SOURCE: Spectra7 Microsystems Inc.

Spectra7 Microsystems Inc.

December 07, 2015 07:00 ET

Spectra7 Microsystems Inc. Announces Appointment of New Officers

TORONTO, ON and PALO ALTO, CA--(Marketwired - December 07, 2015) - Spectra7 Microsystems Inc. (TSX: SEV) ("Spectra7" or the "Company"), today announced that it has appointed Mr. David Mier to the position of Chief Financial Officer with immediate effect in place of outgoing Chief Financial Officer, Mr. Robert Bosomworth. The Company also announces the appointment of Ms. Cynthia Cole to the position of Vice President, General Counsel and Corporate Development.

Mr. Mier 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. Ms. Cole comes to Spectra7 with over 15 years of corporate, transactional and legal experience, having held senior legal positions with companies in the United States and Europe.

"The timing and opportunities are right to expand our silicon valley-based management team with finance and inside counsel leadership, and David and Cynthia each bring a unique and extensive set of experiences to the Company," said Tony Stelliga, Chief Executive Officer of Spectra7. Stelliga noted that outgoing CFO Robert Bosomworth will assist with the transition, and said, "I also want to recognize the essential role that Rob has played at Spectra7, and I wish him the best in his future endeavors."

The Company also announced the appointment of Ron Pasek as Chairman of the Board of Directors. Mr. Pasek replaces Roger Maggs, who will remain on the Board and who has served as the Chairman since the completion of the Company's qualifying transaction in 2013. "On behalf of the Board, our management team and all employees, we sincerely thank Mr. Maggs for his service to the Company as Chairman, and take this opportunity to welcome Mr. Pasek to this role. Mr. Pasek's direct industry knowledge and proven finance, operational and capital markets experience will help guide us through the next growth phase of our Company," said Tony Stelliga.

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, wearable computing 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, 2014 and the interim MD&A for the nine months ended September 30, 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.

Contact Information

  • For more information, please contact:
    Spectra7 Microsystems Inc.
    Sean Peasgood
    Investor Relations
    416-565-2805
    ir@spectra7.com

    Spectra7 Microsystems Inc.
    Rob Chalmers
    Capital Markets
    647-402-7552

    Spectra7 Microsystems Inc.
    Tony Stelliga
    Chief Executive Officer
    650-800-7420
    pr@spectra7.com
    w: www.spectra7.com