Slyce says Quest Ventures' takeover offer has no merit Slyce says Quest Ventures' takeover offer has no merit
Slyce Inc (C:SLC)
Shares Issued 135,209,790
Last Close 11/18/2015 $0.29
Friday November 20 2015 - News Release
Mr. Mark Elfenbein reports
SLYCE INC. FURTHER RESPONDS TO PROPOSED UNSOLICITED OFFER
Slyce Inc. is providing an update on the announcement made on Nov. 18, 2015, by Quest Ventures of an intention to make an unsolicited offer to purchase Slyce's outstanding common shares, at a price of 85 cents per common share.
Following discussions with Quest regarding the intended Proposal, attempts to contact legal counsel of Quest and consideration of the Proposal documentation, the Board unanimously believes there is no merit in the Proposal.
Shareholders are not required to take any action with respect to the Proposal at this time. If a Proposal is formally submitted to shareholders, the Board will consider alternatives and make a recommendation consistent with its fiduciary duties and in consultation with its legal and financial advisors.
On November 19, 2015, Mr. James Beals verbally indicated to Slyce management that Quest no longer had an intention of proceeding with a bid for all of the shares of Slyce.
Mr. James Beals of Quest indicated to Slyce that he is associated with a Mr. Michael Bailey who appears to have made similar announcements related other listed Issuers in the past that appear to have no merit (see Links section of this Press Release for details).
Management of Slyce continues to believe in the Company's current business plan - offering its visual search technology for mobile commerce to leading retailers and mobile applications in exchange for recurring software licensing and servicing fees. Slyce has consistently partnered with many of the premier North American retailers and has an exciting pipeline of additional partners to be rolled-out over the next twelve months.
We seek Safe Harbor.
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