/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
CALGARY, May 19 /CNW/ - Sylogist Ltd. (TSX-V: SYZ), is pleased to announce the signing of a significant license and services agreement within its enterprise connectivity division with approximate value of $850,000. Under the agreements with a major U.S. food processing operation, Sylogist will supply licenses to its proprietary Sylobridge enterprise connectivity software along with implementation and continuing support services. It is expected that approximately half of the fees will be recognized as revenue in the current quarter with the remaining revenue recognized over the next 12 months. The project will facilitate connection of wireless data capture from multiple food processing and warehouse locations to centralized ERP systems.
About Sylogist --------------
Sylogist provides leading financial enterprise information management, system connectivity solutions and portal applications to municipal, education and private sector customers.
The Company's stock is traded on the TSX Venture Exchange under the symbol SYZ. Information about Sylogist can be found at http://www.sylogist.com.
Forward-looking Statements --------------------------
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Sylogist. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release are made as of the date of this news release, and Sylogist does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
-The TSX-Venture Exchange does not accept responsibility for the adequacy or accuracy of this release-