New ETF Book by Larry Connors - Click here to read more
Sprylogics International Corp. ("Sprylogics" or the "Company") is providing this fourth bi-weekly default status report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). In its initial default announcement of May 28, 2009 (the "Default Notice"), the Company announced that it will not be filing its audited financial statements for its fiscal year ended January 31, 2009 (the "Annual Financial Statements") and its management's discussion and analysis relating to the Annual Financial Statements (collectively, the "Annual Required Filings") before the prescribed deadline of June 1, 2009. The Company provided its first bi-weekly default status report on June 12, 2009, its second bi-weekly default status report on June 25, 2009 and its third bi-weekly status report on July 10, 2009 (collectively, the "Default Status Reports").
As previously announced, the Company made an application to the applicable securities regulators under NP 12-203 requesting that a management cease trade order be imposed in respect of this late filing. On June 2, 2009, the Ontario Securities Commission issued a temporary management cease trade order, which imposed restrictions on all trading in and all acquisitions of the securities of the Company by the Chief Executive Officer and the Chief Financial Officer of the Company for a period of 15 days from the date of such order. On June 15, 2009, the Ontario Securities Commission issued a permanent management cease trade order.
As previously announced, the Company has been negotiating a private placement of common shares of the Company in order to provide sufficient working capital to engage the auditors to complete the Annual Financial Statements. The Company has been unable to complete this equity private placement and is, instead, currently negotiating a convertible debenture financing on a private placement basis in order to raise the required working capital. As previously announced, the Company anticipates that it will file the Annual Required Filings by August 31, 2009.
As previously announced, as a result of the delay in filing the Annual Required Filings, the Company has been unable to file its interim quarterly financial statements for the three month period ended April 30, 2009 and its management discussion and analysis related thereto (collectively, the "Interim Required Filings"). The Corporation intends to file the Interim Required Filings along with the Annual Required Filings on August 31, 2009.
Other than as disclosed herein, the Company reports that since the Default Notice and the Default Status Reports: (i) there is no material change to the information set out in the Default Notice or the Default Status Reports; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.
The Company is also pleased to announce the appointment of Mr. Gary Modlin to its Board of Directors and Audit Committee.
About Sprylogics International Corp.
Sprylogics International Inc. develops advanced search, analysis, and compliance technology. These solutions provide case management tools to the Fortune 500. 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.
>>
%SEDAR: 00021389E
SOURCE: Sprylogics International Corp.
Sprylogics International Corp., Michael Frank, CEO, (416) 221-5119 or Michael@sprylogics.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.