Intrinsyc Software International, Inc.
TSX : ICS

Intrinsyc Software International, Inc.

March 23, 2006 16:11 ET

Intrinsyc Announces $ 21.7M Public Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2006) -

NOT FOR DISTRIBUTION IN THE UNITED STATES

Intrinsyc Software International, Inc. (the "Company") (TSX:ICS), a mobility software and services company, today announced that it has entered into an agreement with a group of underwriters to sell 24,200,000 units of the Company. Each unit consists of one common share of the Company and one half of one common share purchase warrant at an offering price per unit of CDN$0.90 for total gross proceeds to the Company of CDN$21.78M (the "Offering"). Each whole warrant will entitle the holder to acquire one common share at a price of CDN$1.05 for four years. TD Securities Inc. acted as lead underwriter and together with Paradigm Capital Inc. formed the syndicate for the Offering.

The Company has granted to the underwriters an option to purchase an additional 3,630,000 units on the same terms as the Offering, exercisable in whole or in part up to 48 hours prior to the closing of the offering. Closing of the Offering is scheduled for March 30, 2006.

The Company expects to file its final short form prospectus in connection with the Offering as soon as practicable.

Net proceeds for the Offering will be used to fund sales, marketing and research and development related to the Company's new Soleus™ product, as well as for general corporate purposes. Soleus is a turnkey feature phone software platform that enables mobile phone manufacturers to rapidly develop highly-featured mobile phones at a lower cost. It is the only software platform designed for feature phones based on Microsoft®'s Windows™ CE 5.0 operating system.

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 mobility software and services company. Its mobile software products, engineering design services and systems integration expertise help customers make better decisions, improve productivity, and reduce time-to-market. Since 1996, Intrinsyc has built a strong customer base and has formed solid alliances with many leading technology companies including Microsoft, IBM, Intel, Philips, Siemens, Symbian, General Electric, Hand Held Products, Texas Instruments and Ford.

Named a Microsoft Gold Partner, Intrinsyc has extensive experience with the intricacies of designing, developing and supporting voice and data-enabled handsets built on Microsoft's Windows™ CE operating system. Intrinsyc is also the creator and licensor of Soleus™, the world's first feature phone software platform based on Windows™ CE. Soleus™ offers a new way to build feature phones, providing pre-integration with leading hardware platforms, all the telephony essentials and pre-integration of the most popular data applications.

Intrinsyc is a publicly traded company, headquartered in Vancouver, Canada with additional regional offices in Bellevue, Washington, and Birmingham, UK and Barbados. To find out more about Intrinsyc, visit: www.Intrinsyc.com.

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 or 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.

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.

Intrinsyc is a registered trademark of Intrinsyc Software International, Inc. All other trademarks are registered trademarks of the respective owners, and are hereby acknowledged.


Contact Information

  • Intrinsyc Software International, Inc.
    Andrew Morden
    Chief Financial Officer
    (604) 801-6461
    or
    Intrinsyc Software International, Inc.
    Murray Duncan
    Director Investor Relations
    (604) 801-6461
    (604) 646-7958 (FAX)
    www.Intrinsyc.com