CALGARY, ALBERTA--(Marketwired - June 23, 2016) - Image recognition and visual search leader Slyce Inc. (TSX VENTURE:SLC)(FRANKFURT:06O1) ("Slyce" or the "Corporation") is pleased to announce the first close of $750,000 of the $1 Million Convertible Debentures ("CD") offering.
Slyce will use the proceeds to fund its ongoing technology development and for general working capital purposes.
The CDs pay 10% annual interest, payable in kind with Common Shares issued at a price per share equal to the volume weighted average trading price for the Common Shares on the TSX Venture Exchange (the "TSXV") for the 20 consecutive trading days ending five trading days prior to the date on which the Corporation submits an application to the TSXV for issuance of Common Shares as payment of the principal and interest under the CD. The CD matures on December 31, 2017. Interest shall be payable on June 30th and December 31st in each year commencing on December 31, 2016.
The outstanding amount of each CD, including all interest accrued thereon will be convertible, for no additional consideration, at a conversion price of $0.10 per security or such other price as approved by the TSX Venture once the conversion terms of the CD are met.
About Slyce Inc.
Slyce delivers image recognition 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, Best Buy, JCPenney and Home Depot.
Slyce's business model features multiple revenue streams arising from its visual search platform, consumer apps and corresponding data services. The revenue streams include fees for software licensing, integration, purchase transactions, program promotions and data analytics.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release contain forward-looking information including, without limitation, Slyce's business plan, strategy and related milestones, Slyce's suggestions of future outcomes, the future use and development of its technology, future customers and business partners. 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.