UPDATE 1-Intrinsyc cuts pay; says in mobile-development pact
April 14 (Reuters) - Intrinsyc Software International Inc ICS.TO, a Canadian software provider, said it would cut salaries to save costs and that it entered into an agreement with an unnamed customer for the development of a mobile device based on Google Inc's (GOOG.O: Cotización) Android software.
The company said the salary of its interim chief executive officer, Tracy Rees, will be cut by 20 percent, while the majority of the other employees, including its executive team, would see a 10 percent reduction in their pay.
The company said the mobile device agreement is worth 10 percent or more of projected revenue over the next 12 months, and that the development project for the Android device is already in progress with completion scheduled before the end of the year.
Specific details of the device project and the customer name remain confidential at the customer's request, said the Vancouver-based company, which provides software for mobile handsets, smart phones, and embedded devices.
Shares of the company were up 8 percent at 6.5 Canadian cents in morning trade on the Toronto Stock Exchange. (Reporting by Richa Dubey in Bangalore; Editing by Deepak Kannan)
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