VANCOUVER, BC--(Marketwired - February 27, 2017) - 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, today announced agreements that will extend their strategic relationship.
"We are delighted to extend our strategic relationship with Stream TV, which is a testament to the expertise and collaborative skills of our engineering team," said Tracy Rees, Chief Executive Officer, Intrinsyc. "Over the past three years, Intrinsyc has been Stream TV's key development partner; enhancing the capabilities of their unique Ultra-D™ glasses-free 3D technology and integrating the technology for digital signage applications. Indicative of Stream's progress is the Best in Show Award recently received for their Glasses-Free 3D technology at the Integrated Systems Europe Expo. We look forward to our continued collaboration on the commercialization of Ultra-D™ technology beyond digital signage to a variety of industrial and consumer applications."
The arrangements provide for a purchase commitment by Stream TV of US$2 million in products, services, or royalties to be purchased or generated between February 1, 2017, and February 1, 2018. Also, as part of the expansion of the strategic relationship, Intrinsyc received 120,000 warrants convertible into Class A common shares in Stream TV Networks, Inc. on a one for one basis for a period of up to five years. Previously signed agreements provided for a purchase commitment by Stream TV up to USD$6.0 million, on or before December 30, 2016. Stream TV has exceeded this obligation. In addition, a secured promissory note originally signed by the companies on October 1, 2014, in the amount of $1,500,000, was further amended to extend the maturity date from March 30, 2017 to February 1, 2018,
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 has successfully delivered over 800 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. www.intrinsyc.com
About Stream TV Networks, Inc.
Stream TV is a Philadelphia-based technology company founded to develop enhanced entertainment and communications experiences. Stream TV's breakthrough Ultra-D technology is the only proprietary glasses-free 3D solution that delivers both a stunning visual display as well as content conversion from any 2D or 3D source. Learn more at www.Ultra-D.com and www.MoveBeyond3D.com.
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