TORONTO, Feb. 12, 2015 /CNW/ - Sprylogics
International Corp. ("Sprylogics" or the "Company") (TSXV:
SPY), a technology provider of local mobile search, semantic
search and messaging solutions for consumers and businesses is
pleased to announce that it has closed an equity financing and
convertible debenture financing totalling $1.83 million.
The funds raised will be an essential catalyst to begin
marketing and growing the Breaking Sports app and advance business
development initiatives in order to gain traction in the
marketplace. The financing includes investment from a
strategic entity that will be synergistic to the growth of Breaking
Sports.
We are extremely pleased to complete this financing in order to
start our marketing plan and reach our growth potential in this
massive sports vertical," said Marvin
Igelman, CEO of Sprylogics. "We have marketing
initiatives that we have been waiting to implement. We are very
encouraged by the initial response and engagement of users on our
iOS version and excited about the upcoming launch of our Android
version."
In early January the Company introduced Breaking Sports for iOS
which was highly beneficial in gauging user feedback, ease of
functionality and usage metrics, prior to any marketing
activity. The initial feedback by users and industry has been
tremendous and daily user engagement has been very high.
Users not only love the app and its ability to deliver fast and
breaking news generated from social media feeds, but are spending
considerable time on it each day, checking the latest
notifications, news, scores, rumours, injuries and more.
Users can gain additional utility from following a game, which
provides them with a real-time flow of in-game statistics and
"play-by-play" and well and crucial lineup changes prior to games
which are beneficial to fantasy sports players and sports
enthusiasts alike.
The Company is readying to launch its Android version of
Breaking Sports app shortly, as well as an upgrade of its iOS
version, both prior to the beginning of its multi-faceted marketing
strategy.
Marketing initiatives for the Breaking Sports app in the coming
days will include, as previously announced, an extensive Radio
package with Fox Sports Radio. As part of the agreement, Breaking
Sports will be integrated within FOX Sports Radio's leading lineup
of 24/7 programming, which reaches nearly five million weekly
listeners on more than 400 radio stations nationwide.
Throughout the day "Trending Now" sports updates presented by
Breaking Sports will be delivered during popular programs including
The Dan Patrick Show, The Rich Eisen Show,
Jay Mohr Sports,
Steve Gorman Sports! and
J.T. The Brick, keeping sports listeners up to date on the
latest news and information.
Pursuant to the announced financing, the Company issued
3,801,714 units at an issue price of $0.35 per unit for gross proceeds of $1,330,600. Each unit is comprised of one
common share of the Company and one common share warrant, with each
warrant exercisable into a common share of the Company at an
exercise price of $0.45 per share for
a period of 24 months.
The Company also issued a principal amount $500,000 convertible debenture which will be
convertible into common shares of the Company at conversion price
of $0.38 per share until
maturity. The convertible debenture will mature in 24 months
and will carry no interest charge. The holder of the
convertible debenture also received 1,315,789 warrants, with each
warrant exercisable into a common share of the Company at an
exercise price of $0.50 per share for
a period of 24 months.
The Company also proposes to issue 428,571 common shares to
settle an aggregate of $150,000 in
outstanding debt. The completion of the debt settlement remains
subject to the receipt of all necessary regulatory approvals,
including the approval of the TSX Venture Exchange.
All shares issued in connection with the equity and convertible
debt financings and the debt settlement will be subject to a hold
period of four months and a day from the date of issuance.
About Sprylogics
Sprylogics International Corp. is a
technology provider of local mobile search, semantic search and
messaging solutions for consumers and businesses.
The Company enables telecom operators, messaging and mobile
application providers to introduce new revenue streams into their
apps with its "Poynt-Enabled" SDK. Sprylogics semantically
aggregates and distributes useful local content by making it
searchable via its patented geographical and contextual targeting
technology. Sprylogics also markets Poynt; an award winning,
all-in-one mobile local search App that has garnered over 20
million downloads as well as its newest App, Breaking Sports.
Find out more at www.sprylogics.com, www.poynt.com or
www.breakingsportsapp.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. 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.