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Slyce Signs Agreement With Mobile Retail Commerce Specialist Xymob to Imbed Slyce's Visual Search Technology

TORONTO, ON--(Marketwired - June 17, 2014) - Visual product search platform Slyce (the Want Engine), has announced it has entered into an agreement with Mobile Commerce specialist Xymob, the creator and operator of GeoQpons, a leading couponing app which currently has more than 4.5 million active users. Xymob is also a leading developer of location-based mobile shopping apps.

The agreement was announced during the exclusive LAUNCH Beacon event in NYC, hosted by serial entrepreneur and angel investor Jason Calacanis, at which Slyce Founder, Cameron Chell was a speaker.

It will see Slyce become the sole provider of visual search technology for Xymob, with a view of enabling mobile shoppers within their proprietary and client apps to simply snap a photo of what they want with their smartphone to receive targeted coupons and offers. Once a picture of a product has been taken, consumers will be able to instantly purchase items via mobile devices or be directed to the nearest retail location for collection.

The combination of Xymob and Slyce's technology is intended to provide a shopping platform for retailers to utilize driving both e-commerce and in-store sales.

Slyce President Mark Elfenbein said of the agreement "Offering retailers the ability to capitalize on impulse purchasing as well as effectively making the entire real-world their store front, is a compelling proposition, especially at a time when the retail environment is shifting so rapidly. We're incredibly excited about the prospect of working closely with Xymob and their wide range of clients and continuing to innovate in this area."

Xymob CEO, Sunit Lohtia said, "When customers choose to shop on an app, they expect convenience and simplicity even if it involves sophisticated technology. Slyce's state-of-the-art image recognition technology and Xymob's groundbreaking mobile app platform will complement our strategic focus on delivering personalized, over-the-top shopping experiences to mobile shoppers and further enhance our position in retail mobile app domain."

In April 2014, Slyce announced its proposed amalgamation with Oculus Ventures Corporation and listing on the TSX Venture Exchange ("TSX-V"). The amalgamation is subject to completion and the requisite approval of shareholders and regulatory authorities.

Other recent announcements from Slyce include;

  • Creation of new technology hub expecting to employ up to 60 new staff members
  • January 2014, acquisition of computer vision technology developed at York University to help augment and improve the accuracy of its existing technology
  • November 2014, Slyce acquired Hovr.it, a Toronto-based tech start-up engaged in the development of a proprietary image recognition process, which allows users to "Hovr" over any image on the web and receive exact or similar product matches to those images, complete with direct, purchasable links.

Slyce is a venture created by Business Instincts Group

About Slyce
Slyce is currently a privately held company based in Calgary, Alberta and Toronto, Ontario and is engaged in the business of providing advanced imaging technology visual search software that will allow consumers to purchase products at the moment they discover them -- in store and on line.

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.

For image download and further company information please click for the Slyce Media Kit

About Xymob
Xymob specializes in designing and creating mobile apps and mobile web that helps retailers increase online and in-store sales. Xymob provides end-to-end solutions that go beyond typically creating apps, Xymob helps retailers launch their app and assist in marketing to increase the number of active users; Xymob focuses on designing a whole strategy that exceeds sales, boosts customer engagement and loyalty.

The TSX-V has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Statements in this joint 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, timing and completion of the Amalgamation, the Offering and ongoing corporate strategy and benefits of the Amalgamation. 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.

Completion of the transaction with Slyce is subject to a number of conditions, including but not limited to, TSX-V acceptance and if applicable pursuant to TSX-V requirements. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

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.

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