SOURCE: Spectra7 Microsystems Inc.

Spectra7 Microsystems Inc.

May 27, 2016 12:00 ET

Spectra7 Announces Sudden Passing of CEO

TORONTO, ON and PALO ALTO, CA--(Marketwired - May 27, 2016) - The Board of Directors of Spectra7 Microsystems Inc. (TSX: SEV) ("Spectra7" or the "Company") today announces, with great sadness, the sudden death of its President and Chief Executive Officer, Tony Stelliga.

Mr. Stelliga has been on the Board, and has led the Company as its President and Chief Executive Officer, since 2013. Mr. Stelliga was formerly the Chairman and CEO of Quellan, a leading developer of high performance analog semiconductors until its acquisition by Intersil Corporation in 2009. Prior to his roles at Quellan and Intersil, Mr. Stelliga held senior management and strategic positions at Intel Corporation following its acquisition of Softcom Microsystems in 1999, a high performance semiconductor company of which Mr. Stelliga was the founder, Chairman and CEO.

Ronald Pasek, Chairman of the Board, commented, "We are greatly saddened by Tony's passing. The Board and the Company are indebted to Tony for his strong leadership, boundless energy and dedication, and significant contribution to Spectra7 during his tenure. The Board's thoughts are with Tony's family at this very difficult time."

Dave Mier, Chief Financial Officer, and Cynthia Cole, Vice President, General Counsel and Corporate Development, have been jointly appointed by the Board on an interim basis to lead the Company's management team overseeing daily operations and corporate strategy. Mr. Mier and Ms. Cole will act in such capacity until the Board identifies an appropriate candidate for the position of President and Chief Executive Officer.

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. is a high performance consumer connectivity company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading consumer electronics manufacturers in virtual reality, augmented reality, wearable computing, data centers and ultra-HD 4K/8K displays. Spectra7 is based in Palo Alto, California with design centers in Markham, Ontario and Cork, Ireland. For more information, please visit www.spectra7.com.

CAUTIONARY NOTES

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, those regarding the Company's future financial position and results of operations, strategy, proposed acquisitions, 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 MD&A for the year ended December 31, 2015. 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.

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