CALGARY, ALBERTA--(Marketwired - Jan. 26, 2017) - Slyce Inc. (TSX VENTURE:SLC) ("Slyce" or the "Company") announces implementation of several steps as it transitions and streamlines for a new strategy following the sale on January 10, 2017 of the majority of its business assets (the "Transaction"). These transition steps include:
- Change of name and consolidation of shares
- Appointment of officers and change in board composition
- Appointment of auditor
- Repayment of bridge loan
- Redemption of convertible debentures
Name Change and Consolidation of Shares
Further to the approval received from shareholders of the Company at the a special general meeting held on December 21, 2017 (the "Meeting") and as described in more detail in the Management Information Circular of the Company dated November 26, 2016, the Company will change its name from Slyce Inc. to Pounce Technologies Inc. and has authorized a consolidation of the issued and outstanding common shares of the Company (the "Common Shares") on the basis of one (1) post-consolidation Common Share for every twenty (20) pre-consolidation Common Shares (the "Consolidation"). As a result of the Consolidation, 188,018,046 Common Shares currently issued and outstanding will be reduced to approximately 9,400,902 post-consolidation Common Shares. No fractional shares will be issued in the Consolidation. Each fractional share following the Consolidation that is less than one-half of a share will be cancelled and each fractional share that is at least one-half of a share will be rounded up to the nearest whole share. The exercise or conversion price and the number of shares issuable under any of the Company's outstanding stock options and convertible instruments will be proportionately adjusted upon completion of the Consolidation. A letter of transmittal will be sent to registered shareholders providing instructions to surrender the certificates evidencing their Common Shares for replacement certificates representing the number of post-consolidation Common Shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate representing Common Shares prior to the Consolidation will be deemed for all purposes to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation. The Consolidation is subject to the approval of the TSXV.
The effective date for the Consolidation and Name change is anticipated to be January 27, 2017. Prior to the effective date, the Company's shares will continue to trade on the TSXV under the current trading symbol and on the anticipated effective date the Company's shares will begin trading on the TSXV under the trading symbol "POI".
The Company will provide further details on confirmation of the effective date.
Change in Board Composition and Appointment of Officers
At its meeting on January 24, 2017, the Board appointed Mr. Cameron Chell as a director and as its new Interim CEO, subject to TSXV approval. Mr. Chell, a serial entrepreneur, is a co-founder of the Company. He has two decades of executive experience in start-up businesses that he has founded.
Erika Racicot was appointed as President and Chief Operating Officer. Ms. Racicot is a co-founder of the Company and has served as its COO. Over the past decade, Erika has led and advised early-stage corporate teams involved in operations, product development and marketing.
As part of the transition, the Board accepted the resignations of Travis Reid, George Colwell and Dale Johnson as directors and officers, effective immediately.
Appointment of Auditor
The Board has appointed Collins Barrow Calgary LLP, Chartered Professional Accountants as the Company's external auditor effective January 25, 2017, replacing Collins Barrow Toronto LLP. The Company's head office has also been relocated from Toronto to Calgary and is now located at LM 120, 2303, 4th Street SW, Calgary Alberta, T2S 2S7.
Repayment of Bridge Loan
As previously announced on October 24, 2016, Business Instincts Group provided the Company with $585,000 in temporary, non-interest-bearing, unsecured bridge financing. The Company repaid this bridge loan from the proceeds of the Transaction.
Redemption of Convertible Debentures
The Company has redeemed $250,000 of convertible debentures issued on June 26, 2017. Interest payable on the redeemed debentures was forfeited.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release contain forward-looking information. The words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Slyce.
Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Slyce.