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Stonehouse Announces Nominees For Election To Board Of Directors Of Intrinsyc Software International, Inc. And Provides Update Regarding Requisitioned Meeting

On December 31, 2012, Intrinsyc was advised that Mr. Marks would be commencing an application in the Ontario Superior Court of Justice (Commercial List) seeking to advance the date of the requisitioned meeting. That application is scheduled to be heard on January 25, 2013.  Mr. Marks' brought the application because he believes that it is in the best interests of Intrinsyc and all its shareholders that the requisitioned meeting be held as soon as practicable so that Intrinsyc's shareholders, by majority vote, can determine which board that they want leading Intrinsyc.  Intrinsyc's current directors, who collectively with Intrinsyc's executive officers owned only approximately 1.6% of Intrinsyc's outstanding shares as of December 31, 2011, have been resisting the application.

The support of Intrinsyc's shareholders and, ultimately, their vote at the requisitioned meeting, are very important to the future of each shareholder's investment in Intrinsyc.  Shareholders interested in expressing their support for positive change at Intrinsyc should contact Daniel Marks by telephone at 416-907-6908 or by email at dmarks@stonehousecapital.com.

Biographies of Shareholder Nominees

Information regarding the seven Shareholder Nominees to be proposed by Stonehouse for election as directors of Intrinsyc is set forth below:

G. Randy Buchamer - Mr. Buchamer has been the President, Chief Operating Officer and a director of Legend Power Systems Inc. since November 2010. Legend Power Systems Inc. is a leading electrical energy conservation company that manufactures and markets a patented device to help commercial and industrial customers achieve significant energy savings through voltage optimization. Mr. Buchamer has led or provided mentorship in the transformation of several underperforming private and public firms over the years.  He was previously Managing Director, Operations for The Jim Pattison Group and served in executive roles with Mohawk Oil Company. Under his leadership, Mohawk Oil was restructured, underwent a successful corporate turnaround and was listed on the Toronto Stock Exchange.  Mr. Buchamer has been a director and the Chairman of RewardStream Inc. since June 2002 and was previously a director of Uracan Resources Ltd. (formerly, User Friendly Media Inc.).  Mr. Buchamer also currently serves on the advisory board and as operations conduit of two private high growth companies that have each grown to over $20 million in annual revenue.

K. Laurence L. Cooke - Mr. Cooke is an experienced senior executive with extensive international experience and proven results in large public, small private and entrepreneurial companies.  He has considerable telecommunications and technology experience gained in Canada, the United Kingdom and South Africa. Mr. Cooke currently provides consulting services focussed on the wireless and telecommunications sectors.  Previously, Mr. Cooke served as Vice-President, Wireless at Shaw Communications Inc., a diversified communications and media company, until January 2011. From 2006 to 2008, Mr. Cooke served as Chief Operating Officer at Bell Mobility and Bell Distribution Inc., with a wide range of responsibilities. Prior to that, in the United Kingdom, Mr. Cooke's experience includes working in Accenture Strategy Practice on high-tech and telecommunications and starting up a number of smaller telecommunications and technology organizations. Mr. Cooke holds an MBA from London Business School, as well as a Bachelor of Science in Computer Sciences and Economics from the University of the Witwatersrand in South Africa.

Daniel S. Marks - Mr. Marks is the President and Principal of Stonehouse Capital, a portfolio management firm specializing in active investments in Canadian microcap companies. From June 2010 to May 2012, Mr. Marks was a director of Pacific Safety Products Inc., Canada's leading soft body armour company, where he also served as Executive Chairman from September 2010 to May 2012. In that role, he oversaw a strategic turnaround in the company, through a process that involved the introduction of a new board and management team and ultimately a merger with Zuni Holdings Inc.  From June 2009 to December 2010, Mr. Marks was a director of MTI Global Inc. (renamed Zuni Holdings Inc. in June 2010), a company involved in the design, development and manufacturing of products used primarily in the aerospace industry.  Mr. Marks also served as President, Chief Executive Officer and Interim Chief Financial Officer of Zuni Holdings Inc. from June 2010 to December 2010. Mr. Marks has over twenty years of investment management experience, including positions with Polar Securities Inc., Citibank, Republic National Bank of New York and TD Securities. Mr. Marks holds a Chartered Financial Analyst (CFA) designation and an MBA from McMaster University.  Clients of Stonehouse Capital, including Mr. Marks, currently beneficially own, directly or indirectly, 10,422,000 common shares of Intrinsyc, or approximately 6.4% of Intrinsyc's outstanding shares.  Stonehouse Capital and, ultimately Mr. Marks, exercise control and direction over all such common shares.

