|By Marketwired .||
|March 17, 2014 09:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/17/14 -- Intrinsyc Software International, Inc. ("Intrinsyc" or the "Company") (TSX:ICS), a leading provider of solutions for the development of embedded and wireless devices, today announced the signing of a master supply agreement (the "Agreement") with an Original Equipment Manufacturer ("OEM") for a custom version of Intrinsyc's Open-Q(TM) 8074 SOM. The Agreement follows a development agreement previously announced by the Company on December 12, 2013. The development agreement contained a commitment by the OEM to enter into a master supply agreement with Intrinsyc within 90 days for the purchase of a minimum of ten thousand of Intrinsyc's Open-Q 8074 System on Modules over a twelve month period. The units committed to under this Agreement are expected to begin shipping late in the third quarter of 2014 with the minimum volume delivered within twelve months of the initial shipment.
In addition to a custom hardware design, Intrinsyc is providing a custom Linux implementation and software to provide industry leading compute performance in a low-power, small form factor embedded computing module. Other details of the product and the customer name remain confidential at the customer's request.
"Although we can't provide details on the customer's product at this time, we are excited that the Open-Q 8074 was selected to power a very compelling product, which I believe will be a leader within its market," stated Tracy Rees, CEO of Intrinsyc.
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 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. 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. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to: the need to develop, integrate and deploy software solutions to meet the Company's customer's requirements; the possibility of development or deployment difficulties or delays; the dependence on the Company's customer's satisfaction; the timing of entering into significant contracts; customers' continued commitment to the deployment of the Company's solutions; reliance on products manufactured by other companies for resale or distribution and reliance on third-party suppliers; the performance of the global economy and growth in software industry sales; market acceptance of the Company's products and services; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to international expansion; concentration of sales; international operations and sales; dependence upon key personnel and hiring; reliance on a limited number of suppliers; industry growth; competition; intellectual property; product defects and product liability; currency exchange rate risk; and other factors described in the Company's reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2012.
This list is not exhaustive of the factors that may affect the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. 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 Software International, Inc.
Intrinsyc Software International, Inc. (www.intrinsyc.com) is a product development company that provides hardware, software, and service solutions that enable next-generation embedded and wireless products. Solutions span the development life cycle from concept to production and help device makers and technology suppliers create compelling differentiated products with faster time-to-market. Intrinsyc is publicly traded (TSX:ICS) and is headquartered in Vancouver, BC, Canada.
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