|By Marketwired .||
|June 17, 2014 06:33 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/17/14 -- Intrinsyc Software International, Inc. (TSX:ICS) ("Intrinsyc" or the "Company") announced today that the Company had filed articles of amendment to give effect to the consolidation of its common shares (the "Common Shares") on an eight (8) old Common Shares for one (1) new Common Share basis (the "Consolidation") effective June 17, 2014. The Company has also effected a change in its name to Intrinsyc Technologies Corporation to better reflect the recent transformation of its business (the "Name Change"). The Company's Common Shares post-Consolidation will trade on the TSX Exchange under a new trading symbol: ITC.
"The changes announced today signify a renaissance for the Company as we embark on a new strategic direction, with an expanding set of technology solutions for the embedded systems and Internet of Things markets," said Tracy Rees, President and CEO, Intrinsyc.
At the Annual Special Meeting held on May 14th, 2014, the Shareholders of the Company authorized the Board to effect a share consolidation of the Common Shares based on a range between a one (1) for five (5) basis to a one (1) for ten (10) basis, as well as to change the Company's name. All materials necessary to effect the Consolidation and the Name Change are expected be filed with the Toronto Stock Exchange (the "TSX") today and, subject to TSX approval, it is expected that the Common Shares will commence trading on the TSX under the new name and "ITC" trading symbol, as well as on a Consolidated basis on or about June 20, 2014. The Company expects that the Consolidation will reduce the number of its Common Shares from approximately 164,444,064 to approximately 20,555,508.
The Company also mailed letters of transmittal to its registered shareholders describing the process by which such shareholders can exchange their existing share certificates. Registered shareholders may also obtain copies of the letter of transmittal by contacting Equity Financial Trust Company. If as a result of the Consolidation a shareholder becomes entitled to a fractional Common Share, such fractions will be rounded down to the nearest whole Common Share and will be cancelled without consideration.
Shareholders who hold their Common Shares through their broker or other intermediary and do not have actual share certificates will not be required to complete and return a letter of transmittal. Any pre-Consolidation Common Shares owned by such shareholders will automatically be adjusted as a result of the Consolidation and the Name Change and no further action is required to be taken by such shareholders.
About Intrinsyc Technologies Corporation
Intrinsyc Technologies Corporation (www.intrinsyc.com) a leading provider of solutions for the development of embedded and wireless devices is a product development company that provides hardware, software, and service solutions that enable next-generation embedded and Internet of Things ("IoT") 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. Intrinsyc is publicly traded (TSX:ITC) and is headquartered in Vancouver, BC, Canada.
Intrinsyc Technologies Corporation
Chief Financial Officer