TORONTO, ONTARIO and PALO ALTO, CALIFORNIA--(Marketwired - May 22, 2014) - Spectra7 Microsystems Inc. (the "Company" or "Spectra7") (TSX VENTURE:SEV), a high performance analog semiconductor company delivering unprecedented speed, resolution and signal fidelity to consumer and wireless infrastructure products, today announced the engagement of Sophic Capital Inc. ("Sophic Capital") as its investor relations firm. Sophic Capital is a comprehensive capital markets advisory firm for companies in the technology sector.
"Spectra7 has established a proven track record to deliver world-class products and technology, close design wins with market-leading customers and generate significant capital market interest," said Sean Peasgood, CEO of Sophic Capital. "I am excited to be joining Spectra7 to increase shareholder visibility and expand on the Company's recent momentum with new and existing investors across North America."
"Sean brings close to a decade of proven capital markets success with an impressive track record in the financial and technology community," said Tony Stelliga, CEO of Spectra7. "As we continue to achieve significant milestones across each of our core product lines, this is an ideal time to increase our outreach to retail and institutional investors."
Pursuant to the investor relations services agreement between the Company and Sophic Capital (the "Agreement"), Sophic Capital will receive monthly fees of $6,000 and reimbursement of disbursements. In addition, the Company has granted to Sophic Capital options to purchase up to 165,000 common shares of the Company (the "Options"), exercisable at a price of $0.41 per share until the earlier of (i) 90 days following the termination of the Agreement, and (ii) three years from the effective date of the Agreement (the "Date of Grant"). The Company has also granted 165,000 restricted share units (the "RSUs") to Sophic Capital. The Options and RSUs will be subject to the following vesting schedule: (i) 85,000 Options and 85,000 RSUs shall vest in equal quarterly installments for two years from the Date of Grant; and (ii) 80,000 Options and 80,000 RSUs shall vest in equal quarterly installments for two years from the Date of Grant subject to the achievement by Sophic Capital of certain performance-based milestones. The appointment of Sophic Capital is subject to the approval of the TSX Venture Exchange.
The Agreement has an initial term of one year, which term can be renewed for a further one year period upon the written consent of both the Company and Sophic Capital. The Agreement can be terminated by the Company or by Sophic Capital on 90 days' written notice.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance analog semiconductor company delivering unprecedented speed, resolution and signal fidelity to consumer and wireless infrastructure products. Spectra7's new system-level components address throughput bottlenecks and satisfy the exponential demand for more bandwidth and lower costs in mobile and internet infrastructure equipment, including handsets, tablets, base stations and microwave backhaul systems. Spectra7 is headquartered in Markham, Ontario with development centers in Silicon Valley, Irvine, California and Cork, Ireland. For more information, please visit www.spectra7.com.
Certain information in this news release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Spectra7 assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Spectra7. Additional information identifying risks and uncertainties is contained in Spectra7's filings with the Canadian securities regulators available at www.sedar.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.