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Intrinsyc (TSX: ITC and OTC: ISYRF) Receives Order for Open-Q™ 410 Embedded Computing Modules Valued at $940,000(June 04, 2018)
Revenue Expected in Second Half of 2018 and First Quarter of 2019
VANCOUVER, British Columbia, June 04, 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, announced the receipt of an order valued at US$940,000 for the Company’s Open-Q™ 410 embedded computing modules. The order is a follow-on production order from an existing IoT client. Shipment of the modules is expected to occur in the second half of 2018, and first quarter of 2019.
“We are pleased with this and other productions orders received for the Company’s embedded computing modules,” stated Mr. Mark Waldenberg, Vice President Global Sales, Intrinsyc. “These orders are indicative of our high-quality, performance-leading products and validates our ability to scale revenue both from the addition of new clients, as well as recurring hardware orders from existing clients.”
Intrinsyc’s Open-Q™ 410 SOM is an ultra-small (44mm X 26.5mm), production-ready, pre-certified module based upon a powerful quad-core processor. The SOM’s small form factor, advanced technology, wide range of supported peripherals, and long-life availability, enables a variety of low-cost, high-performance embedded and IoT devices.
Forward-Looking Statements and Other Guidance
Intrinsyc announces the receipt of some orders based on dollar value or other importance to furthering the Company’s business objectives. The Company may announce an aggregate grouping of orders or design wins when they occur in close proximity. Orders announced are not necessarily indicative of the average size of orders received and the Company does not announce all orders or design wins received.
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 available and help OEMs to rapidly bring industry leading products, with rich functionality and high performance, to market. Intrinsyc is publicly traded (TSX:ITC) (OTC:ISYRF) and is headquartered in Vancouver, BC, Canada, with additional product development centers in Taipei, Taiwan, and Bangalore, India.
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Intrinsyc Technologies Corporation