Intrinsyc Technologies Corporation, provider of solutions for the development of embedded and IoT devices and Stream TV Networks, Inc. ('Stream TV), a Philadelphia-based new media company (privately held and incorporated in Delaware) (the 'Companies'), has announced they will continue their strategic relationship.
The Companies signed amendment to extend the maturity date of the existing $1.5 million secured promissory note (the "Note") from December 30, 2016, to March 30, 2017. In con sideration for the extension Intrinsyc will receive 30,000 warrants convertible into Class A common shares in Stream TV Networks, Inc. on a 1 for 1 basis for a period of up to 5 years.
Previous agreements between the Companies provided for a purchase commitment by Stream TV of a minimum of USD $6.0 million, with products, services, or royalties to be purchased or to be generated on or before December 30, 2016. Stream TV has exceeded this obligation. During the 90 day extension period, the two Companies expect to discuss Intrinsyc's ongoing strategic role providing engineering services to support commercialisation opportunities for Ultra-D technology in the digital signage market, as well the planned expansion to consumer applications such as smart televisions and various mobile devices.
"Intrinsyc will continue our collaborative relationship with Stream TV as we assist in the development and commercialisation of their breakthrough Ultra-D, 4K Glas ses-Free 3D technology," said Tracy Rees, Chief Executive Officer of Intrinsyc Technologies Corporation. "Stream TV is gaining traction in the digital signage market and is planning to expand into broader consumer market segments in 2017. The Note extension period provides additional time for Stream TV to finalise their capital funding program, which is currently underway."
Stream TV is the developer of Ultra-D technology, a proprietary hardware and software solution that allows users to watch all of their content in fully adjustable 4K Glasses-Free 3D. Ultra-D solves the two biggest limitations of 3D technology -- the need to wear special glasses and the scarcity of 3D content. With Ultra-D users can watch virtually anything they wish on their television or tablet computer in 3D, without glasses due to a real-time video conversion function.
Additionally, users can control the amount of 3D effect as easily as turning audio volume up or down with a remote control. The Ultra-D technology viewing experience has the potential to transform the market for consumer video devices starting with televisions and then migrating to tablets, PC monitors and other devices in a manner that could be as transformative as the evolution from black and white TVs to color units. Stream TV's goal is to make Ultra-D the ubiquitous standard for watching all video media at some comfortable level of 3D, which is decided by the end user.