Sprylogics Enters into Definitive Agreement to Acquire Poynt Inc.

07/02/2013 09:09 AM ET

TORONTO, Jul 2, 2013, 2013 (Canada NewsWire via COMTEX News Network) -- Sprylogics International (TSXV: SPY), ("Sprylogics" or "the Company") the international provider of innovative mobile search and messaging
monetization services announces that, further to the Company's press
release of May 31, 2013, it has signed a definitive share purchase
agreement (the "Agreement") to acquire Poynt Inc ("Poynt"). Closing of
the acquisition is scheduled to occur on or before July 15,
2013.Closing of the acquisition of Poynt by Sprylogics remains subject
to satisfactory completion of all closing conditions as set out in the
Agreement, including receipt of all third-party and regulatory
approvals.

Unsecured Debenture Financing

The Company has arranged for an unsecured debenture financing in the
amount of $250,000. The Debenture will bear interest at 7% per annum
and mature 12 months from closing. The holder of the Debenture will
also be issued 1,000,000 common shares of Sprylogics in connection with
providing the loan.