VANCOUVER, BC--(Marketwired - July 26, 2016) - Intrinsyc Technologies Corporation (TSX: ITC) (OTC: ISYRF) ("Intrinsyc" or the "Company"), a leading provider of solutions for the development and production of embedded and Internet of Things ("IoT") products, today announced the recent signing of three new product development agreements with an aggregate value in excess of US$1.1 million.
Two of the development agreements are extensions of development projects for existing clients, with a combined valued at $372,000, and one of the agreements is for a new client, valued at $765,000. Two projects are expected to produce additional revenue from the sale of the Company's Open-Q™ 820 System on Modules, and one project is expected to produce additional revenue from design and software royalties. The Company expects production orders from these customers to begin in the fourth quarter of 2016.
"Intrinsyc's Open-Q™ 820 System on Module is the highest performance computing platform available in the embedded computing industry; combining performance, power efficiency, functionality, and quality, to enable products never before possible," stated Mr. Mark Waldenberg, Vice President, Global Sales Intrinsyc. "We look forward to the rapid development of these client's products utilizing our unique combination of industry leading production-ready computing modules and comprehensive design and development capabilities."
Combined with previous design wins, the Company has more than thirty clients currently developing or shipping products using Intrinsyc's Open-Q™ embedded computing modules. The Company's design wins range across an array of embedded industries including: wearables, retail, digital signage, video conferencing, broadcast equipment, cameras, robotics, avionics, in-vehicle entertainment, and many more.
More information on the Company's Open-Q™ product line can be found at: https://www.intrinsyc.com/system-on-modules/
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 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 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. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to: the need to develop, integrate and deploy software solutions to meet the Company's customer's requirements; the possibility of development or deployment difficulties or delays; a customer's decision to cancel or fail to proceed with a commitment to purchase units of the Company's products contained in an executed purchase order; the dependence on the Company's customer's satisfaction; the timing of entering into significant contracts; customers' continued commitment to the deployment of the Company's solutions; reliance on products manufactured by other companies for resale or distribution and reliance on third-party suppliers; the performance of the global economy and growth in software industry sales; market acceptance of the Company's products and services; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to international expansion; concentration of sales; international operations and sales; dependence upon key personnel and hiring; reliance on a limited number of suppliers; industry growth; competition; intellectual property; product defects and product liability; currency exchange rate risk; and other factors described in the Company's reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2015. 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 Corporation is a product development company that combines production ready computing engines with unmatched product development expertise to enable rapid commercialization of embedded and 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 displays and many more. Intrinsyc's Open-Q™ System on Modules incorporate the industry's most advanced processor technology 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. For more information, please refer to the Intrinsyc's website at www.intrinsyc.com.
© Intrinsyc Technologies Corporation. All rights reserved.
Intrinsyc and Open-Q™ and their respective logos are trademarks, registered and otherwise, of Intrinsyc Technologies Corporation in Canada, European Union, Taiwan, United States of America and other jurisdictions. Other products and services mentioned in this document are identified by the trademarks or service marks of their respective companies or organizations.