September 20, 2023 SAN JOSE, CA - (PR NewsWire) – (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 Bonnie Tomei, CFO, was recognized as a winner in the inaugural Women CFO Awards hosted by Financial Executives International Silicon Valley. Tomei was selected as the top CFO for public companies with less than $1 billion in market capitalization. Recipients of the awards in other categories include Sherri Luther of Lattice Semiconductor (NASDAQ:LSCC), Suzy Taherian, of Xpansiv, Shannon Nash of Wing (an Alphabet Company) and M.G. Thibaut of DroneDeploy.

Financial Executives International (FEI) Silicon Valley hosted the first-ever Women CFO of the Year Awards recognizing the finalists and announcing the winners on September 19, 2023. This prestigious occasion recognized five women CFOs’ incredible contributions in the accounting and finance fields and their achievement in leading, inspiring, and motivating others as well as their profound influence on both business and our community.

“We are extremely proud of Bonnie’s hard work and leadership resulting in this impressive recognition by FEI Silicon Valley,” said Raouf Halim, Chief Executive Officer. “Bonnie has been integral to our financial strategy as we lead the way in new connectivity solutions designed specifically to meet the speed, power and cost requirements of the most advanced hyperscale data centers and emerging AI / machine learning markets.”

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.

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 expected revenue and gross margin in the second quarter of 2023, the expected datacenter upgrade cycle, the expected size of the ACC connectivity market by 2027, the expected orders from datacenter customers in North America, the expected acceleration in the data center market, the Company’s expected revenue in the second half of 2023, and the Company’s ability to maintain its efficient operating expense structure and working capital management 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.
Bonnie Tomei
Chief Financial Officer
669-212-1089
ir@spectra7.com