Slyce Inc.

Slyce Inc.

November 20, 2015 12:02 ET

Slyce Inc. Further Responds to Proposed Unsolicited Offer

TORONTO, ONTARIO--(Marketwired - Nov. 20, 2015) - Visual product search platform Slyce Inc. (TSX VENTURE:SLC) ("Slyce") wishes to provide an update on the announcement made on November 18, 2015 by Quest Ventures ("Quest") of an intention to make an unsolicited offer (the "Proposal") to purchase Slyce's outstanding common shares, at a price of $0.85 per common share.

Following discussions with Quest regarding the intended Proposal, attempts to contact legal counsel of Quest and consideration of the Proposal documentation, the Board unanimously believes there is no merit in the Proposal.

Shareholders are not required to take any action with respect to the Proposal at this time. If a Proposal is formally submitted to shareholders, the Board will consider alternatives and make a recommendation consistent with its fiduciary duties and in consultation with its legal and financial advisors.

On November 19, 2015, Mr. James Beals verbally indicated to Slyce management that Quest no longer had an intention of proceeding with a bid for all of the shares of Slyce.

Mr. James Beals of Quest indicated to Slyce that he is associated with a Mr. Michael Bailey who appears to have made similar announcements related other listed Issuers in the past that appear to have no merit (see Links section of this Press Release for details).

Management of Slyce continues to believe in the Company's current business plan - offering its visual search technology for mobile commerce to leading retailers and mobile applications in exchange for recurring software licensing and servicing fees. Slyce has consistently partnered with many of the premier North American retailers and has an exciting pipeline of additional partners to be rolled-out over the next twelve months.


About Slyce Inc.

Slyce (TSX VENTURE:SLC)(FRANKFURT:06O1), 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, Tilly's, 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.

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.

Contact Information

  • For further information and interviews, please contact:
    Mark Elfenbein
    (587) 897-0993

    Roy Roman
    (647) 464-6200