SOURCE: ViXS Systems Inc.

ViXS Systems Inc.

May 29, 2015 17:00 ET

ViXS Interim CEO Departs

TORONTO, ON--(Marketwired - May 29, 2015) - The Board of Directors of ViXS Systems Inc. (the "Company" or "ViXS") (TSX: VXS) announced today Chief Operating Officer and interim President and Chief Executive Officer Hugh Chow has left the Company.

"Coming off four consecutive quarters of revenue growth in Fiscal 2015 we see tremendous growth opportunities ahead. We have identified outstanding candidates for the CEO role and expect to make an announcement soon. The Board and senior management are working closely together in the meantime," said ViXS' Board Chair Peter Currie. "The Board wishes to thank Hugh for his contributions since co-founding the Company and we wish him well in his future endeavors."

Although ViXS is currently in a quiet period prior to the release of its First Quarter Fiscal 2016 financial statements on June 10, the Company wishes to state that Mr. Chow's departure is not related in any way to the Company's financial reporting or to its First Quarter Fiscal 2016 financial statements.

About ViXS Systems Inc.
ViXS is the pioneer and market leader in designing revolutionary media processing semiconductor solutions for video over IP streaming solutions, with over 522 patents issued and pending worldwide, numerous industry awards for innovation, and over 33 million media processor shipped to date. ViXS is driving the transition to Ultra HD 4K across the entire content value chain by providing professional and consumer grade chipsets that support the new High Efficiency Video Coding (HEVC) standard up to Main 12 Profile, reducing bandwidth consumption by 50% while providing the depth of color and image clarity needed to take advantage of higher-resolution content. ViXS' XCodePro 300 family is ideal for Ultra HD 4K infrastructure equipment, and the XCode 6000 family of system-on-chip (SoC) products achieve unprecedented levels of integration that enable manufacturers to create cost-effective consumer entertainment devices.

ViXS is headquartered in Toronto, Canada with offices in Europe, Asia and North America. VIXS, the ViXS® logo, XCode®, XCodePro™, XConnex™ and Xtensiv™ are trademarks and/or registered trademarks of ViXS. Other trademarks are the property of their respective owners. For more information on ViXS, visit our website: www.vixs.com.

For more information on ViXS, visit our website: www.vixs.com.

Forward-Looking Statements
Statements in this press release that are not historical facts constitute "forward-looking statements" within the meaning of applicable securities laws. Such statements include, but are not limited to, the statement regarding the expected announcement of a new CEO. The use of terms such as "may," "anticipated," "expected," "projected," "targeting," "estimate," "intend" and similar terms are intended to assist in identification of these forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause ViXS' actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements.

Contact Information

  • For further information, please contact:

    Charlie Glavin
    ViXS Systems Inc.
    T: +1 416 646-2000
    cglavin@vixs.com

    Nicole Marchand
    Investor Relations
    ViXS Systems Inc.
    T: 1 416 646-2000 ext. 3
    Ir@vixs.com