VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 04/28/15 — Intrinsyc Technologies Corporation (“Intrinsyc” or the “Company”) (TSX: ITC), a leading provider of solutions for the development of intelligent connected products, today provided an update on progress with customers using Open-Q System on Modules for Development of Intelligent Connected Products and announced that the Company will release its fiscal 2015 first quarter financial results on Monday, May 11, 2015 at 4:00 p.m. Eastern Time (1:00 p.m. Pacific Time).
Intrinsyc is currently in discussions with a customer that signed an agreement previously announced on March 17, 2014, which included a binding commitment to purchase 10,000 units of Intrinsyc–s Open-Q System on Modules that were expected to ship in 2015. The customer is not prepared to meet their volume requirement and Intrinsyc is seeking compensation pursuant to the agreement with the customer.
“While we are very disappointed that this customer is not prepared to meet their volume commitment, we are hopeful that we can arrive at an equitable and amicable resolution,” stated Tracy Rees, President and CEO, Intrinsyc Technologies Corporation. “Although this is a setback to our revenue goals for 2015, I am pleased with the substantial progress we are making in expanding the number of customers developing products based on Intrinsyc–s embedded computing boards.”
Intrinsyc has a net seven new design wins year-to-date with companies that signed development agreements during this period or have begun development independently to incorporate Intrinsyc–s Open-Q System on Modules into their products. Combined with previous design win customers this brings the total number of customers developing products using Intrinsyc–s embedded computing boards to 25.
Among these design wins are recently signed agreements to provide product development services with two clients each valued at more than $250,000 that also have significant aggregate expected annual unit volume of Intrinsyc–s computing boards exceeding 50,000 units, beginning in the first half of 2016, subject to confirmation and release schedule from future purchase orders. Additionally, the company recently signed two agreements to provide product development services with companies that exceed $500,000 in value each. The Company–s design wins range across an array of embedded industries including: wearables, retail, digital signage, video conferencing, broadcast equipment, cameras, robotics, avionics, in-vehicle entertainment, and many more.
While some of the Company–s design win customers may not launch their products in the time or quantity expected, there is an increasing number of companies developing products based on Intrinsyc–s embedded computing boards, and a rising expectation of unit shipments.
The Company will hold a conference call to discuss the financial results for its fiscal first quarter 2015 at 4:00 p.m. Eastern Time (1:00 p.m. Pacific Time) on May 11, 2015. On the call, Tracy Rees, President and Chief Executive Officer, and George Reznik, Chief Financial Officer. This conference call may be accessed in North America, toll-free, by dialing 1-800-952-4972 and internationally by dialing 1-416-340-9432 approximately 10 minutes prior to the start of the call. This conference line is operator assisted and an access PIN is not required. The conference call will also be broadcast live over the Internet and available for replay on the Company–s . Analysts and investors are invited to participate on the call. Questions may be submitted to prior to the call.
About Intrinsyc Technologies Corporation
Intrinsyc Technologies is a product development company that provides comprehensive and tailored solutions that enable the development and production of next-generation intelligent connected devices. Solutions span the product development life cycle from concept to production and help makers of intelligent connected devices create compelling differentiated products with faster time-to-market. Intrinsyc is publicly traded (TSX: ITC) and is headquartered in Vancouver, BC, Canada. For more information, please refer to the Intrinsyc–s website at .
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Intrinsyc and Open-Q and their respective logos are trademarks, registered and otherwise, of Intrinsyc Technologies Corporation in Canada, European Union, Taiwan, United States of America and other jurisdictions. Other products and services mentioned in this document are identified by the trademarks or service marks of their respective companies or organizations.
Contacts:
Intrinsyc Technologies Corporation
George Reznik
Chief Financial Officer
+1-604-678-3734
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