Intrinsyc Announces New Orders and Achievement of Record Booked Sales in the Quarter ended September 30, 2018

VANCOUVER, B.C., Oct. 02, 2018 (GLOBE NEWSWIRE) -- Intrinsyc Technologies Corporation (TSX: ITC and 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 orders, last week, that are in aggregate valued at US$1,181,000.  Orders for the and related hardware components were valued at US$473,000, and engineering services agreements were valued at US$708,000. Revenue from these orders is expected to be recorded in the fourth quarter of 2018 and first quarter of 2019. 

These orders, in addition to previous orders achieved in the quarter, resulted in record booked sales of more than US$11,500,000, surpassing the record booked orders attained in the previous quarter that exceeded US$8,000,000.

“We followed up a record quarter of sales bookings with an even stronger quarter,” stated Mark Waldenberg, Vice President Global Sales, Intrinsyc.   “Orders during the quarter were led by the over US$5,000,000 order for hardware components from a Global 500 client; with several additional orders from a broad-set of existing and new clients.”

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 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 because 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.

For more information, please contact:

Rachele Webb

Marketing Communications Manager

Intrinsyc Technologies Corporation

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