Intrinsyc Announces Signing of Supply Agreement and an Initial Order for the Company’s Open-Q™ 820 edge AI Computing Modules
Initial Stocking Order Valued at US$513,000 is Expected to Ship in the Third Quarter of Fiscal 2019
VANCOUVER, BC – September 24, 2019 –– Intrinsyc Technologies Corporation (TSX: ITC and OTCQX: ISYRF) (“Intrinsyc” or the “Company”), a leading provider of solutions for the development of embedded and Internet of Things (“IoT”) products, today announced the signing of a supply agreement and receipt of an order, that is valued at US$513,000. This initial stocking order is for the purchase of the Company’s Open-Q™ 820 edge AI computing modules that will be used to enable commercial vehicle connectivity services provided by a Fortune 500 company. Delivery is expected to occur in the in the current third quarter of fiscal 2019, ending September 30, 2019.
“I’m pleased to announce this agreement and order with a market leading company,” stated Mr. Tracy Rees, Chief Executive Officer, Intrinsyc. “This agreement adds another client to the expanding number of companies building innovative IoT and automotive products utilizing Intrinsyc’s performance-leading edge AI computing modules.”
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, 2018. 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 provides comprehensive product development services, as well as the industry’s highest-performance edge AI computing modules, to enable rapid commercialization of intelligent Internet of Things (“IoT”) products. Intrinsyc has successfully delivered over 1,400 client projects including sophisticated consumer and industrial IoT products like: robotics, connected cameras, smart displays, augmented reality, smart buildings, wearables, in-vehicle infotainment, and many others. Intrinsyc’s Open-Q™ System on Modules incorporate the industry’s most advanced 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 and OTCQX: ISYRF) and is headquartered in Vancouver, BC, Canada; with additional product development centers in Taipei, Taiwan, and Bangalore, India.
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Intrinsyc Technologies Corporation