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Slyce Executive Summary

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Visual search developer, Slyce Inc. (TSX VENTURE:SLC), released 2015 financial data and business highlights, ending October 31, 2015. Revenue for 2015 was $1,692,292 versus to $89,803 for 2014 and operating expenses for 2015 was $11,639,430 versus $6,900,310 for 2014. 2015 Net loss for 2015 was $12,069,466 versus $17,576,576 for 2014. Business News Slyce entered into a partnership with SHOES.COM. Slyce technology enables SHOES.COM, to permit consumers to take photos of women's footwear and match it with their product line, which can be immediately purchased. In a similar move, Slyce joined for forces with Neiman Marcus to deploy Slyce technology to its entire product mix. Urban Outfitters, a specialty retailer, agreed with Slyce to a develop a visual search platform for its mobile commerce.…show more content…
Financing Slyce started a $7 million private placement financing deal, in conjunction with a $5 million private investor company subscription, on February 10, 2016. The private investor’s initial subscription, on February 12, 2016, was for $1.6 million in unsecured promissory notes at 6% interest. An additional subscription was confirmed on February 29, 2016 for $1.9 million. Slyce reported remaining financing is nearly completed. CEO Statement Slyce CEO, Mark Elfenbein, remarked, "Growing retailer interest in visual product search and acknowledgement of Slyce as an emerging visual search leader reinforces our confidence in the Company's potential. Securing additional financing in the current market environment proved challenging and the recently announced private placement financing enables continued execution of Slyce's strategy." The Company Toronto, Ontario-based Slyce is a leading visual search technologies developer. With a focus on the retail sector, it’s technology enables consumers to engage with retailers in a real time
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