Intrinsyc Software International, Inc.
TSX : ICS

Intrinsyc Software International, Inc.

March 27, 2006 20:37 ET

Intrinsyc Receives Notice of Exercise of Over-Allotment Option

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 27, 2006) -

NOT FOR DISTRIBUTION IN THE UNITED STATES

Intrinsyc Software International, Inc. (the "Company") (TSX:ICS), a mobility software and services company, today announced that TD Securities Inc. and Paradigm Capital Inc., the underwriters for its previously announced public offering, have exercised their closing option, in part, and will acquire an additional 2,596,401 units at $0.90 per unit. The final short form prospectus qualifying the distribution of the units was filed on March 23, 2006.

Each unit consists of one common share of the Company and half of one common share purchase warrant at an offering price per unit of CDN$0.90. Gross proceeds for the offering including the units sold pursuant to the exercise of the closing option will be approximately $24,116,760.90, after taking into consideration exchange rates at the time of closing, with net proceeds of approximately $22,028,587.64 after deducting underwriters' fees and estimated expenses.

The offering is expected to close on March 30, 2006.

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