Summit Wireless Technologies Hires Former HDMI Executive Team to Advance the Proliferation and Monetization of the WiSA Standard

Rhea-AI Summary

Summit Wireless Technologies, Inc. (NASDAQ: WISA) announced the hiring of three industry veterans—Eric Almgren, Steve Venuti, and Roger Isaac—to enhance the adoption of the WiSA standard and stimulate revenue growth. With over 80 years of collective experience in launching major technologies like HDMI, this strategic team aims to expand market applications for Summit's high-definition wireless audio technology. CEO Brett Moyer highlighted their proven records in standard commercialization as vital for advancing WiSA's position in the audio industry.

Positive

• Hiring of experienced veterans could accelerate revenue growth.
• Collective expertise of over 80 years in technology commercialization.
• Direct focus on expanding market applications for high-definition audio.

Negative

• None.

Industry Veterans Bring Extensive Experience in Developing, Launching, and Licensing Multiple Standards-based Technologies

SAN JOSE, Calif.--(BUSINESS WIRE)-- Summit Wireless Technologies, Inc. (Nasdaq: WISA), a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems, hired three industry veterans to increase the proliferation of the WiSA standard and to drive Summit Wireless revenue growth. These strategic leaders developed, launched, and marketed HDMI as well as multiple other wired and wireless connectivity technologies and standards in applications that range from audio/video to mobile storage.

The team, comprised of Eric Almgren, Steve Venuti, and Roger Isaac, will focus on strategies to expand the market applications and to increase the global use of Summit Wireless’ industry-leading high-definition wireless audio technology as well as the WiSA Association’s standard for wireless audio interoperability.

“These high-caliber marketing and technology veterans, with more than 80+ years of collective experience, executed one of the most successful paradigms to commercialize a standard, making HDMI ubiquitous worldwide,” said Brett Moyer, CEO, President, and Chairman of Summit Wireless Technologies. “To drive WiSA’s global usage, we have emulated their model closely, and now they have joined our ranks. Eric and Steve’s proven track record of building and scaling standards-based technologies coupled with Roger’s IP-centric wireless connectivity background augment our capabilities and will be invaluable in elevating the WiSA standard market position. This team will be critical as we expand the industry presence for WiSA’s vision of an interoperable ecosystem of high-quality audio.”

The New Strategic Team Members

• Eric Almgren was co-founder and general manager of the business unit that launched and built the HDMI standard. Eric drove revenue from both IP and standards-based licensing. Eric also founded and monetized a number of standards-based organizations including Mobile High-definition Link (MHL), Low-power memory (LPDDR4), and WirelessHD. Eric has served as founder, chairman and CEO of several companies focused on wireless, standards, and audio technologies.
• Steve Venuti worked with Eric on the launch of HDMI. During his 12 years at HDMI Licensing, LLC he served as president, overseeing the initial release of the HDMI specification, growing it to today’s ubiquitous worldwide connectivity standard in over 10 billion products worldwide. Steve was responsible for building the HDMI brand as well as driving adoption of the HDMI specification with ecosystem partners. Steve also served as Chairman of the WirelessHD consortium.
• Roger Isaac recently served as CTO of a high-speed wireless connector company. Roger worked directly with executives in industry leading SoC, DRAM, OEM, and IP companies to create and build the low-power DRAM and flash memory ecosystem and served as the chairman of the JEDEC groups that defined successive versions of the low-power mobile and flash memory standards (LPDDR2, LPDDR3, LPDDR4, and UFS). Roger has over 100 issued patents worldwide in the wireless connectivity space.

About Summit Wireless Technologies, Inc.

Summit Wireless Technologies, Inc. (NASDAQ: WISA) is a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems. Working with leading CE brands and manufacturers such as Harman International, a division of Samsung, LG Electronics, Klipsch, Bang & Olufsen, Xbox, a subsidiary of Microsoft, and others, Summit Wireless delivers seamless, dynamic audio experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. Summit Wireless is a founding member of WiSA, the Wireless Speaker and Audio Association and works in joint partnership to champion the most reliable interoperability standards across the audio industry. Summit Wireless is headquartered in San Jose, CA with sales teams in Taiwan, China, Japan, and Korea. For more information, please visit: www.summitwireless.com.

About WiSA, LLC

WiSA®, the Wireless Speaker and Audio Association, is a consumer electronics consortium dedicated to creating interoperability standards utilized by leading brands and manufacturers to deliver immersive sound via intelligent devices. WiSA Certified™ components from any member brand can be combined to dramatically increase the enjoyment of movies and video, music, sports, gaming/esports, and more. WiSA also combines robust, high definition, multi-channel, low latency surround sound with the simple setup of a soundbar. For more information about WiSA, please visit: www.wisaassociation.org.

© 2021 Summit Wireless Technologies, Inc. All rights reserved. Summit Wireless Technologies and the Summit Wireless logo are trademarks of Summit Wireless Technologies, Inc. The WiSA logo, WiSA, WiSA Ready, and WiSA Certified are trademarks, or certification marks of WiSA LLC.

Safe Harbor Statement

This press release contains forward-looking statements, which are not historical facts, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting Summit Wireless’ business including, current macroeconomic uncertainties associated with the COVID-19 pandemic, our ability to predict the timing of design wins entering production and the potential future revenue associated with our design wins; our rate of growth; our ability to predict customer demand for our existing and future products and to secure adequate manufacturing capacity; consumer demand conditions affecting our customer’s end markets; our ability to hire, retain and motivate employees; the effects of competition, including price competition; technological, regulatory and legal developments; developments in the economy and financial markets and other risks detailed from time to time in Summit Wireless’ filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210914005428/en/

Kirsten Chapman, LHA Investor Relations, 415.433.3777, summit@lhai.com

Sarah Cox, Dittoe PR for WiSA, 765.546.1036, sarah@dittoepr.com

Keith Washo, WiSA Association, 984.349.2727, kwasho@wisaassociation.org

Source: Summit Wireless Technologies, Inc.

FAQ

What recent management changes occurred at Summit Wireless Technologies (WISA)?

Summit Wireless Technologies hired three industry veterans: Eric Almgren, Steve Venuti, and Roger Isaac to enhance the WiSA standard and drive revenue growth.

What are the backgrounds of the new team members at Summit Wireless (WISA)?

The new hires, Eric Almgren and Steve Venuti, were instrumental in launching HDMI, while Roger Isaac has experience in developing low-power mobile and flash memory standards.

How will the new hires impact Summit Wireless Technologies (WISA)?

The new team is expected to leverage their extensive experience to increase the adoption of the WiSA standard and expand the global market for Summit's audio technologies.