TORONTO, ON AND PALO ALTO, CA--(Marketwired - June 18, 2015) - Spectra7 Microsystems Inc. (TSX VENTURE: SEV) ("Spectra7" or the "Company") is pleased to announce that Ronald Pasek has been elected as an independent member of the Board of Directors at the annual and special meeting of shareholders of the Company held earlier today.
Mr. Pasek is the Senior Vice President of Finance and Chief Financial Officer of Altera Corporation ("Altera") (NASDAQ), a worldwide provider of programmable logic devices. He has held this position since joining Altera in December 2009. Prior to his employment with Altera, Mr. Pasek held a variety of positions in finance at Sun Microsystems over a period of 19 years including Vice President of Worldwide Field Finance, Worldwide Manufacturing and U.S. Field Finance and, most recently, Vice President and Corporate Treasurer. Mr. Pasek's election is subject to the final approval of the TSX Venture Exchange.
"We are excited to have Ron join the Board of Directors of Spectra7. His direct industry experience, global capital markets knowledge and his proven finance and operational skills will be a great addition to our board," commented Tony Stelliga, CEO of Spectra7.
Option Grants and RSU Awards
The Company also announces that in connection with his appointment, options to purchase up to 50,000 common shares ("Options") were granted to Mr. Pasek pursuant to the Company's stock option plan. The Options are subject to vesting provisions in accordance with the stock option plan and are exercisable at a price of $0.62. In addition, 50,000 restricted share units were awarded to Mr. Pasek pursuant to the Company's restricted share unit plan, with such restricted share units subject to vesting provisions in accordance with the restricted share unit plan.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance consumer connectivity company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading consumer electronics manufacturers in virtual reality, wearable computing and ultra-HD 4K/8K displays. Spectra7 is based in Palo Alto, California with design centers in Markham, Ontario and Cork, Ireland. For more information, please visit www.spectra7.com.
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, 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, 2014. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.