VANCOUVER, BC and PHILADELPHIA, PA--(Marketwired - December 10, 2015) - Intrinsyc Technologies Corporation (TSX: ITC) (OTC: ISYRF) ("Intrinsyc"), a leading provider of solutions for the development of embedded and IoT devices and Stream TV Networks, Inc. ("Stream TV"), a Philadelphia-based new media company (privately held and incorporated in Delaware), today announced they will continue their strategic relationship.
The arrangements provide for an amendment to a previously signed supply agreement that extends the purchase commitment by Stream TV from USD$3.0 million to USD$4.5 million, with products, services, or royalties to be purchased or to be generated on or before March 31, 2016. Stream TV has met the previous obligation of USD$3.0 million in order commitments. In addition, the secured convertible promissory note has been amended to remove the conversion feature and to extend the maturity date from December 31, 2015 to June 30, 2016.
"I am pleased to extend our strategic and close collaboration with Stream TV," said Tracy Rees, CEO of Intrinsyc Technologies Corporation. "Intrinsyc has worked very closely with Stream TV and witnessed firsthand the strong interest and overwhelming positive reception that their Ultra-D™ Glasses-Free technology receives when demonstrated to global brand manufacturers; both for digital signage applications as well as with high-volume consumer brands. We are excited to extend our strategic relationship as Stream TV moves into the next phase of commercial production and broader market adoption."
"Stream TV is nearing a critical inflection point as we negotiate production commitments from several leading digital signage and consumer brand customers," added Stream TV CEO, Mathu Rajan. "Both Intrinsyc and Stream TV felt it was important that we cement our effective collaborative relationship, while providing more time to explore potential longer term strategic options and plans to work together. Intrinsyc has been an ideal development partner in bringing Stream TV's leading Glasses-Free 3D technology to market. We foresee many areas of future collaboration including developing and integrating customer specific requirements and extending Ultra-D capabilities into new device types such as desktop displays and mobile devices."
Stream TV is the developer of Ultra-D™ technology, a proprietary hardware and software solution that allows users to watch all of their content in fully adjustable 4K Glasses-Free 3D. Ultra-D™ solves the two biggest limitations of 3D technology -- the need to wear special glasses and the scarcity of 3D content. With Ultra-D™ users can watch virtually anything they wish on their television or tablet computer in 3D, without glasses due to a real-time video conversion function. Additionally, users can control the amount of 3D effect as easily as turning audio volume up or down with a remote control. The Ultra-D™ technology viewing experience has the potential to transform the market for consumer video devices starting with televisions and then migrating to tablets, PC monitors and other devices in a manner that could be as transformative as the evolution from black and white TVs to color units. Stream TV's goal is to make Ultra-D™ the ubiquitous standard for watching all video media at some comfortable level of 3D, which is decided by the end user.
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's Open-Q™ System on Modules incorporate the industry's most advanced Snapdragon processor technology from Qualcomm Technologies Inc., 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.
About Stream TV Networks, Inc.
Stream TV Networks is a Philadelphia-based technology company founded to develop enhanced entertainment and communications experiences. Ultra-D™ will be on display at the Consumer Electronics Show in Central Hall Booth #13633. The company will also be holding a press conference to announce major advancements on January 5, 2016 at 9am at the Mandalay Bay Hotel, South Convention Center, Level 2, Mandalay Bay Ballroom B, where Intrinsyc Technologies CEO Rees will join Stream TV CEO Rajan to announce more details of their strategic relationship. Contact email@example.com to RSVP to the press conference or schedule an Ultra-D Glasses-Free 3D demo.
www.ultra-d.com or www.MoveBeyond3D.com
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