Intrinsyc Technologies Corporation Announces Closing of the Plan of Arrangement with Lantronix, Inc.
VANCOUVER, BRITISH COLUMBIA – January 16, 2020 — Intrinsyc Technologies Corporation (TSX: ITC and OTCQX: ISYRF) (“Intrinsyc” or the “Company”), today announced that Lantronix, Inc. (NASDAQ: LTRX) (“Lantronix”) has completed the previously announced acquisition of all the issued and outstanding common shares of Intrinsyc (“Common Shares”) in a cash and share transaction valued at approximately US$27 million (collectively, the “Transaction”).
The Intrinsyc Common Shares are expected to be delisted from the Toronto Stock Exchange and the OTCQX effective as of the close of trading on or about January 20, 2020. Intrinsyc will apply to cease to be a reporting issuer in all provinces of Canada.
A copy of Lantronix’s report on Form 62-103F1 will appear on Intrinsyc’s profile on SEDAR at www.sedar.com.
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 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.
About Lantronix, Inc.
Lantronix, Inc. is a global provider of secure data access and management solutions for Internet of Things (IoT) assets. Lantronix’s mission is to be the leading supplier of IoT solutions that enable companies to dramatically simplify the creation, deployment, and management of IoT projects while providing secure access to data for applications and people.
With more than two decades of experience in creating robust machine to machine (M2M) technologies, Lantronix is an innovator in enabling our customers to build new business models and realize the possibilities of the Internet of Things. Lantronix’s connectivity solutions are deployed inside millions of machines serving a wide range of industries, including industrial, medical, security, transportation, retail, financial, environmental and government.
Lantronix is headquartered in Irvine, California.
For more information, visit www.lantronix.com.
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. Some of the specific forward-looking information referred to in this press release includes, but is not limited to: the timing of the delisting on the Toronto Stock Exchange and OTCQX.
Although the forward-looking information contained in this press release is based on what Intrinsyc’s management believes to be reasonable assumptions, Intrinsyc cannot assure investors that actual results will be consistent with such information.
Additional information about risks and uncertainties 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.
For more information, please contact:
George W. Reznik, CPA-CA, CBV, CFE
Chief Financial Officer
Intrinsyc Technologies Corporation