Intrinsyc Technologies Corporation Receives Court Approval For Arrangement With Lantronix, Inc.

VANCOUVER, British Columbia, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Intrinsyc Technologies Corporation (TSX: ITC and OTCQX: ISYRF) (“Intrinsyc” or the “Company”), is pleased to announce that the Supreme Court of British Columbia granted a final order on January 8, 2020 approving its previously announced plan of arrangement, pursuant to which Lantronix, Inc. (NASDAQ: LTRX) (“Lantronix”) will acquire all of the issued and outstanding common shares of Intrinsyc (“Common Shares”) in a cash and share transaction valued at approximately US$27 million (collectively, the “Transaction”).

Closing of the Transaction remains subject to the satisfaction of certain customary closing conditions. Assuming the timely completion of these conditions, Intrinsyc expects the Transaction to close as soon as possible thereafter.

About Intrinsyc Technologies Corporation

Intrinsyc provides comprehensive product development services, as well as the industry’s highest-performance edge AI computing modules, to enable rapid commercialization of intelligent IoT products. Intrinsyc has successfully delivered over 1,400 client projects including sophisticated consumer and industrial IoT products like: robotics, connected cameras, smart displays, augmented reality, smart buildings, wearables, in-vehicle infotainment, and many others. Intrinsyc’s Open-Q System on Modules incorporate the industry’s most advanced processor technology from Qualcomm Technologies Inc., and help OEMs to rapidly bring industry leading products, with rich functionality and high performance, to market.

About Lantronix, Inc.

Lantronix, Inc. is a global provider of secure data access and management solutions for Internet of Things (IoT) assets. Lantronix’s mission is to be the leading supplier of IoT solutions that enable companies to dramatically simplify the creation, deployment, and management of IoT projects while providing secure access to data for applications and people.

With more than two decades of experience in creating robust machine to machine (M2M) technologies, Lantronix is an innovator in enabling our customers to build new business models and realize the possibilities of the Internet of Things. Lantronix’s connectivity solutions are deployed inside millions of machines serving a wide range of industries, including industrial, medical, security, transportation, retail, financial, environmental and government.