Intrinsyc Software International, Inc.
TSX : ICS

Intrinsyc Software International, Inc.

February 27, 2008 09:01 ET

Intrinsyc Closes CDN$30 Million Bought Deal Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Intrinsyc Software International, Inc. (TSX:ICS) (the "Company") today announced that it has closed its previously announced bought deal offering of 28,600,000 new common shares at an offering price of CDN$1.05 per share for gross proceeds of CDN$30,030,000. The syndicate of underwriters was co-led by GMP Securities L.P. and Canaccord Capital Corporation, and included Haywood Securities Inc. and Raymond James Ltd. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes, including possible future acquisitions.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Intrinsyc Software International, Inc.

Intrinsyc provides wireless software solutions that enable next-generation handheld products, including mobile handsets, smart phones and converged devices. The company's software products, engineering services, and years of expertise help device makers, 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™ software platform based on Windows® Embedded CE for consumer handset development. Intrinsyc is a Microsoft® Windows Embedded Gold Partner, the 2007 Windows Embedded Excellence Award winner for Systems Integrator, and a Symbian Platinum Partner. Intrinsyc is publicly traded on the Toronto Stock Exchange (symbol: ICS) and headquartered in Vancouver, Canada with offices in the United States, the United Kingdom, 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", "plan", "forecast", "project", "estimate" and "believe" or other similar words and phrases are intended to identify forward-looking statements. Estimates made regarding future results assume the Company will continue to generate business for its engineering services at historical rates. If demand for the Company's services declines, or demand for engineering services declines generally, revenue will be further affected. Additionally, any statements made pertaining to growth potential within a specific geographical regional are made based upon current knowledge and understanding of the market environments and are subject to the risks and uncertainties applicable to each market region and the probability of adopting Intrinsyc's technology and/or utilizing the Company's engineering services. 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.

Contact Information

  • Intrinsyc Software International, Inc.
    Mark Longo
    Vice President, Corporate Development & General Counsel
    (604) 646-6951
    Email: mlongo@intrinsyc.com
    or
    Intrinsyc Software International, Inc.
    Murray Duncan
    Investor Relations
    (604) 646-7971
    Email: mduncan@intrinsyc.com
    or
    Intrinsyc Software International, Inc.
    Tracy Rawa
    Investor Relations
    (604) 678-3311
    Email: trawa@intrinsyc.com
    Website: www.intrinsyc.com