Spectra7 Announces Return of CEO Raouf Halim to Full-Time Status

Rhea-AI Summary

On January 16, 2023, Spectra7 Microsystems (OTCQB:SPVNF) announced that CEO Raouf Halim has returned to full-time duties after a medical leave. Halim expressed excitement about significant growth opportunities for 2023 in the AR/VR and data center markets. The company also granted 50,000 restricted share units to the CFO. Spectra7 specializes in high-performance analog semiconductors for broadband connectivity, aiming to disrupt industries such as data centers and 5G infrastructure.

The announcement highlights the company's focus on growth and adaptability amidst leadership transitions.

Positive

• CEO Raouf Halim returns to full-time status, signaling leadership stability.
• Record revenue achieved during Halim's absence indicates strong company performance.
• Growth prospects identified in AR/VR and data center markets for 2023.

Negative

• None.

SAN JOSE, Calif., Jan. 16, 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 that Chief Executive Officer Raouf Halim has returned to full-time duties. Mr. Halim had previously resumed half-time status following a medical leave.

"I am excited to be back as we start another year of significant growth," said Mr. Halim, "I greatly appreciate the team's hard work and dedication during my leave, securing record revenue and positioning us for a great 2023 with key customers in the AR/VR and data center markets."

The Company is also pleased to announce the grant of 50,000 restricted share units to the Company's 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 data centers, 5G infrastructure, virtual and augmented reality, and other connectivity markets. Spectra7 is based in San Jose, California with a design center in Cork, Ireland and technical support location in Dongguan, China. For more information, please visit www.spectra7.com.  

Neither the TSX Venture Exchange nor its regulation services provided (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 expectation regarding growth in 2023, 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 annual information form for the year ended December 31, 2021. 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.
Bonnie Tomei
Chief Financial Officer
669-212-1089
ir@spectra7.com

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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/spectra7-announces-return-of-ceo-raouf-halim-to-full-time-status-301722072.html

SOURCE Spectra7 Microsystems Inc.

FAQ

When did Spectra7 Microsystems announce the return of CEO Raouf Halim?

Spectra7 Microsystems announced CEO Raouf Halim's return on January 16, 2023.

What is the stock symbol for Spectra7 Microsystems?

The stock symbol for Spectra7 Microsystems is SPVNF.

What significant markets does Spectra7 focus on?

Spectra7 focuses on high-performance analog semiconductors for the AR/VR and data center markets.

What leadership change occurred at Spectra7 Microsystems recently?

Raouf Halim returned to full-time duties as CEO after a period of medical leave.