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Intrinsyc Announces Signing of Product Development Agreements

Mar 14 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/14/13 -- Intrinsyc Software International (TSX: ICS) ("Intrinsyc" or the "Company"), a leading provider of solutions for the development of embedded and wireless devices, today announced the recent signing of several new product development agreements with embedded original equipment manufacturers ("OEMs") and technology suppliers. The agreements include:

-- Platform software development, based on Intrinsyc's Open-6 Reference Design, for an Android based medical device;-- Platform software development for a new Android based consumer device from a Fortune 500 company. This project leverages previous work the company performed directly for a silicon vendor;-- Design, development, production, and support of a new development kit for a leading silicon vendor;-- Development of Radio Interface Layer software for a modem vendor, utilizing Intrinsyc's RapidRIL™ software;-- As well as, a few, smaller development and technical support projects for leading technology vendors and embedded device OEMs.



"The signing of these new agreements will improve the company's engineering utilization which has been negatively impacted by decreased demand from traditional customers, including the unexpected cancellation of a project with one of our largest customers at the beginning of the year," said Tracy Rees, President and CEO of Intrinsyc. "It is especially gratifying to see the company's recent introduction of reference designs and development kits are expanding opportunities and helping us to win new development projects. We are excited to expand these solutions with a new agreement with an industry leading silicon vendor to build a new development kit and system on module solution."

Further details of the projects and the customer names remain confidential at the request of our customers. The Company looks forward to providing more information on the new development kit and system on module solutions in coordination with our silicon partner, late in the second quarter of 2013.

2012 Fiscal Fourth Quarter and Year End Financial Results Conference Call

The Company will release its fiscal fourth quarter and full-year 2012 financial results on Thursday, March 21, 2013 at 4:00 p.m. Eastern Time (1:00 p.m. Pacific Time). The Company will hold a conference call to discuss the financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) the same day. On the call, Tracy Rees, President and Chief Executive Officer, and George Reznik, Chief Financial Officer, will discuss the financial results announced. This conference call may be accessed, toll-free, by dialing 1-877-240-9772, and internationally by dialing 1-416-340-8527 approximately 10 minutes prior to the start of the call. This conference line is operator assisted and an access PIN is not required. The conference call will also be broadcast live over the Internet and available for replay on the Company's Investor Relations Conference Calls web page (www.intrinsyc.com/investors/conference_calls.aspx). Analysts and investors are invited to participate on the call. Questions may be submitted to invest@intrinsyc.com prior to the call.

About Intrinsyc Software International, Inc.

Intrinsyc is a product development company that provides hardware, software, and service solutions that enable next-generation embedded and wireless products. Solutions span the development life cycle from concept to production and help device makers and technology suppliers create compelling differentiated products with faster time-to-market. We help our customers deliver compelling products using our unmatched expertise with the leading operating system, silicon, and wireless technology. Intrinsyc is publicly traded (TSX: ICS) and is headquartered in Vancouver, Canada.

Forward-Looking Statements

This press release contains statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking information under applicable Canadian securities legislation that involve risks and uncertainties. Such forward-looking statements or information may include financial and other projections as well as statements regarding the Company's future plans, objectives, performance, revenues, growth, profits, operating expenses or the company's underlying assumptions. The words "may", "would", "could", "will", "likely", "expect," "anticipate," "intend", "plan", "forecast", "project", "estimate" and "believe" or other similar words and phrases may identify forward-looking statements or information. Persons reading this press release are cautioned that such statements or information are only predictions, and that the Company's actual future results or performance may be materially different. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to: the need to develop, integrate and deploy software solutions to meet the Company's customer's requirements; the possibility of development or deployment difficulties or delays; the dependence on the Company's customer's satisfaction; the timing of entering into significant contracts; customers' continued commitment to the deployment of the Company's solutions; the performance of the global economy and growth in software industry sales; market acceptance of the Company's products and services; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to international expansion; concentration of sales; international operations and sales; dependence upon key personnel and hiring; reliance on a limited number of suppliers; industry growth; competition; intellectual property; product defects and product liability; currency exchange rate risk; and other factors described in the Company's reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2012. This list is not exhaustive of the factors that may affect the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. All forward-looking statements made in this press release are qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by the Company will be realized. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.



Contacts:
Intrinsyc Software International, Inc.
George Reznik
Chief Financial Officer
+1-604-678-3734
greznik@intrinsyc.com
www.intrinsyc.com





Source: Marketwire


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