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TSX Venture Exchange
Symbol: SPY
TORONTO, Aug. 7 /CNW/ - Sprylogics International Corp. ("Sprylogics" or the "Company") is providing this fifth 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 to the Annual Financial Statements (collectively, the "Annual Required Filings") before the prescribed deadline of June 1, 2009. The Company provided its first bi-weekly default status report on June 12, 2009, its second bi-weekly default status report on June 25, 2009, its third bi-weekly status report on July 10, 2009 and its fourth bi-weekly default status report on July 24, 2009 (collectively, the "Default Status Reports").
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 imposed 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 order. On June 15, 2009, the Ontario Securities Commission issued a permanent management cease trade order.
As previously announced, the Company is currently negotiating a convertible debenture financing on a private placement basis in order to provide 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 August 31, 2009.
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 April 30, 2009 and its management discussion and analysis related thereto (collectively, the "Interim Required Filings"). The Corporation intends to file the Interim Required Filings along with the Annual Required Filings on August 31, 2009.
The Company reports that since the Default Notice and 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.
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.
%SEDAR: 00021389E