Annual Financial Statements
TSX Venture Exchange Symbol: SPY TORONTO, May 28 /CNW/ - Sprylogics International Corp. ("Sprylog...
About this update from Bragg Gaming Group Inc.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange\nSymbol: SPY\n\n\nTORONTO, May 28 /CNW/ - Sprylogics International Corp. ("Sprylogics" or\nthe "Company") announced today that it will not be filing its audited\nfinancial statements for its fiscal year ended January 31, 2009 (the "2008\nFinancial Statements") and its management's discussion and analysis relating\nto the 2008 Financial Statements (collectively, the "Required Filings") before\nthe prescribed deadline of June 1, 2009.\n\n\nThe Company has made an application with the applicable securities\nregulators under National Policy 12-203 requesting that a management cease\ntrade order be imposed in respect of this late filing. The Company is not able\nto file the Required Filings within the prescribed time because of the lack of\nworking capital and the resultant delay in funding its auditors to perform the\naudit of the 2008 Financial Statements.\n\n\nThe Company is currently finalizing short-term arrangements to finance\nthe audit through the offering of securities on a private placement basis (the\n"Financing"). The Company has a term sheet in place for the Financing and\nanticipates closing the Financing shortly (please refer to the Company's press\nrelease of May 27, 2009). With this funding in place, the Company will engage\nthe auditor to complete the audit of the 2008 Financial Statements, and the\nCompany expects to file the Required Filings by July 15, 2009.\n\n\nThe Company has confirmed that it will satisfy the provisions of the\nalternative information guidelines under National Policy 12-203 by issuing\nbi-weekly default status reports in the form of news releases so long as it\nremains in default of the filing requirements set out above.\n\n\nAbout Sprylogics International Corp.\n\n\nSprylogics International Inc. develops advanced search, analysis, and\ncompliance technology. These solutions provide case management tools to the\nFortune 500. Additionally, Sprylogics' products search large amounts of\nunstructured data on the web, and in internal corporate databases, and convert\nit into more relevant searches for a variety of applications. The core\ntechnology driving Sprylogics' solutions is embedded in the Cluuz Search\nEngine platform. Cluuz search results are visually displayed through patent\npending semantic cluster graphs an...