Intrinsyc (TSX: ITC and OTC: ISYRF) Books Orders for Company’s Open-Q™ Embedded Computing Modules and Product Development Services
VANCOUVER, BC – May 29, 2018 –– Intrinsyc Technologies Corporation (TSX: ITC and OTC: ISYRF) (“Intrinsyc” or the “Company”), a leading provider of solutions for the development of embedded and Internet of Things (“IoT”) products, announced the receipt of orders totaling US$1,877,000.
Orders include embedded computing modules from an existing Global 500 client, valued at US$1,104,000, and development platforms and modules from a new client that is building electric vehicles valued at US$119,000. The Global 500 Client also signed agreements earlier in the month for product development services valued at US$654,000. Hardware shipments and product development services are expected to be provided in the current quarter, through the end of 2018.
“I’m pleased that our ability to deliver high-quality products and services is resulting in incremental business with existing clients, and our expanding line of industry leading embedded computing modules is enabling us to win new production clients, including our most recent client in the automotive segment,” stated Mr. Mark Waldenberg, Vice President Global Sales, Intrinsyc. “Intrinsyc’s embedded computing platforms are ideal solutions for established and emerging companies that want to push the boundaries of innovation and performance in IoT and automotive applications.”
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 statements regarding the Company’s future plans, objectives, delivery performance, revenues, 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. Risk factors are described in the Company’s reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2017. 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 Internet of Things (“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 glasses, and many more. Intrinsyc’s Open-Q™ System on Modules incorporate the industry’s most advanced processor technology available and help OEMs to rapidly bring industry leading products, with rich functionality and high performance, to market. Intrinsyc is publicly traded (TSX: ITC and OTC: ISYRF) and is headquartered in Vancouver, BC, Canada, with additional product development centers in Taipei, Taiwan, and Bangalore, India.
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