TORONTO, ONTARIO--(Marketwired - Sept. 29, 2015) - Leading visual search platform Slyce Inc. (TSX VENTURE:SLC) ("Slyce" or the "Company") today announced its financial results for the third quarter ended July 31, 2015.
The interim financial statements and Management Discussion and Analysis for the quarter ended July 31, 2015 are available at www.SEDAR.com.
Business Highlights
Key achievements during the three-month period ended July 31, 2015 included the following:
- $518,823 in total revenue consisting of $435,968 in monthly recurring software licensing and purchase transaction fees, and $82,855 in other income in the quarter, up from $391,147 total revenue in the previous quarter and from $6,743 total revenue in the comparable period a year earlier.
- On May 5, 2015, Slyce finalized a mobile visual search contract with Toys "R" Us, Inc. the world's leading dedicated toy and baby products retailer. Slyce will derive revenues through monthly recurring software licensing and service fees.
- On May 20, 2015, Slyce contracted with Photon, the global leader in digital application development and integration, as Photon's mobile visual search provider, creating a key distribution partner for the Company.
- On July 14, 2015, Slyce expanded its B2C offering with the launch of 'Craves', a fashion discovery and purchase app, providing 'Snap to Buy' shopping experiences for the best in boutique fashion. The app was downloaded over 10,000 times in the week following its launch. The Company expects to derive revenue from Craves via affiliate fees on all purchases and through the provision of visual search related data and analytics.
Following the third quarter, Slyce announced two and signed two additional customer contracts:
- On August 12, 2015, SHOES.com partnered with Slyce to power 'Snap to Purchase' functionality across its product line, comprising over 500 brands. Slyce will generate revenue through monthly recurring software licensing and service fees.
- On August 26, 2015, luxury retailer Neiman Marcus, Slyce's first customer, expanded its engagement with the Company from visual search covering two product categories to cover Neiman Marcus' entire product line.
- On September 14, 2015, Slyce signed a contract with a leading online retailer to power mobile visual product search.
- On September 23, 2015, Slyce signed a contract with a leading fashion retailer to power mobile visual product search.
CEO Comment
"During the third quarter, Slyce again achieved growth, both in revenue and in notable deployments of its technology," said Mark Elfenbein, President and CEO of the Company. "Slyce continues to solidify its position as the leading supplier of visual search technology in an emerging market. We are executing on a rich pipeline of business development opportunities and we are deepening our relationships with our existing client base, which includes four Fortune 500 companies and other marquee retailers. The expanded engagement with Neiman Marcus following a year using Slyce's platform provides an important experience-based endorsement of our technology and service.
"During the quarter, Slyce also further accelerated its presence in the B2C market through the launch of its new consumer-facing application, boutique fashion discovery app, Craves. The app saw over 10,000 downloads in the first week after launch."
About Slyce Inc.
Slyce (TSX VENTURE:SLC) delivers sophisticated 3D visual search technology that empowers limitless customer engagement applications for companies and consumers starting with the simple snap of a photo on a mobile device.
Based in Toronto, ON, the Company delivers its technology as a white-label visual search platform allowing retailers to increase customer engagement and through its family of consumer mobile apps. Slyce's technology is used by premier, large retail brands like Niemen Marcus, Tilly's, JCPenney and Home Depot.
READER ADVISORY
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this 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.