Spectra7 Announces Retirement of CEO Raouf Halim; Board Chair Ron Pasek to Assume Role on Interim Basis

Rhea-AI Summary

Spectra7 Microsystems announced the retirement of CEO Raouf Halim, effective June 15, 2024. Board Chair Ron Pasek will assume the role of Interim CEO while the company searches for a permanent successor. Halim, who served as CEO since 2016, led Spectra7 through significant growth, transforming it into a leader in high-performance analog semiconductors for hyperscale data centers and AI networks. Pasek, a director since 2015, brings extensive tech industry experience and will work closely with the executive team to maintain strategic momentum. Halim will remain on the Board of Directors.

Positive

• Raouf Halim led Spectra7 through significant growth and transformation since 2016.
• The company has positioned itself as a leader in high-performance analog semiconductors for hyperscale data centers.
• Ron Pasek has extensive experience in technology companies, ensuring continued strategic momentum.
• Spectra7 recently secured financing, indicating a strong financial position for future growth.
• Ongoing leadership from Halim as a Board member provides continuity during the transition.

Negative

• The transition period may create uncertainty impacting investor confidence.
• Potential delays in strategic initiatives could occur until a permanent CEO is appointed.

TORONTO, June 17, 2024 /PRNewswire/ -- (TSXV: SEV) (OTCQB: SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), a leader in high-performance analog semiconductors for broadband connectivity markets, such as AI networks, hyperscale data centers, and AR/VR, today announced that Raouf Halim, Chief Executive Officer, has retired effective June 15, 2024. Ron Pasek, current Chair of the Board of Directors, has been appointed as Interim CEO while the Board conducts a comprehensive search for a permanent successor.

Raouf Halim has served as CEO of Spectra7 since 2016, overseeing a period of significant growth and transformation for the Company. Under his leadership, Spectra7 has transformed itself from a designer of analog semiconductors for Active Copper Cables ("ACCs") principally in the consumer space into the industry leader in high performance analog semiconductors for ACCs in the hyperscale datacenter space.

"Leading Spectra7 has been an incredible honor," said Mr. Halim. "I am extremely proud of what our team has accomplished over the past eight years. With the most recent financing, I am confident that the Company is well-positioned for continued success, and I look forward to seeing it reach new heights."

Ron Pasek, who has served as director of the Company since 2015, brings extensive experience in technology companies and a deep understanding of Spectra7's operations and strategic vision. As Interim CEO, he will work closely with the executive team to ensure a seamless transition and maintain the Company's strategic momentum.

"We are grateful to Raouf for his dedicated leadership and numerous contributions to Spectra7," said Mr. Pasek. "As we embark on the search for a new CEO, I am committed to working with our talented team to continue driving our strategic initiatives forward and delivering value to our shareholders."

Mr. Halim will continue to be a member of the Board of Directors.  The Board of Directors has commenced a search for candidates for the CEO position and will search for a qualified leader who can build on the Company's strong foundation and drive future growth.

Spectra7 will provide updates on the CEO search process as appropriate.

About Spectra7 Microsystems

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" or "forward-looking information" (collectively, "forward-looking statements") under applicable securities laws in the United States and Canada. All statements other than statements of historical fact contained in this press release, including, without limitation, 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, including, but not limited to, the ability to find and hire a new CEO. 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, 2023. 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.
John Mitchell
Public Relations
650-269-3043
pr@spectra7.com

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SOURCE Spectra7 Microsystems Inc.

FAQ

When did Raouf Halim retire as CEO of Spectra7?

Raouf Halim retired as CEO of Spectra7 effective June 15, 2024.

Who is the Interim CEO of Spectra7?

Board Chair Ron Pasek is the Interim CEO of Spectra7.

What markets does Spectra7 focus on?

Spectra7 focuses on broadband connectivity markets, including AI networks, hyperscale data centers, and AR/VR.

Since when did Raouf Halim serve as CEO of Spectra7?

Raouf Halim served as CEO of Spectra7 since 2016.

What is the stock symbol for Spectra7 on the OTCQB market?

The stock symbol for Spectra7 on the OTCQB market is SPVNF.