Intrinsyc Technologies Corporation (TSX:ITC and OTC:ISYRF) and Stream TV Networks, Inc. Agree to a 60 Day Extension of Secured Promissory Note
Companies Will Use This Time Period to Negotiate Advancing Their Strategic Relationship
VANCOUVER, BRITISH COLUMBIA – February 1, 2018 – Intrinsyc Technologies Corporation (TSX:ITC and 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 the maturity date of the US$1,500,000 secured promissory note between the parties (the “Note”) has been extended from February 1, 2018 to April 2, 2018. During this time period, Intrinsyc and Stream TV will negotiate agreements for enhanced work commitments, the potential for alternative forms of investment, and other strategic initiatives in light of recent advancements at Stream TV related to its Ultra-D™ glasses-free 3D display technology.
“Intrinsyc is excited at this opportunity to extend our strategic relationship with Stream TV and is optimistic for the future based on the enthusiastic support for Stream TV’s award-winning Ultra-D™ technology,” said Tracy Rees, Chief Executive Officer, Intrinsyc. “Their recent announcements highlight that Stream TV has the potential to greatly expand the commercial opportunities to bring glasses-free 3D technology beyond the current large screen televisions to devices ranging from mobile phones, tablets, and PC monitors. Intrinsyc has been a long-term partner with Stream TV and we are pleased to see their progress toward mass market adoption.”
During the recent Consumer Electronics Show 2018 Stream TV and BOE Technology Group Co., Ltd. (“BOE”), (www.boe.com) announced a strategic relationship. BOE is one of the world’s leading video panel manufacturers. They are launching an industry-leading 10.5G production line for the manufacture of 8K and other high-resolution video displays.
“Intrinsyc has been an important part of the Ultra-D™ success story. They have been patient and financially supportive during the long development process as we move toward the consumer market. Stream TV expects, with the new partnership with BOE, we will be using Intrinsyc’s expertise for a wide range of products to be commercialized in the next few years. The BOE strategic relationship has generated a lot of new investor interest and will greatly help in this expanded business opportunity with Intrinsyc,” said Mathu Rajan, CEO of Stream TV Networks. Also, based on current expressions of interest, Stream TV anticipates moving forward with its current financing program in the next sixty days to source the necessary funding for its product development roadmap.
At the time of the last extension of the Note, Stream TV entered into a formal commitment to generate or purchase US$2,000,000 in products, services, or royalties during the year ending February 1, 2018. The parties have agreed to incorporate any outstanding balance of this commitment into the new agreements to be negotiated in the upcoming sixty day period. Stream TV has previously exceeded prior obligations to purchase more than US$6,000,000 in products, services or royalties from Intrinsyc and currently has no outstanding trade related debt owing to Intrinsyc.
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. Ultra-D™ technology is 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 to color TVs. 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 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 much 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 Boulder, CO, and Taipei, Taiwan.
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For more information, please contact:
Intrinsyc Technologies Corporation
Chief Financial Officer
Phone: +1 (604)-678-3734
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