Intrinsyc Software International, Inc.
TSX : ICS

Intrinsyc Software International, Inc.

March 30, 2006 09:46 ET

Intrinsyc Closes $24 Million Public Offering

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 30, 2006) -

NOT FOR DISTRIBUTION IN THE UNITED STATES FOR DISTRIBUTION ON CANADIAN TIMELY DISCLOSURE NETWORK ONLY

Intrinsyc Software International, Inc. (the "Company") (TSX:ICS), a mobility software and services company, today announces it has closed its previously announced public offering of 26,796,401 units at an offering price per unit of CDN$0.90. Each unit is comprised of one common share of the Company and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at a price of CDN$1.05 for four years. Gross proceeds for the Offering will be approximately $24,117,000, after taking into consideration exchange rates at the time of closing, with net proceeds of approximately $22,029,000 after deducting underwriters' fees and estimated expenses. Approximately 870,000 units representing CDN$783,000 of gross proceeds have not yet been issued to two investors outside of Canada pending receipt of certain documentation. TD Securities Inc. acted as lead underwriter and together with Paradigm Capital Inc. formed the syndicate for the Offering.

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.

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