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Market: TSX
Sector: Software
EPIC: ICS
Latest Price: 0.06  (4.55% Ascending)
52-week High: 0.16
52-week Low: 0.05
Market Cap: 9.80M
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Intrinsyc Software International
www.intrinsyc.com

Intrinsyc provides software solutions that enable next-generation handheld products, including mobile handsets, smart phones, and embedded devices. The company's products include the Soleus(R) software platform for converged device development and Destinator(R) navigation software.

Intrinsyc signs "material" agreement with large semiconductor company

22nd Dec 2011, 2:52 pm by Olivia D'Orazio
Intrinsyc signs 'material' agreement with large semiconductor company

Intrinsyc Software International (TSE:ICS) said Thursday it has signed a material agreement with an undisclosed large semiconductor company to provide engineering services for Android platforms.

The company said the agreement is worth 10 percent or more of projected revenues over the next 12 months. Intrinsyc also said it expects the transaction to exceed $2.0 million in revenues in 2012.

"We are pleased with the signing of an agreement to extend our relationship with this industry leading company," commented Intrinsyc president and CEO, Tracy Rees.

"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."

Intrinsyc said it will not release specific details regarding the development project or the customer's name.

Based in Vancouver, B.C., Intrinsyc provides hardwares, softwares, and services to companies that produce mobile and embedded wireless devices. Intrinsyc's solutions can span the entire development life of a product, and its technologies have been featured in smartphones, portable gaming devices, and automobile information systems.

Intrinsyc shares hiked 12.5 percent to $0.09, as of 1:59 pm EDT.

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