Intrinsyc Announces New Orders Valued at $1,263,000
VANCOUVER, British Columbia, Oct. 01, 2019 (GLOBE NEWSWIRE) — Intrinsyc Technologies Corporation (TSX: ITC and OTCQX: 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 orders from multiple clients, that in aggregate are valued at US$1,263,000. These orders consist of $1,002,000 for hardware and $261,000 for product development services. Hardware and services will be delivered in the third quarter, ending September 30, 2019 and fourth quarter, ending December 31, 2019. Total orders for the week were $2,896,000, when combined with orders for the company’s edge AI computing modules valued at $513,000, previously announced on September 24, 2019, and $1,120,000, announced on September 30, 2019.
“These orders cap off an excellent quarter for revenue bookings and position us well for a very strong close to the year,” stated Tracy Rees, Chief Executive Officer, Intrinsyc. “In addition to the orders received from two new larger clients that were previously announced, we are seeing a significant expansion of clients shipping products based on our industry-leading edge AI computing modules.”Forward-Looking Statements
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, 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.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 Internet of Things (“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. Intrinsyc is publicly traded (TSX: ITC and OTCQX: ISYRF) and is headquartered in Vancouver, BC, Canada; with additional product development centers in Taipei, Taiwan, and Bangalore, India. CONTACT INFORMATION
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Intrinsyc Technologies Corporation