Slyce Inc.

Slyce Inc.

October 21, 2016 17:47 ET

Slyce Appoints Special Committee and Secures Interim Financing

CALGARY, ALBERTA--(Marketwired - Oct. 21, 2016) - Slyce Inc. (TSX VENTURE:SLC)(FRANKFURT:06O1) ("Slyce" or the "Company") announced today that, during recent months, the board of directors has been actively engaged in assessing possible options for recapitalizing the Company to overcome the financial challenges faced by Slyce. A Special Committee comprised of Dale Johnson (Chairman), Travis Reid (Independent Director) and Swapan Kakamanu (Chief Financial Officer) has been formed to review and assess strategic options, and to recommend to the board of directors an approach that is in the best interests of the Company and its shareholders. The Committee has retained Acumen Capital Partners as financial advisors.

Slyce also announced that it has arranged acquisition of its qualifying accounts receivable, subject to the negotiation of definitive documentation, in order to increase liquidity by approximately $400 thousand.

About Slyce Inc.

Slyce, based in Calgary, Alberta, delivers sophisticated visual search technologies and is currently focused on enabling a powerful sales channel for major retailers and their customers. Consumers, wherever they are, can conveniently engage with retailers by taking pictures of desired products using their mobile devices, thereby initiating the visual search service with near-instant product recognition capability. The Company delivers its technology both as a white-label visual search platform and as a suite of consumer mobile apps. Slyce's technology is used by large retail brands such as Neiman Marcus, Urban Outfitters, JCPenney and Home Depot.

Slyce's business model features multiple revenue streams arising from its visual search platform and consumer apps.

Slyce is also listed on the Frankfurt exchange trading under (FRANKFURT:06O1).

For image download and further company information, please click for the Slyce Media Kit.


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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.

Slyce does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.

None of the information contained on, or connected to, Slyce's website is incorporated by reference herein.

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