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Slyce Inc. Announces Ted Mann as President

TORONTO, ONTARIO--(Marketwired - Apr 4, 2016) - Visual search and image recognition company Slyce Inc. (TSX VENTURE:SLC) ("Slyce" or the "Corporation") today announced that, effective immediately, Ted Mann has accepted the role as President of Slyce in addition to his role as President of Slyce's Business-to-Consumer App Division.

Mr. Mann joined Slyce in February 2015 via the acquisition of SnipSnap, the startup he founded that enables image-recognition and scanning of coupons. Under his leadership, SnipSnap has grown to five million users, who have redeemed 250 million coupons. Prior to founding SnipSnap, Mr. Mann was Digital Director for NYSE-listed Gannett, the largest US newspaper publisher, where he led the company's first investments in hyperlocal media, daily deal sites, and blog networks. Mr. Mann has extensive experience in web-based strategy formulation, business development, technology development and operations.

"Slyce's technology now powers a visual search capability in dozens of apps-including top retailers like Best Buy, Home Depot, JC Penney, and Nieman Marcus - whereby a user can snap a photo of any product and instantly identify and buy it," said Mr. Mann. "Our Snap-to-Buy platform is without a doubt the most accurate and customizable solution in the market, and our speed and capabilities continue to accelerate. In the coming months, we're going to streamline our operation and double down on the technology that got us where we are now." Mr. Mann and Slyce's Board have collaborated on a plan to continue reducing non-essential operating expenses, while also increasing sales velocity via channel partnerships and authorized resellers.

"On behalf of the Board of Directors, we are pleased that Ted has accepted this additional leadership role. We have a very high level of confidence in his proven skill set, passion and leadership," said Dale Johnson, Chairman of Slyce.

Mark Elfenbein is stepping down from his role as President and CEO, and from the board of directors. "I am pleased that, during the past two years, Slyce has established itself as a leader in visual search as evidenced by the customer traction that has been achieved. Although a difficult decision, it is the right time for me to step back and let the team take the vision that we have now, execute on it, and make the Company stronger," said Mr. Elfenbein.

"On behalf of the Board of Directors, we thank Mark for his tireless efforts and contributions during the past two years in building and leading the Company, and we wish him all the best," said Chairman Dale Johnson.

This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.

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, 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.

Slyce is also listed on the Frankfurt exchange trading under (06O1.F).

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


Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.