Intrinsyc Technologies Corporation
TSX : ITC

Intrinsyc Technologies Corporation

October 01, 2014 09:00 ET

Intrinsyc Technologies (TSX:ITC) and Stream TV Networks Sign Strategic Agreements

Intrinsyc's Computing Platform to Power Revolutionary Ultra-D™ Technology from Stream TV

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 1, 2014) - Intrinsyc Technologies Corporation (TSX:ITC) ("Intrinsyc"), a leading provider of solutions for the development of embedded and wireless devices, today announced the signing of agreements with Stream TV Networks, Inc. ("Stream TV"), a Philadelphia-based private company incorporated in Delaware, to evolve the relationship between the companies to a strategic level. Stream TV expanded its prior work with Intrinsyc and committed to acquire a minimum of US$3,000,000 in Intrinsyc products, services, and royalties over the next twelve months. Intrinsyc invested in Stream TV the sum of US$1,500,000 in the form of a secured convertible promissory note instrument bearing interest at 3% per annum that will convert, at Stream TV's option, into the class of securities on a future qualified equity financing by Stream TV, or principal and interest will be repayable in cash on the maturity date of December 31, 2015.

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.

Intrinsyc worked with Stream TV to create a powerful single board computer based on the Qualcomm® Snapdragon™ 800 processor that will be integrated directly into televisions, tablets, digital signage systems and more, that performs the real-time video conversion into 3D without glasses. The Snapdragon 800 processor is a product of Qualcomm Technologies, Inc. a wholly-owned subsidiary of Qualcomm Incorporated. Additional key technology enabling HDMI video input is provided through a HDMI to MIPI-CSI Bridge Chip from Toshiba America Electronic Components, Inc.

"Through our close collaboration on product development we have become increasingly impressed with Stream TV's amazing glasses-free 3D technology and the commercial opportunities that they are pursuing with leading television OEMs, as well as other potential consumer and industrial applications", said Tracy Rees, CEO of Intrinsyc. "We are excited to expand and extend a strategic customer relationship, as well as the opportunity to make an investment in their future success with the potential for enhanced returns for our shareholders."

Stream TV CEO Mathu Rajan added, "We have been working with Intrinsyc for over a year and we have been impressed with their engineering expertise, professionalism, and integrity. We knew there was more work to be done with them as we are expanding the capabilities of the Ultra-D™ technology. However, when they approached us with a proposal to invest in Stream TV, we were not only flattered that a company with their technological expertise was sufficiently impressed to make a financial investment in Stream TV, but we also recognized that an investment from Intrinsyc would elevate the relationship between the two companies to an intimate and strategic level."

About Intrinsyc Technologies Corporation

Intrinsyc Technologies Corporation is a leading product development company that provides hardware, software, and development services that enable next-generation embedded and wireless products. Solutions span the development life cycle from concept to production. Intrinsyc's Open-Q™ System on Modules incorporate the industry's most advance processor technology and help device makers create compelling differentiated products with faster time-to-market. Intrinsyc is publicly traded (TSX:ITC) and is headquartered in Vancouver, BC, Canada. www.intrinsyc.com.

About Stream TV Networks, Inc.

Stream TV's Ultra-D™ technology is a proprietary glasses-free 3D solution that delivers both a stunning display as well as content conversion from any 2D or 3D source. Ultra-D™'s patented hardware, middleware and sophisticated-software algorithms visually transport a TV, computer or any other platform/device viewer into an unrivaled real-world 3D experience with adjustable depth that consumers can customize to their liking. www.ultra-d.com.

Contact Information

  • George Reznik
    Chief Financial Officer
    Intrinsyc Technologies Corporation
    greznik@intrinsyc.com
    +1-604-678-3734