Intrinsyc Software International (TSX:ICS, StockForum), a Vancouver-based product development company providing hardware, software and engineering service solutions for next-generation embedded and wireless devices, announced today that the company had entered into an agreement to provide an Original Equipment Manufacturer (“OEM”) a custom electronics solution based on the company's Open-Q System on Module.
The agreement stipulates that the OEM is committed to enter into a master agreement within 90 days to purchase 10,000+ System on Modules over the following 12-month period with delivery slated to commence in the fall of 2014.
According to the news release, “Specific details of the project and the customer name remain confidential at the customer's request.”
CEO of Intrinsyc, Tracy Rees, commented, “We are pleased with this significant customer win and the progress being made with our transformative initiatives to build System on Module-based computing solutions that will provide long-term, repeat revenue for the Company.”
Intrinsyc was in the news recently when the company reported third quarter results.
Shares climbed 30.77% on the news to $0.085 per share.
Currently there are 163,259,070 outstanding shares with a market cap of $13.88 million.