Semiconductor Industry Veteran Joins as CFO
November 6, 2017 SAN JOSE, CALIFORNIA--(Marketwired) - Spectra7 Microsystems Inc. (TSX:SEV) ("Spectra7" or the "Company"), a leading provider of high-performance analog semiconductor products for broadband connectivity markets, today announced that Darren Ma has assumed the Company's CFO role. Mr. Ma is taking over from David Mier, who is retiring from the Company. Mr. Ma brings over 15 years of finance experience from several semiconductor bellwethers, including Intel and Semtech, and has a track record of building significant shareholder value. His most recent role was CFO of GigPeak, where he was instrumental in strategically raising capital, driving gross margin expansion, optimizing costs and enhancing profitability growth. Ultimately Mr. Ma was instrumental in the sale of GigPeak to Integrated Device Technologies (IDT) for $250 million, approximately six-times more than GigPeak's value when he started. "I've built my career by undertaking increasingly challenging roles across the connectivity semiconductor industry," said Mr. Ma. "While integrating GigPeak into IDT's operations, I began searching for my next move. Spectra7's unique technology, strong design team, and multi-billion dollar targeted markets instantly stood out as an opportunity for me to leverage my experience. Now that my short-term contract with IDT has finished, I can dedicate myself to working with Spectra7's management to capitalize upon the Company's tremendous market opportunities." "Darren is a strategic hire for our Company," said Spectra7 CEO Raouf Halim. "His operational experience will be invaluable during Spectra7's next growth phase in the massive data center market. He knows how to communicate to the capital markets community and has proven himself adept at creating tremendous shareholder value. We are excited to have him join our team and look forward to his contributions. We'd also like to thank David Mier, Spectra7's incumbent CFO, for his dedication and efforts with the Company. We wish him the best in his retirement."
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 design centers in Markham, Ontario, Cork, Ireland, and Little Rock, Arkansas. For more information, please visit www.spectra7.com.
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, those regarding the Company's future financial position and results of operations, strategy, proposed acquisitions, 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 MD&A for the year ended December 31, 2016. 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.
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