Spectra7 Announces Semiconductor Industry Veteran as New CFO

Rhea-AI Summary

Spectra7 Microsystems Inc. announced the appointment of Bonnie Tomei as the new Chief Financial Officer, effective July 13, 2021. Tomei, with over 15 years of finance experience, has previously held key positions at semiconductor firms like Achronix and Aquantia. Her expertise includes managing financial operations during rapid growth phases. The retirements of interim CFO Dave Mier and Senior VP of Sales Jerry Hamilton were also noted. This transition is expected to fortify Spectra7's strategic direction in the growing data center market.

Positive

• Appointment of Bonnie Tomei as CFO could drive financial stability and growth.
• Tomei's extensive experience in semiconductor finance may enhance profitability and shareholder value.
• Strategic focus on the growing data center market could present new revenue opportunities.

Negative

• None.

Previous Interim CFO and Senior VP of Sales Retire

SAN JOSE, Calif., July 13, 2021 /PRNewswire/ -- (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), today announces that Bonnie Tomei, a semiconductor industry veteran, has joined the Company as Chief Financial Officer. Dave Mier, who has been serving as interim CFO and Jerry Hamilton who has been the Company's Senior Vice President of Sales are both retiring.

Ms. Tomei brings over 15 years of finance experience from several semiconductor companies, including Achronix, Aquantia and Techwell. Her most recent role was Head of Finance at Achronix, where she was instrumental in its preparation of a SPAC merger. At Aquantia, she was instrumental in completing their IPO on NYSE and subsequent acquisition by Marvel. During her career, she has been involved in all aspects of finance including driving gross margin expansion, optimizing costs, enhancing profitability growth and building significant shareholder value.

"Bonnie is a strategic hire for our Company," said Spectra7 CEO Raouf Halim. "Her operational experience will be invaluable during Spectra7's next growth phase in the massive data center market. She knows how to manage all financial disciplines through rapid growth and has proven herself adept at creating tremendous shareholder value. We are excited to have her join our team and look forward to her contributions."

Dave Mier is retiring from the Company after serving as interim CFO since July 2020 and previously as CFO from 2015 to 2017. "Dave has been critical in our recent equity raise and successful listing on the OTCQB," said Mr. Halim. "These and his many other contributions to the Company are greatly appreciated. We are extremely thankful for his willingness to help during this transition period."

"I want to also thank Jerry Hamilton for his leadership and contribution to Spectra7 as Senior Vice President of Sales," said Mr. Halim. "He has been instrumental in building our strong sales channel in Asia. We wish him the very best for the future."

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 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 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, 2020. 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.

Trademarks
Spectra7 is registered trademark of Spectra7 Microsystems, Inc. All other brands and marks are the property of their respective owners.

For more information, please contact:                                                                       

Spectra7 Microsystems Inc.
Justin Leighton
Investor Relations
647-578-7996
ir@spectra7.com

Spectra7 Microsystems Inc.
Bonnie Tomei
Chief Financial Officer
669-212-1089
pr@spectra7.com

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SOURCE Spectra7 Microsystems Inc.

FAQ

Who is the new CFO of Spectra7 Microsystems as of July 13, 2021?

The new CFO is Bonnie Tomei, who has over 15 years of finance experience in the semiconductor industry.

What roles did Dave Mier and Jerry Hamilton serve at Spectra7 Microsystems?

Dave Mier served as interim CFO and Jerry Hamilton was Senior VP of Sales before their retirements.

What is Bonnie Tomei's background in the semiconductor industry?

Bonnie Tomei has held key finance positions at companies like Achronix and Aquantia, contributing to significant financial milestones.

How might Bonnie Tomei's appointment affect Spectra7 Microsystems' growth?

Her experience in managing financial operations during periods of rapid growth is expected to positively impact the company's strategic direction.