On November 18, 2015, Market Wired, a stock market news site, reported that Quest Ventures had submitted a proposal to the Board of Directors of Slyce, Inc. to purchase the outstanding common stock shares of the company.
The article states that Quest Ventures has offered an all-cash deal to Slyce Inc. and quotes the price of $0.85 per share. The amount offered is estimated to be 485.17% higher than the unaffected price Slyce, Inc. was reported being worth at the close of trading on November 17, 2015.
The piece quotes a representative from Euro Pacific Capital stating that Slyce, Inc. reports that it is working with “6 of the top 20 leading retailers in N. America” and that the deal looks like a very good one. James Beals, the CEO of Quest Ventures is quoted saying, “the goal is to invest $35 million into Research and Development developing new and exciting commercial and defense based applications for the revolutionary image recognition and visual search technology”.
Another point touched on is the growth of Private Co., what the Quest Ventures group plans to call the company if the purchase is successful, will launch the long awaited application “Scout”. Scout is called the “visual equivalent” of Apple’s Siri application. Scout is said to be able to search discounts and coupons online for any product the user photographs with their phone.
The article then presents the letter sent by Quest Ventures to Slyce, Inc. laying out the details of the offer and the future of the purchase for both companies.