TORONTO, June 17,
2024 /CNW/ -- (TSXV: SEV) (OTCQB: SPVNF) Spectra7
Microsystems Inc. ("Spectra7" or the "Company"), a
leader in high-performance analog semiconductors for broadband
connectivity markets, such as AI networks, hyperscale data centers,
and AR/VR, today announced that Raouf
Halim, Chief Executive Officer, has retired effective
June 15, 2024. Ron Pasek, current Chair of the Board of
Directors, has been appointed as Interim CEO while the Board
conducts a comprehensive search for a permanent successor.
Raouf Halim has served as CEO of
Spectra7 since 2016, overseeing a period of significant growth and
transformation for the Company. Under his leadership, Spectra7 has
transformed itself from a designer of analog semiconductors for
Active Copper Cables ("ACCs") principally in the consumer space
into the industry leader in high performance analog semiconductors
for ACCs in the hyperscale datacenter space.
"Leading Spectra7 has been an incredible honor," said Mr. Halim.
"I am extremely proud of what our team has accomplished over the
past eight years. With the most recent financing, I am confident
that the Company is well-positioned for continued success, and I
look forward to seeing it reach new heights."
Ron Pasek, who has served as
director of the Company since 2015, brings extensive experience in
technology companies and a deep understanding of Spectra7's
operations and strategic vision. As Interim CEO, he will work
closely with the executive team to ensure a seamless transition and
maintain the Company's strategic momentum.
"We are grateful to Raouf for his dedicated leadership and
numerous contributions to Spectra7," said Mr. Pasek. "As we embark
on the search for a new CEO, I am committed to working with our
talented team to continue driving our strategic initiatives forward
and delivering value to our shareholders."
Mr. Halim will continue to be a member of the Board of
Directors. The Board of Directors has commenced a search for
candidates for the CEO position and will search for a qualified
leader who can build on the Company's strong foundation and drive
future growth.
Spectra7 will provide updates on the CEO search process as
appropriate.
About Spectra7 Microsystems
Spectra7 Microsystems Inc. is a high-performance analog
semiconductor company delivering unprecedented bandwidth, speed and
resolution to enable disruptive industrial design for leading
electronics manufacturers in virtual reality, augmented reality,
mixed reality, data centers and other connectivity markets.
Spectra7 is based in San Jose,
California with a design center in Cork, Ireland and a technical support location
in Dongguan, China.
For more information, please visit www.spectra7.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY NOTES
Certain statements contained in this press release constitute
"forward-looking statements" or "forward-looking information"
(collectively, "forward-looking statements") under applicable
securities laws in the United
States and Canada. All
statements other than statements of historical fact contained in
this press release, including, without limitation, any statements
preceded by, followed by or that include the words "believe",
"expect", "aim", "intend", "plan", "continue", "will", "may",
"would", "anticipate", "estimate", "forecast", "predict",
"project", "seek", "should" or similar expressions or the negative
thereof, are forward-looking statements. These statements are not
historical facts but instead represent only the Company's
expectations, estimates and projections regarding future events.
These statements are not guarantees of future performance and
involve assumptions, risks and uncertainties that are difficult to
predict, including, but not limited to, the ability to find and
hire a new CEO. Therefore, actual results may differ materially
from what is expressed, implied or forecasted in such
forward-looking statements. Additional factors that could cause
actual results, performance or achievements to differ materially
include, but are not limited to, the risk factors discussed in the
Company's management's discussion and analysis for the year ended
December 31, 2023. Management
provides forward-looking statements because it believes they
provide useful information to investors when considering their
investment objectives and cautions investors not to place undue
reliance on forward-looking information. Consequently, all of the
forward-looking statements made in this press release are qualified
by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the
actual results or developments will be realized or, even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. These forward-looking
statements are made as of the date of this press release and the
Company assumes no obligation to update or revise them to reflect
subsequent information, events or circumstances or otherwise,
except as required by law.
For more information, please contact:
Matt Kreps
Darrow Associates
214-597-8200
ir@spectra7.com
Spectra7 Microsystems Inc.
John Mitchell
Public Relations
650-269-3043
pr@spectra7.com
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SOURCE Spectra7 Microsystems Inc.
