|By Marketwired .||
|February 24, 2014 07:44 PM EST||
TORONTO, ONTARIO and PALO ALTO, CALIFORNIA -- (Marketwired) -- 02/25/14 -- Spectra7 Microsystems Inc. (TSX VENTURE:SEV) ("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 the completion of its previously announced review of the 2012 audited annual financial statements of Spectra7 Microsystems Corp. (formerly Fresco Microchip Inc.) ("Fresco"), one of the two companies acquired as part of Spectra7's qualifying transaction. As a result of the review, Spectra7 has filed amended and restated financial results for the three and twelve months ending September 30, 2013, and an amended corresponding management's discussion and analysis, and amended and restated audited annual financial statements of Fresco for the year ending September 30, 2012.
The restatement was required to correct the valuation and presentation of Fresco's previously outstanding preferred shares under IAS 32: Financial Instruments. All such preferred shares were converted to common shares in connection with Spectra7's qualifying transaction completed in February 2013. The restatement impacts non-operating expenses. There is no change to cash and immaterial changes to revenue and gross margins. A detailed description of the restatement can be found in note 3 to the amended and restated financial report for the three and twelve month period ending September 30, 2013 and in note 5 to the amended and restated audited annual financial statements for the year ending September 30, 2012. The amended filings are available on SEDAR under Spectra7's profile.
"This restatement is driven by an incorrect application of the IFRS rule relating to accounting standards for valuation and presentation of Fresco's previously outstanding preferred shares, with no impact on the cash-flow and cash position of the Company," said Robert Bosomworth, CFO of Spectra7.
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 was recently identified by CIBC World Markets as one of the hottest technology companies. 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.
Certain information in this news release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Spectra7 assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Spectra7. Additional information identifying risks and uncertainties is contained in Spectra7's filings with the Canadian securities regulators available at www.sedar.com.
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.