Mr. Mark Elfenbein reports

SLYCE REPORTS FIRST QUARTER 2015 RESULTS

Slyce Inc. has released its financial results for the first quarter ended Jan. 31, 2015.

"This past quarter has delivered significant traction for our company on multiple fronts," said Mark Elfenbein, president and chief executive officer of Slyce. "We have seen continued growth in the company's business development pipeline, an acquisition of leading U.S. shopping app SnipSnap, finalized contracts with U.S. retailer JCPenney, Offerpop, a prominent Fortune 50 retailer and others, to provide visual search technology.

"Slyce is extremely pleased to have validated its business model and emerge during the quarter as a revenue-generating entity from its first recurring customer contract. These results do not include revenues to be derived from its recently signed customer contracts. Management anticipates a steady pipeline of new customer contracts to be entered into during 2015 and to achieve exponential quarter over quarter revenue growth for Q2 in line with its current business model.

"Through technology deployments already in the marketplace, strategic partnerships and company owned, direct-to-consumer assets, the Slyce visual search platform now services over eight million users. We expect significant increases in platform users by the end of the next quarter through contracted deployments that are yet to launch to the marketplace.

"During Q2 Slyce will continue to execute on its business development opportunities in a marketplace experiencing significant growth and to develop and refine the Slyce platform in order to continue delivering a market-leading product."

During the three-month period ended Jan. 31, 2015, and up to date, the company achieved the following business highlights, business development milestones and acquisition:

• Jan. 6: Slyce debuts integration of its image recognition platform for grocery retailing within Purchase Decision Network's leading grocery list creation app Shopper. The Snap2Add functionality enables users of Shopper to snap photographs of grocery products in their homes -- including non-packaged items such as fruit and vegetables -- and have them recognized and immediately added to their mobile shopping lists where they can instantly ensure product availability, achieve best pricing and automatically access coupon offers.
• Feb. 13: Slyce acquired SnipSnap App LLC, including the purchase all of the issued and outstanding units in SnipSnap for a purchase price of up to $6.5-million (U.S.) payable in a combination of cash, common shares and conditional shares. SnipSnap was the first company to develop image-recognition technology for scanning and interpreting coupons with a mobile device. The SnipSnap app, available for iOS and Android, allows a user to take a photograph of a retail coupon and instantly transform it into a digital, mobile format, which can be easily searched, retrieved, redeemed and shared with other SnipSnap users on their smart phones.
• Feb. 25: Slyce announced an agreement with Offerpop, the leading software-as-a-service-based consumer engagement platform. Through this partnership, Slyce will provide automated visual recognition across branded social shopping campaigns. Using the Offerpop platform, brands can deploy shoppable engagement experiences that encourage customers to share their own product photos through Instagram, Twitter, Facebook and more. Offerpop then collects this user-generated content and showcases it in dynamic, visual galleries that can be featured across all of the brand's digital properties.
• March 6: Slyce signed a contract with a North American Fortune Top 50 company to commence powering visual search across its mobile commerce platform. The deployment will enable users of the company's smart phone application to snap images of products anywhere and receive direct or close-matching items from a catalogue of over 1.3 million products, which they can purchase with one tap.
• March 25: Slyce signed a contract with U.S. retailer JCPenney to power visual search for mobile commerce.

Slyce derives revenues through monthly recurring software licensing fees and fees associated with purchase transactions, in line with its current business model.

The above, recently signed agreements did not contribute revenue in the first quarter but are expected to create revenue growth in subsequent quarters.

The financial statements for the year ended Jan. 31, 2014, and management discussion and analysis are available on SEDAR.

Full financial reports for the first quarter of 2015 are available on SEDAR.

The company will be holding an investor conference call on Monday, April 6, at 4:30 p.m. ET.

The live conference call will be available by calling 1-888-289-4573.

The participant pass code is 9683834.

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