Take Over? VANCOUVER, British Columbia--(BUSINESS WIRE)--
Intrinsyc Software International, Inc. (ICS.TO) (“Intrinsyc” or the “Company”), today commented on the recent disclosure by Stonehouse Capital Management Inc. ("Stonehouse") that it continues to accumulate shares of the Company to advance its predatory agenda.
Thomas J. Bitove, independent director, shareholder and Chairman of Intrinsyc’s Special Committee struck by the board, stated: “Daniel Marks and Stonehouse Capital are pursuing a predatory and self-serving agenda that we believe will never benefit Intrinsyc’s other shareholders. Stonehouse and its group of fast money, hedge fund supporters are seeking to effect a no-premium takeover of the Company, evidenced by their tactics and lack of any operating plan. The Special Committee of the board recently invited Stonehouse to discuss the affairs of the Company and they refused to even sign a standard confidentiality agreement, supporting the fact that they have no interest whatsoever in the value of the Company beyond its cash position.”
Added Bitove, “Intrinsyc has already been the target of wasteful and frivolous litigation on behalf of Stonehouse and shareholders need to question the motives of this group as they continue a creeping accumulation of shares.”
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 (ICS.TO) and is headquartered in Vancouver, Canada, with operations in Taiwan and the United States.
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