CALGARY, CANADA -- (Marketwired) -- 07/29/16 -- Leading visual search and image recognition company Slyce Inc. (TSX VENTURE: SLC) (FRANKFURT: 06O1) ("Slyce" or the "Company") today announces it has appointed Mr. Swapan Kakumanu as its new Chief Financial Officer ("CFO"). Mr. Kakumanu will be replacing Mr. Khurram Qureshi who resigned effective July 26, 2016.
Mr. Kakumanu has over 20 years of senior finance and operations experience. He has served at executive levels in both public and private companies including senior roles as President, Chief Executive Officer, Chief Financial Officer, and Company Secretary, as well as serving on the Board. Mr. Kakumanu has extensive experience in public company reporting, investor relations, ERP implementations, mergers and acquisitions, internal controls and general overall financial and operations management. He is well versed in commercializing technologies and launching software (including SaaS) solutions, and his experience spans manufacturing, distribution, oilfield services, healthcare technologies and multi-jurisdictional operations. He holds CPA.CGA, ACA (Chartered Accountant, India) and ACMA (Certified Management Accountant, India) designations.
Mr. Dale Johnson, Executive Chairman of Slyce Inc., commented "Swapan is a welcome addition to our team. He is a results driven individual with strong business and finance acumen. We look forward to drawing on his expertise and experience as Slyce continues to execute on its plan".
Mr. Johnson also extended thanks on behalf of the Board for Mr. Qureshi's service to Slyce and wishes him the best of success in his future endeavors.
The Company is also pleased to announce the second and final close of $90,000 of the $1 Million Convertible Debentures ("CD") offering for a total of $840,000. The first close of $750,000 was announced on June 23, 2016.
Slyce will use the proceeds to fund its ongoing technology development and for general working capital purposes.
The CDs pay 10% annual interest, payable in kind with Common Shares issued at a price per share equal to the volume weighted average trading price for the Common Shares on the TSX Venture Exchange (the "TSXV") for the 20 consecutive trading days ending five trading days prior to the date on which the Corporation submits an application to the TSXV for issuance of Common Shares as payment of the principal and interest under the CD. The CD matures on December 31, 2017. Interest shall be payable on June 30th and December 31st in each year commencing on December 31, 2016. The outstanding amount of each CD, including all interest accrued thereon will be convertible, for no additional consideration, at a conversion price of $0.10 per security or such other price as approved by the TSX Venture once the conversion terms of the CD are met.
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 Calgary, Alberta, 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, Tilly's, 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.
READER ADVISORY
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. 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.
Contacts:
For further information and interviews, please contact:
Slyce Inc.
Ted Mann
President
Ted@slyce.it
Slyce Inc.
Roy Roman
Roy@slyce.it
(647) 464-6200
