Sprylogics International Corp.

Sprylogics International Corp.

October 16, 2009 14:25 ET

Sprylogics International Corp. Completes $300,000 Convertible Debenture Financing and Cluuz Is Selected as One of the Top 50 Real-Time Web Applications

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2009) - Sprylogics International Corp. ("Sprylogics" or the "Company")(TSX VENTURE:SPY) is pleased to announce that it has completed its previously announced CAD$300,000 principal amount senior secured convertible debenture (the "Debenture") financing. The Debenture will bear interest at 15% per annum, mature one year from closing and be convertible at any time prior to maturity into common shares of the Company at $0.05 per common share. The holder of the Debenture has received a security interest over all of the assets of the Company. The holder of the Debenture has also received 2,500,000 warrants of the Company, each warrant exercisable into a common share of the Company at an exercise price of $0.05 per common share for a period of one year.

The Company is also pleased to announce that its Cluuz Search Engine platform has been selected as one of the Top 50 Real-Time Web Applications by ReadWriteWeb, a blog that provides analysis of web products and trends. One of the world's top 20 blogs, ReadWriteWeb speaks to an intelligent audience of web enthusiasts, early adopters and innovators. The Company is currently exploring a number of strategic discussions around the licensing of Cluuz in the corporate and consumer marketplace.

The Company also announces that Avi Shachar has resigned as an officer and director of the Company to pursue other business interests. Alex Zivkovic has resigned as a director of the Company although he remains an officer of the Company. The Company would like to thank Mr. Shachar for his service to the Company since its inception.

About Sprylogics International Corp.

Sprylogics International Inc. develops advanced search, analysis, and compliance technology. These solutions provide case management tools to the Fortune 500. Additionally, Sprylogics' products search large amounts of unstructured data on the web, and in internal corporate databases, and convert it into more relevant searches for a variety of applications. The core technology driving Sprylogics' solutions is embedded in the Cluuz Search Engine platform. Cluuz search results are visually displayed through patent pending semantic cluster graphs and result in improved decision-making capabilities. Find out more at www.sprylogics.com, and www.cluuz.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information