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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2010) - Intrinsyc Software International, Inc. (TSX:ICS), a leading provider of software solutions for mobile devices, today announced its financial results for the first quarter ended March 31, 2010, reported in United States dollars and in accordance with Canadian Generally Accepted Accounting Principles (GAAP). The Company's results are presented in comparison to the three months ended December 31, 2009 and the three months ended March 31, 2009.

The Company reported first quarter revenue of $3.5 million as compared to $3.9 million for the three months ended December 31, 2009 and $4.4 million in the period ended March 31, 2009. Total revenue attributable to the Company's software solutions was 41 percent of revenues, including software licensing, maintenance/support and software-related services, as compared to 52 percent and 40 percent in the respective comparative quarters. Gross margin was 60 percent in the first quarter of 2010, consistent with 60 percent in the three months ended December 31, 2009 and higher than the gross margin experienced of 48 percent in the three months ended March 31, 2009.

Total operating expenses, excluding amortization, stock-based compensation, TPC funding investment, restructuring charges and loss/(gain) on disposal of equipment, for the three months ended March 31, 2010 were $2.0 million which was an increase of 1% over the preceding three months ended December 31, 2009 and a decrease over the three months ended March 31, 2009 of $3.3 million. Earnings before interest, amortization, stock-based compensation expense, restructuring, loss/(gain) on disposal of equipment, foreign exchange loss/(gain), TPC funding investment, and income tax ("EBITDA") for the three months ended March 31, 2010 was $102,994 compared to $314,938 in the previous three months ended December 31, 2009 and ($1.2 million) for the three months ended March 31, 2009. Cash and cash equivalents were $12.1 million with net working capital of $11.1 million as of March 31, 2010, compared to cash and cash equivalents of $11.7 million with net working capital of $11.3 million as of December 31, 2009.

"We are pleased that we were able to achieve our fourth consecutive quarter of positive EBITDA, a total of over $1.0 million during that period," stated Tracy Rees, Chief Executive Officer. "Although our revenue trend has not been as positive, we recently signed two significant agreements, one with a Fortune 500 customer that extends our important relationship to assist in development of future mobile devices and a software and services agreement with a company based in Asia that is expected to generate royalties in future quarters."

Recent Business Highlights

• Selected by Leica Geosystems Agriculture, a pioneer of innovative precision farming tools, to power the turn-by-turn functionality in the new Leica mojoMINI portable guidance solution.
• Announced the expansion of its Windows® Mobile and Android applications into the UK, Australia and Western Europe – which are available immediately for download through Destinator NavStore ([ http://www.destinatornavstore.com/ ]) and Android Market.
• Launched Destinator® 9 for purchase on the Windows Marketplace for Mobile ([ http://marketplace.windowsphone.com/ ]), the online applications and media portal for Windows phones.
• Demonstrated the latest Android RapidRIL™ on ZiiLABS' cellular Development Kit at Mobile World Congress, in Barcelona, February 15-18.
• Launched Destinator 9.2 navigation application for the Apple iPhone™ in North America through Apple APP Store.
• Announced a partnership to integrate GyPSii's award-winning social media and contextual advertising/coupon functionality into the globally acclaimed Destinator navigation application for smart phones. The combination of the two heralds a first for the mobile navigation segment with the full integration of social media features into a mobile turn-by-turn navigation application.
• Announced a partnership with MIPS technology to bring 3.5G functionality to the MIPS® architecture. The companies are porting Intrinsyc's RapidRIL software to the MIPS architecture in order to accelerate mobile SoC development for MIPS licensees around the globe.
• Announced the immediate availability of a commercial-grade, open market Radio Interface Layer (RIL) software for mobile devices utilizing the Android operating system and Sierra Wireless series 8 modems.
• Completed executive level restructuring with the departure of two executives and the addition of Randy Moore, Vice President of Engineering Operations.

Conference call

The Company will release its fiscal first quarter 2010 financial results on Thursday, May 13, 2010 at 4:00 p.m. Eastern Time (1:00 p.m. Pacific Time). The company will hold a conference call to discuss the financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) the same day. On the call, Tracy Rees, President and Chief Executive Officer, and George Reznik, Chief Financial Officer, will discuss the financial results announced. This conference call may be accessed in North America, toll-free, by dialing 1-866-610-8602, and internationally by dialing +1-212-401-8152 approximately 10 minutes prior to the start of the call. This conference line is operator assisted and an access PIN is not required. The conference call will also be broadcast live over the Internet and available for replay on the company's Investor Relations Conference Calls web page ([ www.intrinsyc.com/investors/conference_calls.aspx ]). Analysts and investors are invited to participate on the call. Questions may be submitted to [ invest@intrinsyc.com ] prior to the call.

The Audit Committee of the Company has reviewed the contents of this news release.

Forward-Looking Statements

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, 2009. 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.

About Intrinsyc Software International, Inc.

Intrinsyc empowers device makers, mobile operators, and silicon vendors to deliver compelling, next generation mobile devices faster with higher quality, and differentiating innovation. We help our customers deliver compelling products using our unmatched expertise with the leading OS platforms including Android, Apple, Blackberry, Linux, Symbian, Windows CE and Windows Phone. Intrinsyc delivers Destinator, the most feature rich navigation application with the best integration for leading smart phones, including from OEMs like Motorola and LG Electronics. Destinator is also available through leading application stores and Intrinsyc's own navigation store [ www.destinatornavstore.com ]. Intrinsyc is publicly traded (TSX:ICS) and headquartered in Vancouver, Canada, with offices in China and the United States. [ www.intrinsyc.com ]