SOURCE: Intrinsyc Technologies Corporation

Intrinsyc Technologies Corporation

June 01, 2017 09:00 ET

Intrinsyc Announces US$2,990,000 Order for Hardware Components Related to Company's Open-Q™ Embedded Computing Modules

Revenue is anticipated to be recognized in approximately equal amounts over Q4 of 2017, and Q1 and Q2 of 2018, respectively

VANCOUVER, BC--(Marketwired - June 01, 2017) - Intrinsyc Technologies Corporation (TSX: ITC) (OTC: ISYRF) ("Intrinsyc" or the "Company"), a leading provider of solutions for the development of embedded and Internet of Things ("IoT") products, today announced the receipt of an order, from an existing Global 500 client, that is valued at US$2,990,000. This non-cancellable order is for a last-time purchase of memory components that are reaching end of life. Delivery and title of ownership to the components will transfer to the Client with related revenue anticipated to be recognized in three, approximately equal quarterly installments, beginning in Q4 of 2017. The memory is expected to be consumed for potential future orders of the Company's Open-Q™ 805 computing modules.

"We are pleased that this order will enable Intrinsyc to extend the life of our Open-Q™ 805 computing modules and ensure supply to our Client," stated Tracy Rees, Chief Executive Officer, Intrinsyc.

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, 2016. 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 Corporation is a product development company that combines production ready computing engines with unmatched product development expertise to enable rapid commercialization of embedded and Internet of Things ("IoT") products. Intrinsyc has successfully delivered over 1,000 projects from mobile phones and tablets to IoT products like robotics, wearables, connected cameras, augmented reality glasses, and many more. Intrinsyc's Open-Q™ System on Modules incorporate the industry's most advanced processor technology available, and help OEMs to rapidly bring industry leading products, with rich functionality and high performance, to market. Intrinsyc is publicly traded (TSX: ITC) (OTC: ISYRF) and is headquartered in Vancouver, BC, Canada, with additional product development centers in Boulder, CO, and Taipei, Taiwan.

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Contact Information

  • For more information, please contact:

    Rachele Webb
    Senior Marketing Coordinator
    Intrinsyc Technologies Corporation