TORONTO, ONTARIO--(Marketwired - Dec. 8, 2015) - Visual product search platform Slyce Inc. (TSX VENTURE:SLC) ("Slyce") today announced a signed contract with leading specialty fashion retailer, Nordstrom to power visual search for mobile commerce.
Founded in 1901, Nordstrom is a Fortune 500 retailer with more than 323 stores in 39 US states and Canada.
Slyce CEO Mark Elfenbein said of the announcement, "We're immensely excited to be deploying our technology with another notable retailer."
Slyce will derive revenues from the contract through monthly recurring software licensing and service fees in line with its current pricing model over the term of the contract.
About Slyce Inc.
Slyce, based in Toronto, ON, delivers sophisticated visual search technologies and is currently focused on enabling a powerful sales channel for major retailers and their customers. Consumers, wherever they are, can conveniently engage with retailers by taking pictures of desired products using their mobile devices, thereby initiating the visual search service with near-instant product recognition capability. The Company delivers its technology both as a white-label visual search platform and as a suite of consumer mobile apps. Slyce's technology is used by large retail brands such as Neiman Marcus, Urban Outfitters, Tilly's, JCPenney and Home Depot.
Slyce's business model features multiple revenue streams arising from its visual search platform, consumer apps and corresponding data services. The revenue streams include fees for software licensing, integration, purchase transactions, program promotions and data analytics.
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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.
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