Total Potential Revenue of $9,893,000
VANCOUVER, British Columbia, July 31, 2018 (GLOBE NEWSWIRE) — Intrinsyc Technologies Corporation (TSX: ITC) (OTC: ISYRF) (“Intrinsyc” or the “Company”), a leading provider of solutions for the development of embedded and Internet of Things (“IoT”) products, today announced the receipt of purchase orders, from an existing Global 500 client (the “Client”), that are valued at US$5,431,000.
These non-cancellable orders are for the last-time purchase of computing processors and memory that are reaching end of life. Delivery and title of ownership to the components will transfer to the Client with revenue anticipated to be recognized as follows: Q4 2018 US$976,000, Q1 2019 US$1,206,000, Q2 2019 US$1,949,000, and Q4 2019 US$1,300,000. The computing processors and memory are expected to be consumed for potential future orders of the Company’s Open-Q™ embedded computing modules. Should the end of life computing modules be delivered as expected there is the potential for additional revenue from the Company’s Open-Q™ through 2021 in the amount of US$4,462,000, resulting in total orders of US$9,893,000.
“We are pleased to receive these substantial orders which reflect the long-term commitment to our Open-Q embedded computing modules from this industry leading client,” stated Tracy Rees, Chief Executive Officer, Intrinsyc.
The Company previously announced on June 1, 2017 the receipt of an order in the amount of US$2,990,000 from this same Global 500 client for memory components that were reaching end of life. The order, was delivered in the second half of 2017 and first half of 2018.
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, 2017. 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 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 1,200 projects from mobile phones and tablets to IoT products like robotics, wearables, connected cameras, augmented reality glasses, and many more. Intrinsyc’s Open-Q™ System on Modules incorporate the industry’s most advanced processor technology 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 Taipei, Taiwan, and Bangalore, India.
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Senior Marketing Coordinator
Intrinsyc Technologies Corporation
Email: [email protected]