Spectra7 Announces Appointment of David Mier as Interim CFO

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Spectra7 Microsystems Inc. (TSXV:SEV) (OTCQB:SPVNF) appoints David Mier as Interim Chief Financial Officer due to the personal leave of absence of CFO Bonnie Tomei. Mier, a former CFO of the company, brings extensive tech industry experience and over 30 years of senior financial executive experience. The appointment is expected to last approximately three months, with the possibility of adjustment. Raouf Halim, CEO of Spectra7, expressed gratitude to Tomei and extended best wishes, while welcoming Mier's return.

Extensive Tech Industry Experience and Former CFO of the Company

SAN JOSE, Calif., Nov. 20, 2023 /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 the appointment of David Mier as Interim Chief Financial Officer. The Company previously announced that its Chief Financial Officer, Bonnie Tomei, is taking a personal leave of absence effective December 1, 2023 due to a family medical matter. The leave is expected to be for approximately three months but may be adjusted as necessary.

Mr. Mier has extensive experience with Spectra7's business, investor base and growth strategy having previously served as Spectra7's Chief Financial Officer for over three years prior to his retirement in 2021. He has more than 30 years of senior financial executive experience with both public and private companies, including his position with Yahoo! as Vice President Finance, Americas Controller and Vice President Finance, Americas at Sun Microsystems.

"I want to thank Bonnie for her leadership and contribution and extend to her and her family our very best wishes." said Raouf Halim, Chief Executive Officer of Spectra7. "We are fortunate that Dave has agreed to come out of retirement and rejoin the Company as Interim Chief Financial Officer."

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 estimated duration of Ms. Tomei's leave of absence, and 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

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SOURCE Spectra7 Microsystems Inc.

FAQ

Who is appointed as the Interim Chief Financial Officer of Spectra7 Microsystems Inc.?

David Mier has been appointed as the Interim Chief Financial Officer of Spectra7 Microsystems Inc.

Why is the previous CFO, Bonnie Tomei, taking a leave of absence?

Bonnie Tomei is taking a personal leave of absence due to a family medical matter.

What is the expected duration of the leave of absence for Bonnie Tomei?

The leave is expected to be for approximately three months, but may be adjusted as necessary.

What is David Mier's experience in the tech industry?

David Mier has extensive experience with Spectra7's business, investor base, and growth strategy, having previously served as Spectra7's Chief Financial Officer for over three years prior to his retirement in 2021.

What are Raouf Halim's comments on the appointment of David Mier?

Raouf Halim, CEO of Spectra7, expressed gratitude to Bonnie Tomei and extended best wishes, while welcoming Mier's return as the Interim Chief Financial Officer.