VANCOUVER, British Columbia, Feb. 05, 2019 (GLOBE NEWSWIRE) -- Intrinsyc® Technologies Corporation (TSX: ITC and OTCQX: ISYRF) (“Intrinsyc” or the “Company”), a leading provider of solutions for the development and production of embedded and Internet of Things (“IoT”) products, today announced Intrinsyc’s engagement of Roth Capital Partners, LLC (“Roth”) as a financial advisor with a mandate to accelerate strategic growth opportunities for the Company. The goal of Roth’s mandate, which has been documented by a formal engagement agreement on standard industry terms, is to enhance value for all holders of Intrinsyc common shares.
Intrinsyc achieved record revenue of US$25.7 million (CDN$33.4 million) in 2018 and has compiled a 26.4% compound annual revenue growth (“CAGR”) from 2014 – 2018. Intrinsyc is now seeking opportunities to augment its strong organic growth which would bring greater scale and could lead to increased valuation of the Company’s shares.
Intrinsyc provides embedded computing modules and product development services to enable and support a wide variety of fast-growing IoT products such as robotics, connected cameras, smart displays, augmented reality glasses, smart buildings, wearables, in-vehicle infotainment, and many others.
The Company does not provide an assurance that this process will result in a transaction or, if a transaction is undertaken, the timing or terms of any such transaction. There can be no assurances that the process will result in any specific transaction that will be acceptable to the Company.
ABOUT INTRINSYC TECHNOLOGIES CORPORATION
Intrinsyc Technologies Corporation combines production-ready computing modules with unmatched product development expertise to enable rapid commercialization of Internet of Things (“IoT”) products. Intrinsyc has successfully delivered over 1,300 projects from mobile phones and tablets to a variety of consumer and industrial IoT products. 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 OTCQX: ISYRF) and is headquartered in Vancouver, BC, Canada; with additional product development centers in Taipei, Taiwan, and Bangalore, India.
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 and other factors described in the Company’s reports filed on SEDAR, including its Annual Information Form and financial report for the year ended December 31, 2017. This list is not exhaustive of the factors that may affect the Company’s forward-looking information. Such forward-looking statements or information may include financial and other projections as well as statements regarding the Company’s future plans. 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.
For more information, please contact:
George Reznik, CA – CPA, CBV
Chief Financial Officer
Intrinsyc Technologies Corporation