Rees in the saddle at Intrinsyc

Tracy Rees has been confirmed as president and chief executive officer of Vancouver’s Intrinsyc Software International,a maker of platforms for mobile devices. Rees had interim CEO sinceNovember following the departure of Glenda Dorchak following months oflosses. For the calendar year 2008 it lost US$13.3 million, whichdidn’t include write-offs totalling $42.2 for restructuring, goodwillfrom aquisitions dating back four years and a write down of assets.Last month it reported first quarter revenue of US$4.4 million ascompared to US$5.7 million for the period ended December 31. and $5.6million in the period ended March 31, 2008. The loss for the quarterwas US$1.2 million before interest, income tax and other EBITDAcharges. This week Intrinsyc released version 9 of its Destinatorcross-platform GPS navigation software. It continues to develop an an Android-based device for an undisclosed Fortune 500 company. The deal is worth 10 per cent of its annual revenue, which is US$24 million.

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