Intrinsyc Technologies Corporation

Intrinsyc Technologies Corporation

August 10, 2015 09:00 ET

Intrinsyc Announces Initial Purchase Orders Received from Clients Expected to be Significant Contributors to Revenue in FY2016

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 10, 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 received initial purchase orders from clients that are expected to be significant revenue contributors in FY 2016.

On April 28, 2015, Intrinsyc announced new design wins for the Company's Open-Q™ 805 system on modules. Among these design wins were signed agreements to provide product development services with two clients each valued at more than $250,000, that also have aggregate expected annual unit volume of Intrinsyc's Open-Q modules exceeding 50,000 units, beginning in the first half of 2016, subject to confirmation and release schedule from future purchase orders. Intrinsyc is close to completion of the product development phase of both of these projects and received initial purchase orders of 1,000 and 250 units respectively from the two clients. Delivery of these orders is planned for this quarter.

"The receipt of initial purchase orders from companies that we expect will be significant clients in 2016 is an important milestone for the company as we transform our business model to include scalable revenue from our Open-Q System on Modules and other computing platforms," stated Mark Waldenberg, Vice President, Global Sales, Intrinsyc Technologies Corporation.

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 statements regarding the Company's future plans, objectives, delivery performance, revenues, 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. Risk factors are described in the Company's reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2014. 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.

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

  • Intrinsyc Technologies Corporation
    George Reznik
    Chief Financial Officer