(TSXV:SEV) Spectra7 Microsystems Inc. (“Spectra7” or the “Company”), today announces that Darren Ma has tendered his resignation as the Company’s Chief Financial Officer effective as of July 24th, 2020. Dave Mier who previously served as CFO at Spectra7 for nearly 2 years from 2015 to 2017 has agreed to serve as interim CFO.
“I want to thank Darren for his leadership and contribution to Spectra7. He has built a strong finance team, and we are fortunate to have them to draw on to ensure a smooth transition,” said Raouf Halim, Chief Executive Officer of Spectra7. “We wish Darren the very best for the future. We are fortunate that Dave Mier has agreed to come out of retirement and rejoin the company as Interim CFO while we search for a permanent replacement, ensuring immediate continuity.”
Mr. Mier is very familiar with Spectra7’s business, investor base and growth strategy. He previously served as CFO at Spectra7 prior to his retirement in 2017. He has over 25 years of experience as a finance professional with both public and private companies, including his position with Yahoo! as Vice President Finance, Americas Controller. In connection with Mr. Mier’s appointment, the Company has granted him 1,300,000 restricted share units, which shall vest in two equal tranches on the dates that are three and six months from the date of his appointment. Mr. Mier’s appointment is subject to approval of the TSX Venture Exchange.
ABOUT SPECTRA7 MICROSYSTEMS INC.
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 design centers in Cork, Ireland and Little Rock, Arkansas. For more information, please visit www.spectra7.com.
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Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, the Company’s strategy, plans, objectives, goals and targets, and 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. 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 Annual Information Form for the year ended December 31, 2019. 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.