VANCOUVER, British Columbia, May 03, 2018 (GLOBE NEWSWIRE) -- Intrinsyc Technologies Corporation (TSX:ITC) (OTC:ISYRF) (“Intrinsyc”), a leading provider of solutions for the development of embedded and IoT devices and Stream TV Networks, Inc. (“Stream TV”), a Philadelphia-based new media company, today announced that Intrinsyc will make a strategic equity investment in Stream TV Networks through the conversion of a secured promissory note and interest accrued for a total amount of US$1,661,383.56 into 415,346 common shares. The agreements between the parties also include Stream TV providing a commitment of One Million Five Hundred Thousand Dollars USD (US$1,500,000) in services to be purchased directly or through connected party referrals during the eighteen (18) month period beginning May 1, 2018.
“When we first announced our strategic relationship and promissory note investment with Stream TV in October 2014, we were excited at Stream TV’s potential for success,” stated Tracy Rees, Chief Executive Officer, Intrinsyc Technologies Corporation. “Since that time, Intrinsyc has been a key technology partner for Stream TV; providing more than US$8,000,000 in products and services.”
“We are pleased to bring our close and collaborative relationship to an even higher level with this equity investment by Intrinsyc,” stated Mathu Rajan, CEO of Stream TV Networks. “This represents both an affirmation of the value we receive from Intrinsyc’s technology and expertise and also Intrinsyc’s faith in Stream TV’s Ultra-D™ technology and commercial potential.”
About Stream TV Networks, Inc.
Stream TV is a Philadelphia-based technology company founded to develop enhanced entertainment and communications experiences. Stream TV’s breakthrough Ultra-D™ technology is the only proprietary glasses-free 3D solution that delivers both a stunning visual display as well as content conversion from any 2D or 3D source. Learn more at www.Ultra-D.com and www.MoveBeyond3D.com. Ultra-D™ technology is a proprietary hardware and software solution that allows users to watch all of their content in fully adjustable 4K Glasses-Free 3D. Ultra-D™ solves the two biggest limitations of 3D technology – the need to wear special glasses and the scarcity of 3D content. With Ultra-D™ users can watch virtually anything they wish on their television or tablet computer in 3D without glasses due to a real-time video conversion function. Additionally, users can control the amount of 3D effect as easily as turning audio volume up or down with a remote control. The Ultra-D™ technology viewing experience has the potential to transform the market for consumer video devices starting with televisions and then migrating to tablets, PC monitors and other devices in a manner that could be as transformative as the evolution from black and white to color TVs. Stream TV’s goal is to make Ultra-D™ the ubiquitous standard for watching all video media at some comfortable level of 3D, which is decided by the end user.
About Intrinsyc Technologies Corporation
Intrinsyc Technologies Corporation is a product development company that combines production ready computing engines with unmatched product development expertise to enable rapid commercialization of embedded and Internet of Things (“IoT”) products. Intrinsyc has successfully delivered over 1,200 projects from mobile phones and tablets to IoT products like robotics, wearables, connected cameras, augmented reality glasses, and much more. Intrinsyc’s Open-Q™ System on Modules incorporate the industry’s most advanced processor technology available and help OEMs to rapidly bring industry leading products, with rich functionality and high performance, to market. Intrinsyc is publicly traded (TSX:ITC) (OTC:ISYRF) and is headquartered in Vancouver, BC, Canada, with additional product development centers in Bangalore, India, and Taipei, Taiwan.
For more information, please contact:
Intrinsyc Technologies Corporation
George Reznik
Chief Financial Officer
Email: greznik@intrinsyc.com
Phone: +1 (604)-678-3734
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