Slyce Inc, a visual search technology platform targeting the retail sector, will commence trading on the TSX Venture Exchange on July 21. The new listing, to appear under the trading symbol “SLC”, completes an agreement with Oculus Ventures Corp (TSX-V: OVX) announced in April. As a condition to completing the deal, Slyce closed a private placement financing that raised gross proceeds of $12 million and will be converted into common shares of the company. With offices in Calgary and Toronto, Slyce has been backed by angel investors and venture capital firms since early 2013.
SLYCE Inc. Announces Confirmation of Listing on the TSX Venture Exchange and Grant of Options Company to Commence Trading on July 21, 2014
TORONTO, ONTARIO–(Marketwired – July 18, 2014)
SLYCE Inc. (formerly Oculus Ventures Corporation) (the “Corporation”) (TSX VENTURE:OVX.H) is pleased to announce that, further to its press release of June 26, 2014, it has received the final TSX Venture Exchange (“TSXV”) bulletin confirming completion of the Qualifying Transaction and the Corporation’s common shares will commence trading on the TSXV on July 21, 2014 under the trading symbol “SLC”.
Onn June 26, 2014, the Corporation and SLYCE Inc. (“Old Slyce”) completed a business combination transaction by way of an amalgamation (the “Amalgamation”) of Old Slyce with 1813472 Alberta Ltd., a wholly-owned subsidiary of the Corporation. The Amalgamation constituted the Qualifying Transaction for the Corporation under Policy 2.4 of the TSXV Corporate Finance Manual.
As a condition to closing the transaction, Old Slyce completed a brokered private placement financing of 20,000,000 subscription receipts offered at $0.60 per subscription receipt and raised gross proceeds of $12 million. As part of the Amalgamation these subscription receipts converted into 20,000,000 commons shares of the Corporation.
SLYCE Inc. President and Interim CEO Mark Elfenbein said of the announcement, “This marks another significant milestone for our company. In the past 12 months, visual search – the technology that enables direct purchasing from images – has experienced significant interest from within the retail industry. The Slyce platform helps to solve many issues leading retailers are facing with changing consumer habits and rapidly advancing technology.”
The Corporation also announces that on July 17, 2014 the grant of stock options to acquire an aggregate of 1,391,666 common shares of the Corporation, subject to the execution of definitive option agreements, to directors, officers, consultants and employees of the Corporation as follows:
Erika Racicot, Chief Operations Officer and a director of the Corporation, was granted 200,000 stock options;
Adam Jarczyn, Chief Product Officer of the Corporation, was granted 20,000 stock options;
Steven Seguin, Chief Technology Officer of the Corporation, was granted 20,000 stock options;
Ehsan Fazl-Ersi, Chief Science Officer of the Corporation, was granted 20,000 stock options;
Business Instincts Group Inc. (“BIG”) was granted [405,000] stock options; and employees of the Corporation and its subsidiaries were granted an aggregate of 726,666 stock options.
Each grant of options has a three-year term, expiring on July 17, 2017. The options vest over a period of 24 months (one-third vest immediately, one-third vest 12 months from the grant date, and one-third vest 24 months from the grant date). Each option is exercisable into one common share of the Corporation at an exercise price of $0.60 per share.
Giving effect to the grant, there will be 6,887,192 outstanding options to purchase common shares of the Corporation, representing approximately 7.23% of the Corporation’s issued and outstanding common shares.
Pursuant to a business services agreement dated effective June 1, 2014, BIG provides, among other services, public relations services (through the provision of a public relations coordinator) and shareholder communication services (through the provision of shareholder communication personnel and shareholder material production and circulation services) to the Corporation.
About SLYCE Inc.
The Corporation is a visual search technology company based in Calgary, Alberta and Toronto, Ontario and is engaged in the business of providing advanced imaging technology visual search software that allows consumers to purchase products at the moment they discover them – in store and online.
The Corporation has developed an advanced visual search platform that integrates with retail brands and digital content providers to give their customers the ability to instantly discover and purchase products that inspire them by simply snapping photographs with their smartphones or “clicking” images on either their smartphones (mobiles) or desktop web browsers. The customer is provided with direct and close-matching products from the retailer’s inventory, which can be purchased immediately at the moment of inspiration.
The Corporation’s strategy is to position itself as a pivotal player in the emerging visual web. The Corporation can provide its technology to retailers, brands, application developers and digital publishers, enabling their applications to recognize products for instant purchase. The Corporation expects to provide its technology to retailers in exchange for integration, licensing and per search fees, percentage sales splits and big data provision and analysis. The Corporation is currently in discussions with six of the top 20 retailers in North America.
For image download and further company information please click for the Slyce Media Kit.
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, information with respect to: operational decisions and the timing thereof, suggestions of future outcomes, the future use and development of technology, future customers and business partners and ongoing corporate strategy. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although the Corporation believes that the expectations reflected in such forward-looking information is reasonable, undue reliance should not be placed on forward-looking information because the Corporation can give no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change, unless required by law.
The reader is cautioned not to place undue reliance on this forward-looking information.
None of the information contained on, or connected to, the Corporation’s website is incorporated by reference herein.
Neither the 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 press release.
To view the video associated with this press release, please visit the following link: https://www.youtube.com/watch?v=cJupFMy9Ugg&feature=youtu.be
Chief Operations Officer
403-781-6671 EXT 306
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