PALO ALTO, CALIFORNIA and TORONTO, ONTARIO--(Marketwired - March 10, 2015) - (TSX VENTURE:SEV) Spectra7 Microsystems Inc. ("Spectra7" or the "Company") today announced that it has reached a record of over 20 design-ins with leading original equipment manufacturers for active, ultra-thin interconnects utilizing the Company's recently announced products. These design wins span multiple market segments including virtual reality, wearable computing, home entertainment and mobile, ultra-thin notebook and tablet devices.
All of these design-ins were won with new products announced by the Company since October, 2014 including the Company's recently announced active chipset family for ultra-thin implementations of USB 3.1 Type-C consumer interconnects - the TC7108, TC7216 and the TC7050. These new product design-ins exceed the entire design-in activity of the Company during 2014. The Company also announced its consumer brand roster now exceeds 30 retail brands and that several brands are now moving from the Company's standard 10Gbps products to its new higher performance 18Gbps HDMI products with over $675,000 of new orders received for these products since late November 2014.
In order to accommodate this new design-in integration, validation and development of these new systems utilizing Spectra7's technology, the Company also announced the expansion of its Palo Alto design, compliance and validation lab. The new facility is over 200% larger than the existing lab and allows the Company to reduce time to market by automating compliance and interoperability testing of its new products without adding headcount.
The Company also appointed Jim McGrath to Director of Marketing. Mr. McGrath is an industry veteran in high performance passive consumer interconnects and brings over 25 years of technical and business experience to the Company. He has worked previously for interconnect providers including Molex, Tyco, Cinch and TRW and worked closely on the establishment of the USB Type-C Standard. Jim earned his B.Sc. in Engineering Mechanics and Electrical Engineering and his MBA in Marketing and Operations at Kellogg Graduate School of Management at Northwestern.
"Customer adoption of our active cable processing technology is at an all time high, across multiple market segments and this demand continues to accelerate as we enter new vertical markets with our ongoing roll-out of new products", said Tony Stelliga, Chief Executive Officer of Spectra7. "These design-ins are critical as we seek to expand our production volumes and revenue. By meeting this design-in activity with validation automation and our expanded management team, we can capitalize on these new programs faster".
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 Markham, Ontario and Palo Alto, California with a Design Center in Cork, Ireland. For more information, please visit www.spectra7.com.
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of applicable securities laws. 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 and assumptions 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. Additional factors that could cause actual results, performance and 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, 2013. Actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. 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.
Spectra7 Microsystems Inc.
Spectra7 Microsystems Inc.
Chief Financial Officer