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News

Intrinsyc Receives Notice of Exercise of Over-Allotment Option

Intrinsyc Software International, a mobility software and services company, announced that TD Securities Inc. and Paradigm Capital Inc., the underwriters for its previously announced public offering, have exercised their closing option, in part, and will acquire an additional 2,596,401 units at $0.90 per unit. The final short form prospectus qualifying the distribution of the units was filed on March 23, 2006.

Each unit consists of one common share of the Intrinsyc and half of one common share purchase warrant at an offering price per unit of CDN$0.90. Gross proceeds for the offering including the units sold pursuant to the exercise of the closing option will be approximately $24,116,760.90, after taking into consideration exchange rates at the time of closing, with net proceeds of approximately $22,028,587.64 after deducting underwriters’ fees and estimated expenses.

The offering is expected to close on March 30, 2006.

 [March 28, 2006]


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