|By Marketwired .||
|April 17, 2013 05:03 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/17/13 -- Intrinsyc Software International, Inc. ("Intrinsyc" or the "Company") (TSX:ICS), a leading provider of solutions for the development of embedded and wireless devices, today announced that the Company, Stonehouse Capital Management Inc. ("Stonehouse") and its President Daniel S. Marks have entered into a Settlement Agreement that terminates their proxy dispute on mutually agreeable terms. Both Intrinsyc and Stonehouse believe this settlement is in the best interests of all shareholders and allows the Company to continue with its existing business strategy while pursuing new opportunities.
Under the terms of the Settlement Agreement, effective immediately, the Company and Stonehouse have agreed on a newly constituted board of directors comprised of Messrs. Thomas Bitove, George Duguay, Howard "Skip" Speaks, Daniel S. Marks and Michael W. Bird.
Mr. Bitove commented, "This settlement allows Intrinsyc to move forward and realize the potential of its current business as well as strategic opportunities facing the Company. We look forward to working with our new directors on Intrinsyc's continued momentum. I would like to thank all of the Intrinsyc shareholders who supported us during this period."
Mr. Marks stated, "We view this settlement as a positive for the future of Intrinsyc and in the best interests of all its shareholders."
Mr. Duguay, newly appointed Chairman of the board of directors of the Company, said, "I would like to recognize the directors of the board who have resigned: Messrs. Philip Ladouceur, Ketan Kamdar, Gary Koerper and Tracy Rees. Each are highly qualified professionals, with a well-respected track record in the industry, and we would like to thank each of them for their commitment to the Company in getting us to where we are today. We look forward to working with our management team, including Tracy Rees who continues in his role as Chief Executive Officer, in continuing to pursue Intrinsyc's execution of its transformative strategy to deliver growth through the development of more comprehensive solutions for the embedded computing and Machine-to-Machine (M2M) communications markets."
In light of the settlement, the annual and special meeting of shareholders that was called for Tuesday, May 14, 2013 has been cancelled. A date for Intrinsyc's 2013 annual meeting of shareholders will be announced in the coming weeks, and will be held in any event on or before Friday June 28, 2013.
About Intrinsyc Software International, Inc.
Intrinsyc is a product development company that provides hardware, software, and service solutions that enable next-generation embedded and wireless products. Solutions span the development life cycle from concept to production and help device makers and technology suppliers create compelling differentiated products with faster time-to-market. We help our customers deliver compelling products using our unmatched expertise with the leading operating system, silicon, and wireless technology. Intrinsyc is publicly traded (TSX:ICS) and is headquartered in Vancouver, Canada.
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 financial and other projections as well as statements regarding the Company's future plans, objectives, performance, revenues, growth, profits, operating expenses 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. Factors that could cause actual events or results to differ materially from those suggested by these forward-looking statements include, but are not limited to: the need to develop, integrate and deploy software solutions to meet the Company's customer's requirements; the possibility of development or deployment difficulties or delays; the dependence on the Company's customer's satisfaction; the timing of entering into significant contracts; customers' continued commitment to the deployment of the Company's solutions; the performance of the global economy and growth in software industry sales; market acceptance of the Company's products and services; the success of certain business combinations engaged in by the Company or by its competitors; possible disruptive effects of organizational or personnel changes; technological change, new products and standards; risks related to international expansion; concentration of sales; international operations and sales; dependence upon key personnel and hiring; reliance on a limited number of suppliers; industry growth; competition; intellectual property; product defects and product liability; currency exchange rate risk; 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, 2012. This list is not exhaustive of the factors that may affect the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. 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.
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