Robert Odendaal - Mr. Odendaal is an experienced corporate executive with a background in the telecommunications, broadcasting & media, and technology industries, including distressed business recovery, business transformation, start-ups and growth businesses. Mr. Odendaal has recently returned to Canada after being abroad for five years. From 2007 to 2008, Mr. Odendaal was the Chief Executive Officer of Astro All Asia Networks PLC, a company that provided direct-to-home satellite pay television services primarily in Malaysia and Indonesia.  From 2005 to 2006, Mr. Odendaal was Chief Executive Officer of Bell Mobility and Bell Distribution Inc, and prior to this he was President and Chief Executive Officer of Bell Canada Video Group (including Bell ExpressVu).  Before that he held several senior Executive Directorships, including as Director of Digital Business Development, for British Sky Broadcasting Limited (Sky) in the United Kingdom between the years 1996 and 2003, and prior to that was Commercial Manager of Digital Broadcasting for the British Broadcasting Corporation (BBC). Mr. Odendaal is a British accountant (FCMA, CGMA) and holds an MBA from Heriot-Watt University in Edinburgh.  Mr. Odendaal currently beneficially owns, directly or indirectly, or exercises control and direction over, 242,000 common shares of Intrinsyc.

Michael W. Bird - Mr. Bird has more than 25 years of capital markets experience in Canada.  He is currently Vice President and Head of Trading at Red Jacket Asset Management, an alternative asset investment management company.  Prior to joining Red Jacket, Mr. Bird was a Vice President at GMP Securities L.P., an independent investment dealer, in the Quantitative Strategies Trading Group, served as Vice President, Head of Equity Derivatives at Desjardins Securities from 2002 to 2008 and a Senior Trader and Vice President at RBC Dominion Securities from 1994 to 2002 working in the Equity Derivatives Group. Mr. Bird has vast experience in the Canadian derivatives marketplace and has served on the TSE Derivative Markets Committee and the TSE Derivatives Advisory Group.  Mr. Bird currently beneficially owns, directly or indirectly, or exercises control and direction over, 200,000 common shares of Intrinsyc.

David M. Lewis - Mr. Lewis is the founder, Chairman and Chief Executive Officer of Renvest Mercantile Bancorp Inc., an exempt market dealer that provides capital and advisory services to the natural resource sector, and in 1994 founded its predecessor, Renvest Capital Corporation.    Mr. Lewis has more than 28 years of experience in the financial services industry including his tenure as President and CEO of Altamira Securities from 1991 to 2001. While at Altamira, Mr. Lewis was also the President and CEO of Global Renaissance Fund, a private equity pool. In 2001, Mr. Lewis was a founding partner of Jovian Capital Corporation, a leading player in the Canadian hedge fund industry. He began his career in investment banking with Dominion Securities and has experience sitting on both private and public company boards.  Mr. Lewis previously served as a director of Nuinsco Resources Limited, Alpha One Corporation and Chalk Media Corp. Mr. Lewis currently beneficially owns, directly or indirectly, or exercises control and direction over, 6,259,400 common shares of Intrinsyc, and a further 2,715,000 common shares are held by one or more trusts of which Mr. Lewis and/or various members of his family are beneficiaries but of which Mr. Lewis is not a trustee.  Mr. Lewis does not exercise control or direction over these 2,715,000 common shares.  Collectively, such 8,974,400 common shares represent approximately 5.5% of Intrinsyc's outstanding shares.

Peter H. Puccetti - Mr. Puccetti has 20 years of special-situations investment experience, including involvement in many restructurings and turnarounds. He is the founder, Chairman and Chief Investment Officer of Goodwood Inc., which is the investment manager of various investment funds including Goodwood Fund which began in October 1996 as a long/short equity fund with a focus on special-situations value investing. Mr. Puccetti is a director and former member of the senior management team of The Westaim Corporation.  Since August 8, 2012, Mr. Puccetti has served as Chief Executive Officer and a director of Longford Energy Inc., a publicly listed company currently seeking to deploy its cash assets.  Since November 28, 2012, Mr. Puccetti has also served as Chief Executive Officer and a director of Dacha Strategic Metals Inc., a publicly listed company that owns an inventory of rare earth metals.  Prior to founding Goodwood Inc., Mr. Puccetti co-founded a successful institutional brokerage boutique, Puccetti Farrell Capital Partners. Previously, Mr. Puccetti was an analyst, investment banker, partner and member of the steering committee of Sprott Securities Limited (now Cormark Securities Inc.). Mr. Puccetti holds a Chartered Financial Analyst (CFA) designation.

In the event that the Shareholder Nominees are elected at the requisitioned meeting, they intend to cause the size of Intrinsyc's board to be reduced from seven to five, which Stonehouse and the Shareholder Nominees believe is at present a more appropriate board size for Intrinsyc and will reduce board-related costs.  Contemporaneously with that reduction in board size, it is expected that Messrs. Puccetti and Lewis would resign as directors.

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