Intrinsyc Receives Requisition to Call Special Shareholders' Meeting from Minority Shareholders
VANCOUVER, BRITISH COLUMBIA, Dec 11, 2012 (Marketwire via COMTEX) --
Intrinsyc Software International, Inc. (TSX:ICS) ("Intrinsyc" or the "Company"), developer of intelligent connected devices, today announced that its board of directors has received a shareholder requisition requesting that the Company's directors call a special meeting of the Company's shareholders for the purpose of removing from office all of the existing directors of the Company and electing new directors in their place.
The shareholders making the requisition, namely Daniel S. Marks, Karen L. Marks, Frederick Marks and Kevin Duggan, state that they collectively own not less than 5% of Intrinsyc's outstanding shares.
The Board is currently considering the request. The Board will review the requisition and respond appropriately, at which time further disclosure will be forthcoming. The Company remains committed to considering the views of its shareholders. In the meantime, there is no need for the Company's shareholders to take any action.
About Intrinsyc Software International, Inc.
Intrinsyc is a product development company that brings to market next generation intelligent connected devices, from smartphones and tablets, to emerging categories of Machine-to-Machine ("M2M") solutions. Intrinsyc is helping to lead the way to a networked society with 50 billion intelligent connected devices expected by 2020. Intrinsyc is publicly traded (TSX:ICS) and is headquartered in Vancouver, Canada, with operations in Taiwan and the United States.
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, 2011. 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.
FOR FURTHER INFORMATION PLEASE CONTACT: Intrinsyc Software International, Inc. George Reznik Chief Financial Officer +1-604-678-3734 firstname.lastname@example.org www.intrinsyc.com
SOURCE: Intrinsyc Software International, Inc.
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