I am pleased by the commitment and teamwork displayed by our employees who volunteered to make a personal sacrifice for the good of the company and our shareholders. Additionally, it is encouraging that we can win a substantial customer engagement in a challenging macro-economic environment.
Vancouver, BC (Vocus) April 14, 2009
Intrinsyc Software International, Inc. (TSX: ICS), a leading provider of software solutions for mobile devices, today announced a material agreement worth 10% or more of projected revenues over the next 12 months. This agreement is a follow-on to the engagement previously announced on March 16, 2009 for the development of an Android based device for an undisclosed Fortune 500 company.
In other developments, the Company has taken further steps to reduce operating expenses including a voluntary salary reduction program. Tracy Rees, interim Chief Executive Officer, has led this initiative with a 20% reduction while, the majority of other employees, including all of the Company's executive team, are reducing their salaries by 10%.
"These developments represent significant progress on both the revenue and cost sides of our business toward our goal of achieving positive cash flow operation on a quarterly basis in fiscal 2009," said Rees. "I am pleased by the commitment and teamwork displayed by our employees who volunteered to make a personal sacrifice for the good of the company and our shareholders. Additionally, it is encouraging that we can win a substantial customer engagement in a challenging macro-economic environment."
The development project for the Android device is already in progress with completion scheduled before the end of the year. Specific details of the device project and the customer name remain confidential at the customer's request. The device development project will be completed by the Company's Solutions Engineering teams in Vancouver, BC Canada, Bellevue, WA USA and Beijing China.
About Intrinsyc Software International, Inc.
Intrinsyc provides software solutions that enable next-generation handheld products, including mobile handsets, smart phones, and embedded devices. The company's products include Destinator® navigation and Location Based Services platform, the Soleus® Transit platform for connected personal navigation devices and Soleus for converged device development. Combined with award winning Solutions Engineering and 12 years of expertise, Intrinsyc helps device makers, and silicon vendors deliver compelling mobile products with faster time-to-market and higher quality. Intrinsyc is a Microsoft Windows Embedded Gold Partner and a winner of Windows Embedded Excellence Awards in 2007 and 2008, and S60 and Symbian Competence Centers. Intrinsyc is publicly traded (TSX: ICS) and headquartered in Vancouver, Canada, with offices in China, Israel, Taiwan, U.K., and the United States. http://www.intrinsyc.com.
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