Stonehouse Announces Nominees For Election To Board Of Directors Of Intrinsyc Software International, Inc. And Provides Update Regarding Requisitioned Meeting
Stonehouse believes that Intrinsyc is now at a critical juncture, having recently announced exciting developments regarding its strategic relationship with Qualcomm Incorporated that have the potential for significant long-term recurring revenues. Stonehouse believes that it is time for Intrinsyc to support its management team with a focus on its core business, including the significant organic growth opportunity presented by the relationship with Qualcomm, unencumbered by further wasted consideration of disparate strategic alternatives. In Stonehouse's view, rather than continuing to chase transformative and potentially dilutive strategic alternatives, Intrinsyc must now focus its financial and management resources on creating long-term shareholder value from its existing business opportunities, including by ensuring that Intrinsyc commits the required financial resources and has the long-term strategic stability to attract and retain the key engineering and other personnel that are necessary for Intrinsyc to execute on its business.
Based upon discussions with other large shareholders of Intrinsyc, and even before Stonehouse undertakes any public solicitation of proxies, Stonehouse already believes that the holders of more than 25% of Intrinsyc's outstanding shares will support the replacement of Intrinsyc's current directors at the requisitioned meeting. Stonehouse believes that the election of the Shareholder Nominees will revitalize Intrinsyc's board, put an end to further distracting consideration of strategic alternatives, and result in substantial improvements in the operating and financial performance of Intrinsyc and the performance of its share price.
In response to the meeting requisition delivered December 10, 2012, rather than arranging for a special shareholders' meeting to be held in a timely fashion, the current board announced on December 20, 2012 that Intrinsyc had called an annual and special meeting of shareholders, to include the business outlined in the meeting requisition, to be held on May 14, 2013.
Stonehouse does not believe that the current board's attempt to delay the requisitioned meeting for more than five months from the delivery of the meeting requisition is in the best interests of Intrinsyc or its shareholders. Stonehouse also does not believe that the current board's continuing efforts to pursue one or more strategic alternative transactions in advance of the requisitioned meeting, and the election of a board in which a majority of Intrinsyc's shareholders have trust and confidence, makes any sense. Given the current board's failed pursuit of strategic alternatives for almost three years, Stonehouse believes it is highly likely that any transaction now brought forward by the current board, under pressure and in the face of their pending removal, would almost certainly be blocked by Intrinsyc's shareholders and will represent a further needless waste of Intrinsyc's resources.
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