Intrinsyc Software International, Inc.

Intrinsyc Software International, Inc.

June 06, 2007 12:04 ET

Correction from Source: Intrinsyc Announces Partial Exercise of Over-Allotment Option and Changes to Senior Management

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 6, 2007) -


The following corrects and replaces the release issued earlier today on behalf of Intrinsyc Software International, Inc. Mr. Andrew Morden will be departing on July 6 not July 22 as stated earlier. Mr. David Fischer assumes the role of Acting CFO at that time.

Intrinsyc Software International, Inc. (the "Company") (TSX:ICS) is pleased to announce that the underwriting syndicate led by Canaccord Adams, and including Paradigm Capital Inc., Raymond James Ltd. and GMP Securities L.P., has partially exercised its over-allotment option to purchase an additional 3,051,900 Common Shares, at a price of $0.60 per Common Share, granted in the Company's public offering that closed on May 10, 2007. The gross proceeds resulting from the over-allotment option exercise, which is expected to close on June 7, 2007, are $1,831,140. The total offering is therefore 36,385,900 Common Shares for gross proceeds to the Company of $21,831,540.

In addition, the Company announced today that Andrew Morden, Chief Financial Officer, has submitted his resignation as CFO of the Company effective July 6, 2007. "We are disappointed that Andy has made the decision to leave Intrinsyc but are grateful for his past contributions to the Company and in particular for his work in bringing the Company to its current financially sound position", said Glenda Dorchak, Chairman and CEO. "We wish him every success as he pursues new challenges." Upon Mr. Morden's departure the Company's current Director of Finance, Mr. David Fischer, Chartered Accountant, will assume the role of acting CFO reporting to Ms. Dorchak.

This announcement shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States. The securities to be sold in the Offering have not been registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States or to a U.S. person absent registration or an exemption from the registration requirements. Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about the company and management, as well as financial statements.

About Intrinsyc Software International, Inc.

Intrinsyc is a leader in software and services that enable next-generation handheld and embedded products, including mobile handsets, smart phones and converged devices. The company's mobile software products, engineering services, and years of expertise help OEMs, service providers, and silicon providers deliver compelling wireless products with faster time-to-market and improved development cost. Intrinsyc is the licensor of the Soleus™ platform based on Windows® Embedded CE for consumer handset development. Intrinsyc is a Windows® Embedded Gold Partner, the 2007 Windows Embedded Excellence Award winner for System Integrator, and a Symbian Platinum Partner. Intrinsyc is publicly traded on the Toronto Stock Exchange (symbol: ICS) and headquartered in Vancouver, Canada with regional offices in the United Kingdom, the United States, Taiwan and Barbados.

Intrinsyc and Intrinsyc logo are registered trademarks, and Soleus and Soleus logo are trademarks in Canada, the European Community and the U.S.A. of Intrinsyc Software International, Inc. All other marks are the trademarks of the respective owners and are hereby acknowledged.

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. Such forward-looking statements 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", "estimate", "intend", "plan", "forecast", "project", "estimate" and "believe" or other similar words and phrases are intended to identify forward-looking statements. Persons reading this press release are cautioned that such statements are only predictions, and that the Company's actual future results of performance may be materially different.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include the risk factors set out in the Company's Annual Information Form. Forward-looking statements regarding affairs other than the Company's are subject to further risks and uncertainties that the Company may not be aware of.

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.

Contact Information