Intrinsyc Provides Update on Review of TPC Funding
Intrinsyc Software International, Inc. (the “Company”) (TSX:ICS) announced that further to the Company’s previous announcements regarding an ongoing review by Industry Canada’s Industrial Technology Office, formerly known as Technology Partnerships Canada (“TPC”), of certain funding amounts paid by TPC to the Company, Intrinsyc has received correspondence from the Industrial Technology Office indicating that certain amounts claimed by the Company under its contribution agreement with TPC have been disallowed and a repayment of approximately $900,000 will be requested. Intrinsyc is reviewing this correspondence and the contribution agreement in order to determine if it will appeal the determination by the Industrial Technology Office in accordance with the procedure set out in the agreement. The Company will make further disclosure on this topic following communication and resolution with the Industrial Technology Office.
This matter is pursuant to the Company’s agreements with the Government of Canada’s Technology Partnerships Canada program. To date, the Company has received approximately $3.8 million in contributions from TPC and paid royalties of approximately $492,900 in accordance with the terms of its agreement with TPC.
About Intrinsyc Software International, Inc.
Intrinsyc is a leader in software and services that enable next-generation handheld and embedded products, including mobile handsets, smart phones and converged devices. The company’s mobile software products, engineering services, and years of expertise help OEMs, service providers, and silicon providers deliver compelling wireless products with faster time-to-market and improved development cost. Intrinsyc is the licensor of the Soleus™ platform based on Windows® Embedded CE for consumer handset development. Intrinsyc is a Microsoft® Windows® Embedded Gold Partner, the 2007 Windows Embedded Excellence Award winner for System Integrator, and a Symbian Platinum Partner. Intrinsyc is publicly traded on the Toronto Stock Exchange (symbol: ICS) and headquartered in Vancouver, Canada with regional offices in the United Kingdom, the United States, Taiwan and Barbados.
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