Intrinsyc Software International, Inc.

Intrinsyc Software International, Inc.

May 03, 2007 20:00 ET

Intrinsyc Announces Filing of Final Prospectus for $20M Common Share Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 3, 2007) -


Intrinsyc Software International, Inc. ("Intrinsyc", or the "Company") (TSX:ICS) is pleased to announce that in connection with the proposed public offering of common shares previously announced on April 10, 2007, it has entered into an agreement with a syndicate of underwriters led by Canaccord Adams and including Paradigm Capital Inc., Raymond James Ltd. and GMP Securities L.P. (collectively, the "Underwriters") for the purchase by the Underwriters of 33,334,000 common shares at a price of $0.60 per common share, for aggregate gross proceeds of $20,000,400 (the "Offering"). Intrinsyc has filed and obtained a receipt for the final prospectus as of May 3, 2007. Closing is currently expected to occur on or about May 10, 2007.

The Company has granted the Underwriters an over-allotment option, exercisable for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the number of common shares issued pursuant to the Offering.

The Company expects to use the net proceeds of the offering to fund marketing and research and development related to the Company's mobility software business and for working capital and general corporate purposes.

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 Microsoft® Windows® Embedded Gold Partner 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 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.

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