Slyce Inc.

Slyce Inc.

April 18, 2016 17:13 ET

Slyce Inc. Announces Issuance of Common Shares in Satisfaction of Final Employment Obligations to Former CEO

TORONTO, ONTARIO--(Marketwired - April 18, 2016) - Visual search and image recognition company Slyce Inc. (TSX VENTURE:SLC) ("Slyce" or the "Corporation") today announced that in connection with the resignation of Mark Elfenbein as previously announced on April 4, 2016, the Corporation intends to issue common shares in the capital of the Corporation ("Common Shares") to Mr. Elfenbein on April 18, 2016 in satisfaction of an employment obligation, subject to approval by the TSX Venture Exchange.

The number of common shares to be issued to Mr. Elfenbein on April 18, 2016 is based upon the 5-day volume-weighted average price prior to April 18, 2016 with a value equal to US$137,500.

This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.

About Slyce Inc.

Slyce, based in Toronto, ON, 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, 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 the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Statements in this press release contain forward‐looking information, including the issuance of Common Shares on April 18, 2016 and the approval from the TSX Venture Exchange. 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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