Press Releases
Intrinsyc to Raise CDN $30 Million Through Bought Deal Financing
Vancouver, BC – February 7, 2008 – Intrinsyc Software International, Inc. (TSX:ICS, the “Company”) today announced that it has entered into an agreement for a CDN$30,030,000 bought deal financing with a syndicate of underwriters co-led by GMP Securities L.P. and Canaccord Capital Corporation and including Haywood Securities Inc. and Raymond James Ltd.
A total of 28,600,000 new common shares will be issued at a price of CDN$1.05 per share. In addition, the underwriters have been granted an underwriters’ over-allotment option to increase the offer by up to 4,290,000 shares for a period of 30 business days following the closing of the financing, which could increase the total amount raised to CDN$34,534,500 in gross proceeds. The offering is subject to normal regulatory approvals including approval of the Toronto Stock Exchange and is expected to close on or before February 27, 2008.
The Company intends to use the net proceeds of the offering for working capital and general corporate purposes, including possible future acquisitions.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Intrinsyc Software International, Inc.
Intrinsyc provides wireless software solutions that enable next-generation handheld products, including mobile handsets, smart phones and converged devices. The company’s software products, engineering services, and years of expertise help device makers, service providers, and silicon providers deliver compelling wireless products with faster time-to-market and improved development cost. Intrinsyc is the licensor of the Soleus™ software platform based on Windows® Embedded CE for consumer handset development. Intrinsyc is a Microsoft® Windows Embedded Gold Partner, the 2007 Windows Embedded Excellence Award winner for Systems Integrator, a Symbian Competence Center and Platinum Partner. Intrinsyc is publicly traded on the Toronto Stock Exchange (symbol: ICS) and headquartered in Vancouver, Canada with offices in the United States, United Kingdom, Taiwan and Barbados.
www.Intrinsyc.com
Intrinsyc and Intrinsyc logo are registered trademarks, and Soleus and Soleus logo are trademarks in Canada, the European Community and the U.S.A. of Intrinsyc Software International, Inc. All other marks are the trademarks of the respective owners and are hereby acknowledged.
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. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “predicts,” “potential,” “targeted,” “plans,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” occur or be achieved. These forward-looking statements include, without limitation, statements about the Company’s market opportunities, strategies, competition, expected activities and expenditures as the Company pursues its business plan, the adequacy of the Company’s available cash resources and other statements about events, conditions or results that may occur in the future. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, such as business and economic risks and uncertainties, including the risks and uncertainties set out in the Company’s Annual Information Form. The Company’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change, except as required by law. For the reasons set forth above, persons reading this press release should not place undue reliance on forward-looking statements.
For more information related to this financing please contact:
Mark Longo
Vice President, Corporate Development & General Counsel
Intrinsyc Software International, Inc.
Phone: +1-604-646-6951
Email: mlongo@intrinsyc.com
For more information, please contact:
Brad Zaytsoff
Intrinsyc Software International, Inc.
Email: bzaytsoff@intrinsyc.com
Phone: (604) 648-4038
Investor Relations:
Tracy Rawa
Intrinsyc Software International, Inc.
Email: trawa@intrinsyc.com
Phone: (604) 678-3311
Murray Duncan
Intrinsyc Software International, Inc.
Email: mduncan@intrinsyc.com
Phone: (604) 646-7971