Dave Mier to Continue as Interim CFO

Rhea-AI Summary

Spectra7 Microsystems Inc. announces the departure of CFO Bonnie Tomei due to a family medical situation. Interim CFO Dave Mier will continue until a permanent replacement is found.

Previous CFO, Bonnie Tomei, will not be Returning after Personal Leave

SAN JOSE, Calif., March 1, 2024 /PRNewswire/ -- (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced that Bonnie Tomei, CFO, is leaving the company effective February 29, 2024 due to a family medical situation. Bonnie has been on personal leave since November 30, 2023. Dave Mier, who is currently serving as Interim CFO, will continue in that role while the Company searches for a permanent replacement.

"I want to thank Bonnie for her leadership and contribution to Spectra7. We wish Bonnie the very best for the future," said Raouf Halim, Chief Executive Officer of Spectra7.

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 a design center in Cork, Ireland and a technical support location in Dongguan, China. For more information, please visit www.spectra7.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.

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, 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 management's discussion and analysis for the year ended December 31, 2022. 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.

For more information, please contact:

Matt Kreps
Darrow Associates
214-597-8200
ir@spectra7.com

Spectra7 Microsystems Inc.
Dave Mier
Interim Chief Financial Officer
925-858-7011
ir@spectra7.com

Spectra7 Microsystems Inc.
John Mitchell
Public Relations
650-269-3043
pr@spectra7.com

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SOURCE Spectra7 Microsystems Inc.

FAQ

Why is Bonnie Tomei leaving Spectra7 Microsystems Inc.?

Bonnie Tomei is leaving due to a family medical situation.

Who will be the Interim CFO after Bonnie Tomei's departure?

Dave Mier is currently serving as the Interim CFO.

When did Bonnie Tomei go on personal leave?

Bonnie Tomei has been on personal leave since November 30, 2023.

Who thanked Bonnie Tomei for her leadership and contribution to Spectra7?

Raouf Halim, Chief Executive Officer of Spectra7, thanked Bonnie Tomei.