Editors note: There is one video associated with this press release.
Visual search platform Slyce Inc. (TSX VENTURE:SLC) ("Slyce" or the "Company") today announced its financial results for the first quarter ended January 31, 2015.
"This past quarter has delivered significant traction for our Company on multiple fronts." Said Mark Elfenbein, President and CEO of Slyce. "We have seen continued growth in the company's business development pipeline, an acquisition of leading US shopping App SnipSnap, finalized contracts with US retailer JCPenney, Offerpop, a prominent Fortune 50 retailer and others, to provide visual search technology.
Slyce is extremely pleased to have validated its business model and emerge during the quarter as a revenue generating entity from its first recurring customer contract. These results do not include revenues to be derived from its recently signed customer contracts. Management anticipates a steady pipeline of new customer contracts to be entered into during 2015 and to achieve exponential quarter over quarter revenue growth for Q2 in line with its current business model.
Through technology deployments already in the marketplace, strategic partnerships and company owned, direct-to-consumer assets, the Slyce visual search platform now services over 8 million users. We expect significant increases in platform users by the end of the next quarter through contracted deployments that are yet to launch to the marketplace.
During Q2 Slyce will continue to execute on its business development opportunities in a marketplace experiencing significant growth and to develop and refine the Slyce platform in order to continue delivering a market leading product."
During the first quarter ended January 31, 2015, the Company achieved the following business highlights:
Q1 2015 Business Highlights
During the three month period ended January 31, 2015 and up to date, the Company achieved the following business highlights, business development milestones and acquisition:
January 6 - Slyce début integration of its image recognition platform for grocery retailing within Purchase Decision Network's (PDN) leading grocery list creation app "Shopper". The "Snap2Add" functionality enables users of "Shopper" to snap photographs of grocery products in their homes ‐ including non‐packaged items such as fruit and vegetables ‐ and have them recognized and immediately added to their mobile shopping lists where they can instantly ensure product availability, achieve best pricing and automatically access coupon offers.
February 13 - Slyce acquired SnipSnap App Limited Liability Company including the purchase all of the issued and outstanding units in SnipSnap for an aggregate purchase price of up to US$6,500,000 payable in a combination of cash, common shares and conditional shares. SnipSnap was the first company to develop image-recognition technology for scanning and interpreting coupons with a mobile device. The SnipSnap app, available for iOS and Android, allows a user to take a photograph of a retail coupon and instantly transform it into a digital, mobile format, which can be easily searched, retrieved, redeemed and shared with other SnipSnap users on their smartphones.
February 25 - Slyce announced an agreement with Offerpop, the leading SaaS-based consumer engagement platform. Through this partnership, Slyce will provide automated visual recognition across branded social shopping campaigns. Using the Offerpop platform, brands can deploy shoppable engagement experiences that encourage customers to share their own product photos through Instagram, Twitter, Facebook and more. Offerpop then aggregates this user‐generated content and showcases it in dynamic, visual galleries that can be featured across all of the brand's digital properties.
March 6 - Slyce signed a contract with a North American Fortune Top 50 company to commence powering visual search across its mobile commerce platform. The deployment will enable users of the company's smartphone application to snap images of products anywhere and receive direct or close‐matching items from a catalog of over 1.3 million products, which they can purchase with one tap.
March 25 - Slyce signed a contract with US retailer JCPenney to power visual search for mobile commerce.
Slyce derives revenues through monthly recurring software licensing fees and fees associated with purchase transactions, in line with its current business model.
The above, recently signed agreements did not contribute revenue in the first quarter but are expected to create revenue growth in subsequent quarters.
The financial statements for the year ended January 31, 2014 and Management Discussion & Analysis are available at www.SEDAR.com.
Full financial reports for Q1 2015 are available at www.SEDAR.com
The company will be holding an investor conference call on Monday, April 6that 4:30 pm ET.
The live conference call will be available by calling 1.888.289.4573.
The Corporation is a visual search technology company based in Toronto, Ontario and is engaged in the business of providing advanced visual search software that allows consumers to purchase products at the moment they discover them - in the physical world and online. Slyce powers mobile visual search for several leading retailers including Neiman Marcus and Tilly's.
Slyce 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.
Slyce's strategy is to position itself as a pivotal player in the emerging visual web. Slyce will provide its technology to retailers, brands, app developers and digital publishers, enabling their apps to recognize products for instant purchase. Slyce will provide its technology in exchange for integration, licensing and per search fees, percentage sales splits and big data provision and analysis. Slyce is currently working with a growing list of fortune 1000 brands and companies as well as multiple innovative developers.
Slyce is also listed on the Frankfurt exchange trading under (06O1.F).
For image download and further company information please click for the Slyce Media Kit.
READER ADVISORY
The TSX-V has in no way approved or disapproved the contents of this press release.
Statements in this press release contain forward-looking information including, without limitation, Slyce's business plan, strategy and related milestones, Slyce's suggestions of future outcomes, the future use and development of its technology, future customers and business partners. 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.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
To view the video associated with this press release, please visit the following link: https://youtu.be/cJupFMy9Ugg
