TSX Venture Exchange
Symbol: SPY
Symbol: SPY
TORONTO, Oct. 19, 2011 /CNW/ - Sprylogics International Corp. ("Sprylogics" or the "Company") is pleased to announce that its new management team has completed an extensive strategic planning process. The process, which included detailed discussions with Sprylogics' current and prospective customers, as well as industry experts and analysts led to a comprehensive analysis and evaluation of the current market opportunity, the Company's core technology strengths, the competitive environment, as well as the emerging trends in search, discovery, advertising and commerce.
As a result, The new Management Team identified three key areas of focus and strategic direction:
1) Sprylogics Platform; 2) Sprylogics Ventures; and 3) Sprylogics Mobile.
1) Sprylogics Platform; 2) Sprylogics Ventures; and 3) Sprylogics Mobile.
Sprylogics Platform
Sprylogics Platform relates to the licensing of the core search, semantic, and data acquisition technology to enterprise customers in the Financial Services, Health, Telecommunications and Media verticals. Bhavuk Kaul, VP, of Product Marketing, is heading up the Sprylogics Platform mandate. Mr, Kaul, is leading his initiatives from the Company's satellite office in Silicon Valley. He has deep experience in search and most recently led search strategy and product initiatives at Research in Motion. The Company is now undertaking a concerted effort in various business development activities for the Sprylogics Platform and anticipates traction to this end, with current and potential opportunities that have been identified.
Sprylogics Ventures
Sprylogics Ventures reflects the current interest and opportunities to license the Sprylogics Platform to emerging technology companies who require data acquisition, search, semantic and data visualization tools. Spylogics is now working with several emerging technology companies, and is in discussions to offer access to the Sprylogics Platform with flexible licensing terms including revenue sharing and equity positions in the early stage companies. Management sees this as a synergistic extension of its core development initiatives. In addition, license agreements will help leverage and further validate the Company's core technology.
Sprylogics Mobile
Sprylogics Mobile is focusing on the development of "in-house" customer-facing mobile applications. The Mobile team is leveraging the Sprylogics Platform to address market opportunities and solve real world problems for consumers, through its search and semantic solutions. Products developed through the mobile business unit may be monetized through advertising, and transactions, in order to exploit the trillion dollar market (according to Forrester Research) that is now emerging, in offline-to-online commerce. The mobile team is currently developing an innovative and disruptive mobile search and discovery application. This application will utilize machine learning and semantic technologies to aggregate and rank opinions and sentiment on places and businesses using social signals, traditional online media and online discussions. Spylogics Mobile is led byBrad Marks, who most recently led all Mobile Advertising initiatives at Research in Motion.
Technology Update
The Company is please to announce that it has successfully migrated the core technology base from Microsoft.net to Java/Hadoop. This effectively positions and strengthens the Company with a highly distributable and scalable infrastructure to address the explosive volume of data stored, managed and analyzed by the Company.
Devesys Technologies Inc. Subsidiary
The Company has evaluated the strategic landscape as it relates to its subsidiary, Devesys Technologies Inc. ("DTI"). DTI, has been developing case management, tracking and reporting systems for Fortune 500 companies since 1995 and remains a highly reputable and trusted industry partner in this space. To that end, the Company is now agressively pursuing strategic options to merge, partner or spin out DTI, with the objective of creating a stronger suite of complimentary product offerings to its strong customer base and beyond. In doing so, DTI, may also be able strengthen its sales, marketing and development efforts in order to help realize the growth potential and market opportunities that exist.
Press Release Update
The Company would also like to further clarify its disclosure on the grant of options announced in a press release on May 27, 2011. In May, the Company announced the issuance of a total of 5.15 million options to its board of directors, key management personnel and consultants. This is comprised of 1.65 million options issued on May 4, 2011, with an exercise price of
.10 and expiry of May 4, 2016, and 3.5 million options issued on May 27, 2011, with an exercise price of
.12 and expiry of May 27, 2016.
.10 and expiry of May 4, 2016, and 3.5 million options issued on May 27, 2011, with an exercise price of
.12 and expiry of May 27, 2016.
About Sprylogics International Corp.
Sprylogics International develops advanced search and analysis technology. 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.
Cautionary and Forward-Looking Statements
Statements contained in this news release which are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
