VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 7, 2015) - Intrinsyc Technologies Corporation (TSX:ITC) ("Intrinsyc" or the "Company"), a leading provider of solutions for the development of intelligent connected devices, today announced the Company agreed to an arrangement for compensation in lieu of hardware commitment with a client that did not meet their production commitment.
Intrinsyc reached a settlement with a client that signed an agreement previously announced on March 17, 2014, which included a binding commitment to purchase 10,000 units of Intrinsyc's Open-Q System on Modules that were expected to ship in 2015. Intrinsyc agreed to release the client from their commitment to purchase 10,000 units of the Open-Q computing modules in exchange for the payment of $130,563. This payment has been received by the Company.
"I am pleased to reach a settlement with our client that provides compensation and allows us to focus on other opportunities," stated Tracy Rees, President and CEO, Intrinsyc Technologies Corporation.
About Intrinsyc Technologies Corporation
Intrinsyc Technologies is a product development company that provides comprehensive and tailored solutions that enable the development and production of next-generation intelligent connected devices. 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. Intrinsyc is publicly traded (TSX:ITC) and is headquartered in Vancouver, BC, Canada.
Contact Information:
George Reznik
Chief Financial Officer
1-604-678-3734
greznik@intrinsyc.com