TSX Venture Exchange Symbol: SPY
TORONTO, May 28 /CNW/ - Sprylogics International Corp. ("Sprylogics" or the "Company") announced today that it will not be filing its audited financial statements for its fiscal year ended January 31, 2009 (the "2008 Financial Statements") and its management's discussion and analysis relating to the 2008 Financial Statements (collectively, the "Required Filings") before the prescribed deadline of June 1, 2009.
The Company has made an application with the applicable securities regulators under National Policy 12-203 requesting that a management cease trade order be imposed in respect of this late filing. The Company is not able to file the Required Filings within the prescribed time because of the lack of working capital and the resultant delay in funding its auditors to perform the audit of the 2008 Financial Statements.
The Company is currently finalizing short-term arrangements to finance the audit through the offering of securities on a private placement basis (the "Financing"). The Company has a term sheet in place for the Financing and anticipates closing the Financing shortly (please refer to the Company's press release of May 27, 2009). With this funding in place, the Company will engage the auditor to complete the audit of the 2008 Financial Statements, and the Company expects to file the Required Filings by July 15, 2009.
The Company has confirmed that it will satisfy the provisions of the alternative information guidelines under National Policy 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.
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 of Sprylogics International Corporation (the Company) to be materially different from any future results expressed or implied by such forward-looking statements, 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.
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