PALO ALTO, CALIFORNIA and TORONTO, ONTARIO--(Marketwired - Feb. 10, 2014) - (TSX VENTURE:SEV) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), a high performance analog semiconductor company delivering unprecedented speed, resolution and signal fidelity to consumer and wireless infrastructure products, today announced that Robert Bosomworth has been promoted to Chief Financial Officer of the Company. Mr. Bosomworth has been acting as interim Chief Financial Officer of the Company since October 31, 2013 and was previously the Company's Controller.
Mr. Bosomworth is a seasoned financial executive with more than 30 years of experience at IBM. Prior to joining Spectra7, he was the Controller at Fresco Microchip Inc. ("Fresco"), a leading developer of radio frequency, mixed-signal and digital signal processing semiconductors where he held broad responsibility for financial management, accounting, administration, and real estate. Prior to joining Fresco, Mr. Bosomworth was the Division Controller for the Caribbean region of IBM managing $100 million of international business. At IBM, Mr. Bosomworth held a broad range of senior management positions, overseeing mergers and acquisitions, due diligence, accounting, strategic and financial planning, internal audit and corporate finance. Mr. Bosomworth holds an Honours Business Administration degree from the Richard Ivey School of Business at Western University.
"Rob brings incredible discipline combined with strong financial and operational leadership to enhance our executive team as the Company accelerates its expansion into major markets," commented Tony Stelliga, CEO of Spectra7. "Rob's hands-on operational track record will be instrumental as we capitalize on our market traction."
"In less than 12 months, Spectra7 has made significant progress to build a world-class team, win business with tier one customers, and deliver a compelling value proposition that resonates with investors," commented Mr. Bosomworth. "I am excited to take on this new role and focus on creating increased shareholder value."
Mr. Bosomworth is based at the Company's Canadian Headquarters in Markham, Ontario.
The Company also announced today the grant of options to Mr. Bosomworth to purchase up to 100,000 common shares were granted pursuant to the Company's stock option plan, exercisable at a price of Cdn$0.53 per common share for a term of 7 years, which options shall vest according to the following schedule: one-quarter shall vest on the first anniversary of the grant, and the balance will vest in equal monthly installments over the next 36 months. In addition, 100,000 restricted share units were awarded pursuant to the Company's restricted share unit plan to Mr. Bosomworth, which shall vest according to the above schedule.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance analog semiconductor company delivering unprecedented speed, resolution and signal fidelity to consumer and wireless infrastructure products. Spectra7's new system-level components address throughput bottlenecks and satisfy the exponential demand for more bandwidth and lower costs in mobile and internet infrastructure equipment, including handsets, tablets, base stations and microwave backhaul systems. Spectra7 is headquartered in Markham, Ontario with development centers in Silicon Valley, Irvine, California and Cork, Ireland. For more information, please visit www.spectra7.com.
Caution Regarding Forward-Looking Information
This press release may contain forward-looking statements with respect to Spectra7, its products and operations and the contemplated financing. These statements generally can be identified by use of forward looking words such as but are not limited to "may", "will", "expect", "estimate", "anticipate", intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Spectra7 discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulations and the factors described under "Risk Factors" in the Management's Discussion and Analysis and Final Long Form Prospectus of Spectra7 which are available at www.sedar.com. The cautionary statements qualify all forward-looking statements attributable to Spectra7 and persons acting on their behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and Spectra7 has no obligation to update such statements.
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