Stonehouse Announces Nominees for Election to Board of Directors of Intrinsyc Software International, Inc. and Provides Update

Stonehouse Announces Nominees for Election to Board of Directors of Intrinsyc 
Software International, Inc. and Provides Update Regarding Requisitioned 
Meeting 
TORONTO, Jan. 24, 2013 /CNW/ - Stonehouse Capital Management Inc. ("Stonehouse 
Capital") and its President Daniel S. Marks (collectively, "Stonehouse") today 
announced Stonehouse's slate of seven directors (the "Shareholder Nominees") 
who will be proposed for election at the next meeting of shareholders of 
Intrinsyc Software International, Inc. ("Intrinsyc") in replacement of 
Intrinsyc's current seven directors. 
The Shareholder Nominees are: G. Randy Buchamer, K. Laurence L. Cooke, 
Daniel S. Marks, Robert Odendaal, Michael W. Bird, David M. Lewis and Peter H. 
Puccetti. The Shareholder Nominees will provide Intrinsyc with the board 
oversight and direction it urgently requires and will build sustainable 
long-term shareholder value at Intrinsyc. Collectively, the Shareholder 
Nominees beneficially own, directly or indirectly, or exercise control and 
direction over or otherwise indirectly have an interest in 19,838,400 common 
shares of Intrinsyc, or approximately 12.2% of Intrinsyc's outstanding shares. 
On December 10 2012, Stonehouse caused a meeting requisition to be delivered 
to Intrinsyc duly requisitioning its current board to call a special meeting 
of Intrinsyc's shareholders for the purpose of removing all of the existing 
directors of Intrinsyc and electing the Shareholder Nominees in their place. 
Stonehouse believes that the immediate reconstitution of Intrinsyc's board 
with the Shareholder Nominees is in the best interests of Intrinsyc and ALL 
its shareholders. As a fellow shareholder, Stonehouse believes that 
Intrinsyc's strategy, operating and financial performance and oversight under 
the current board has been flawed and inadequate. For almost three years, 
Intrinsyc's current board has pursued a costly, distracting and failed process 
of exploring strategic alternatives, a process which continues to this day. 
Intrinsyc's board has never properly disclosed to Intrinsyc's shareholders the 
full financial cost to Intrinsyc of this failed process. For more than four 
years, the current board has also failed to create any value for Intrinsyc's 
shareholders, with Intrinsyc's share price currently trading at approximately 
the same level as it did at the end of 2008. 
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. 
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. 
Additional Information: 
Stonehouse is not asking shareholders of Intrinsyc to send a form of proxy at 
this time, as formal notice of the special meeting of Intrinsyc's shareholders 
(the "Special Meeting") to be held in response to the meeting requisition that 
Stonehouse previously caused to be delivered to Intrinsyc has not yet been 
sent to Intrinsyc's shareholders, and Intrinsyc has not yet filed its 
management information circular in relation to the Special Meeting. The 
removal of each of the current directors of Intrinsyc, and the election of the 
Shareholder Nominees in their place, will be considered at the Special 
Meeting. Prior to the Special Meeting, Stonehouse expects to furnish a proxy 
circular to shareholders of Intrinsyc, together with a BLUE form of proxy. 
SHAREHOLDERS OF INTRINSYC ARE URGED TO READ STONEHOUSE'S PROXY CIRCULAR 
CAREFULLY BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and 
shareholders will be able to obtain free copies of Stonehouse's proxy circular 
and any amendments or supplements thereto and further proxy circulars at no 
charge on SEDAR at http://www.sedar.com. In addition, shareholders will also 
be able to obtain free copies of Stonehouse's proxy circular and other 
relevant documents by calling Stonehouse Capital at 416-907-6908, when such 
documents become available. 
Information in Support of Public Broadcast Solicitation 
Stonehouse is relying on the exemption under section 9.2(4) of National 
Instrument 51-102 - Continuous Disclosure Obligations to make this public 
broadcast solicitation. The following information is provided in accordance 
with corporate and securities laws applicable to public broadcast 
solicitations. 
