TORONTO,
March 2, 2015 /CNW/ - Sprylogics
International Corp. ("Sprylogics" or the "Company") (TSXV:
SPY), a technology provider of semantic search and local mobile
search for consumers and businesses, is pleased to announce that it
it intends to complete a non-brokered private placement of
5,000,000 units of the Company ("Units") at a price of $0.40 per Unit for aggregate gross proceeds of
$2,000,000 (the "Placement").
Each Unit will be comprised of one common share of the Company and
one-half of one common share purchase warrant, with each whole
warrant exercisable into a common share of the Company at an
exercise price of $0.50 per share for
a period of 18 months.
The Delavaco Group has agreed to be the lead
investor in the Placement for a minimum of $500,000 of Units.
It is anticipated that the proceeds from the
Placement will be used for the promotion and development of the
BreakingSports app. Completion of the Placement is subject to
approval from the TSX Venture Exchange.
BreakingSports tracks social media in real-time
for significant sports information and events and distributes
summarized information through real-time push notifications to
consumers. By utilizing advanced artificial intelligence
techniques, BreakingSports can detect events as they happen and as
they are announced in social media, determine nature of the events,
attribute events to participants, summarize source articles, index
the underlying information, provide search of events and articles
and send alerts to fantasy players, sport fans and enthusiasts.
Compared to other similar products,
BreakingSports has the differentiated advantage of not requiring
human intervention when detecting and generating alerts, thereby
enabling faster delivery of relevant information. Through a
simple-to-use interface BreakingSports users specify what teams and
players they are interested in as well as what type of events they
care about, such as injuries, roster moves, line-up changes,
statistics, rumours and more.
Visit breakingsportsapp.com or search
"BreakingSports" on the app store to find out
more. CLICK HERE to download Android version.
CLICK HERE to download iOS version.
About Sprylogics
Sprylogics International Corp. is a technology provider of
semantic search, local mobile search for consumers and
businesses. The Company's newest app, BreakingSports utilizes
semantic and machine learned language to track social media in
real-time for significant sports information and events and
distribute summarized information through real-time push
notifications to consumers. The Company also enables mobile
application providers to generate revenue into their apps via its
"Poynt-Enabled" SDK and owns Poynt, a local mobile search app.
Find out more at sprylogics.com, breakingsportsapp.com and
poynt.com
About the Delavaco Group
The Delavaco Group ("Delavaco") is a private equity and merchant
banking firm founded in 2007. Delavaco has a strong track
record of forming and actively managing early and mid market
enterprises, developing them into strong public companies with a
solid management and financial foundation.
Since inception, Delavaco has funded or structured funding in
excess of C$1.7 billion. Delavaco's
founder and partners have extensive and varied business and
investment experience stemming from senior positions in investment
banking and private equity that provide the firms' strength in (i)
investing and providing capital; (ii) mergers and acquisitions;
(iii) restructurings; and (iv) implementing exit strategies.
Delavaco is headquartered in Fort
Lauderdale, Florida with offices in Scottsdale, Arizona and Toronto, Canada.
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. Forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that could
cause actual results of Sprylogics to differ materially from the
conclusion, forecast or projection stated in such forward-looking
statements. These risks, uncertainties and other factors include,
but are not limited to factors referenced in Sprylogics' other
continuous disclosure filings, which are available
at www.sedar.com. Readers should not place undue reliance on
these forward-looking statements. The Company assumes no obligation
to update any forward-looking statements, except as required by
applicable securities laws.
SOURCE Sprylogics International Corp.