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DSI logoSlync IO

For Immediate Release

Auction Sale of Intellectual Property – Slync

On October 17, 2023 (the “Petition Date”), the Assignee filed its Verified Petition for Assignment for the Benefit of Creditors (the “Petition”), attaching the General Assignment for the Benefit of Creditors.

On October 18, 2023, the Court entered the Order on Petition for Assignment for the Benefit of Creditors, asserting jurisdiction over the Petition pursuant to 10 Del. C. §§7381, et seq.

By way of background, the predecessor at Slync was a logistics software development company that created efficiencies in historically manual processes with their primary focus in freight schedule management. Slync had a variety of successful products and growing interest in both the ocean and air freight industries, the company itself struggled to reach sustained profitability due to lower revenue streams and unexpected legal expenses.

The Assignee is seeking a buyer for substantially all of the Assignor’s assets relating to Slync’s platform, including the Intelligent Carrier Management (“ICM”), Ocean Booking 360, Inventory in Motion, and Air Freight Management, subject to a sales process that includes the solicitation of higher and/or better bids. The Assets will be sold free and clear of all liens, claims, encumbrances, and interests. The Assignee is currently in discussions with several interested parties and conducting due diligence.

All interested parties wishing to make competitive offers for the Assets will need to submit a qualified bid to the Assignee by no later than 5:00 pm (prevailing Pacific time) on November 20, 2023, and contain the following: (i) information confirming that the qualified bidder (“Bidder”) has the financial capacity to consummate a transaction if selected as the successful bidder (“Successful Bidder”), (ii) ability to expeditiously consummate the transaction if selected as the Successful Bidder, (iii) a signed Mutual Confidentiality and Non-Disclosure Agreement, and (iii) ability to submit a deposit of no less than 10% of the bid. Assignee intends to sell the Purchased Assets to pursuant to execution of an acceptable Asset Purchase Agreement that embodies the conditions agreed to in the Term Sheet. The Assignee reserves the right to enter into an Asset Purchase Agreement (“APA”) with another party as the Assignee had determined to be valid.

Parties interested in the assets of Slync Inc. are requested to contact Matthew Sorerson ([email protected]) at (213) 532-4549 or Steven Victor ([email protected]) at (773) 230-4016.

The Assignee is represented by Klehr Harrison Harvey Branzburg LLP; Richard Beck ([email protected]) or Alyssa Radovanovich ([email protected]) Telephone (302) 426-1189.

About DSI:

Development Specialists, Inc. (DSI) is one of the leading providers of management consulting and financial advisory services, including turnaround consulting, financial restructuring, litigation support, fiduciary services and forensic accounting. Our clients include business owners, private-equity investors, corporate boards, financial institutions, secured lenders, bondholders and unsecured creditors. For almost 40 years, DSI has been guided by a single objective: maximizing value for all stakeholders. With our highly skilled and diverse team of professionals, offices in the U.S. and international affiliates and an unparalleled range of experience, DSI has built a solid reputation as an industry leader.

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