This solicitation is being made by Stonehouse Capital Management Inc. together 
with its President Daniel S. Marks, and not by or on behalf of the management 
of Intrinsyc. 
Intrinsyc's principal business office is Suite 380 - 885 Dunsmuir Street, 
Vancouver, British Columbia, V6C 1N5. 
Stonehouse has filed an information circular dated January 24, 2013 (the 
"Stonehouse Circular") containing the information required by Form 51-102F5 - 
Information Circular in respect of its proposed nominees. The Stonehouse 
Circular will be available on Intrinsyc's company profile on SEDAR at 
http://www.sedar.com. 
Proxies for the Special Meeting may be solicited by mail, telephone, 
facsimile, email or other electronic means as well as by newspaper or other 
media advertising and in person by directors, officers and employees of 
Stonehouse Capital, and by the Shareholder Nominees, none of whom will be 
specifically remunerated therefor. In addition, Stonehouse may solicit 
proxies in reliance upon the public broadcast exemption to the solicitation 
requirements under applicable Canadian corporate and securities laws, conveyed 
by way of public broadcast, including press release, speech or publication, 
and by any other manner permitted under applicable Canadian laws. Stonehouse 
may engage the services of one or more agents and authorize other persons to 
assist it in soliciting proxies on behalf of Stonehouse. 
All costs incurred for the solicitation will be borne by Stonehouse, provided 
that Stonehouse may determine, upon a successful reconstitution of Intrinsyc's 
board of directors, to seek reimbursement from Intrinsyc of Stonehouse's 
out-of-pocket expenses, including proxy solicitation expenses and legal fees, 
incurred in connection with the reconstitution of Intrinsyc's board of 
directors. 
A registered holder of common shares of Intrinsyc that gives a proxy may 
revoke it: (a) by completing and signing a valid proxy bearing a later date 
and returning it in accordance with the instructions contained in the blue 
form of proxy to be provided by Stonehouse, or as otherwise provided in the 
accompanying proxy circular of Stonehouse, once made available to Intrinsyc's 
shareholders; or (b) by depositing an instrument in writing executed by you or 
by your attorney authorized in writing, as the case may be: (i) at the 
registered office of Intrinsyc at any time up to and including the last 
business day preceding the day of the Special Meeting or any adjournment or 
postponement of the Special Meeting, or (ii) with the Chairman of the Special 
Meeting prior to its commencement on the day of the Special Meeting or any 
adjournment or postponement of the Special Meeting; or (c) in any other manner 
permitted by law. 
A non-registered holder of common shares of Intrinsyc will be entitled to 
revoke a form of proxy or voting instruction form given to an intermediary at 
any time by written notice to the intermediary in accordance with the 
instructions given to the non-registered holder by its intermediary. It 
should be noted that revocation of proxies or voting instructions by a 
non-registered holder can take several days or even longer to complete and, 
accordingly, any such revocation should be completed well in advance of the 
deadline prescribed in the form of proxy or voting instruction form to ensure 
it is given effect in respect of the meeting. 
Except as otherwise disclosed herein, to the knowledge of Stonehouse, none of 
Stonehouse Capital nor Daniel S. Marks nor any of the directors or officers of 
Stonehouse Capital, or any associates or affiliates of the foregoing, or any 
of the Shareholder Nominees or their respective associates or affiliates, has: 
(a) any material interest, direct or indirect, in any transaction since the 
commencement of Intrinsyc's most recently completed financial year or in any 
proposed transaction (other than the proposed changes and transactions 
referred to herein) that has materially affected or will materially affect 
Intrinsyc or any of its subsidiaries; or (b) any material interest, direct or 
indirect, by way of beneficial ownership of securities or otherwise, in any 
matter currently known to be acted on at the Special Meeting, other than the 
election of directors. 
Daniel S. Marks, CFA Stonehouse Capital Management Inc. 416-907-6908 
(telephone) dmarks@stonehousecapital.com (email) 
SOURCE: Stonehouse Capital Management Inc. 
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CO: Stonehouse Capital Management Inc.
ST: Ontario
NI: 2575 WNEWS  
-0- Jan/24/2013 23:16 GMT
 
 
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