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Intrinsyc Announces Signing of Material Agreement with Leading Semiconductor CompanyWill Develop Expertise with Next-Generation Technology for Intelligent Connected Devices (December 22, 2011)
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/22/11 -- Intrinsyc Software International, Inc. (TSX:ICS) ("Intrinsyc" or the "Company"), a leading provider of solutions for mobile and embedded wireless devices, today announced a material agreement worth 10% or more of projected revenues over the next 12 months. This agreement to provide engineering services for Android platforms with an industry leading semiconductor company is expected to exceed $2 million in revenue in FY 2012.
"We are pleased with the signing of an agreement to extend our relationship with this industry leading company," said Tracy Rees, President and Chief Executive Officer. "In addition to improving our revenue backlog, this agreement enables our team to gain in-depth expertise with next-generation technology that will position Intrinsyc well with companies building intelligent connected devices based on this advanced technology."
Specific details of the development project and the customer name remain confidential at the customer's request.
About Intrinsyc Software International, Inc.
Intrinsyc is a product development company that is dedicated to bringing industry leading next generation intelligent connected devices to market, from smartphones and tablets, to emerging categories of M2M (Machine-to-Machine) solutions. Intrinsyc is helping to lead the way to a networked society where 50 billion intelligent connected devices are expected by 2020. Intrinsyc is publicly traded (TSX:ICS) and is headquartered in Vancouver, Canada, with operations in China, Taiwan and the United States.
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