Sigma Designs, Inc. Announces Two New Directors Appointed to the Board of Directors
February 27 2018 - 9:00AM
Sigma Designs, Inc.® (NASDAQ:SIGM) today announced the appointment
Mr. Saleel Awsare, currently vice president and general manager,
Audio and Imaging Business, at Synaptics Incorporated (NASDAQ:SYNA)
to Sigma’s Board of Directors, effective February 25,
2018. Mr. Awsare will serve on the Audit, Compensation
and Nominating/Governance committees.
In addition, Mr. Elias Nader, Sigma’s interim
President, Chief Executive Officer and current Chief Financial
Officer, has been appointed to the Board of Directors, effective
February 25, 2018. These two appointments bring the total
number of board members to four.
“We are pleased to add Saleel to our board
during this important time for Sigma Designs. His background in the
semiconductor industry and experience as a member of Conexant’s
leadership team during their sale to Synaptics will be valuable as
we continue the process to divest our remaining assets and complete
our previously announced liquidation plan,” said J. Michael Dodson,
Lead Independent Director of Sigma Designs’ Board of Directors.
Prior to his current role at Synaptics, Mr.
Awsare served as president of Conexant Systems, LLC, which was
acquired by Synaptics in 2017. Before joining Conexant, Mr.
Awsare served as president of Nuvoton's U.S. operations and general
manager of the company’s audio and voice divisions. In 2008, Mr.
Awsare started the audio product line within Nuvoton, a spin-off of
Winbond Electronics. Prior to Nuvoton, Mr. Awsare was the executive
vice president and general manager of mixed signal products for
Winbond Electronics Corporation America. Before Winbond, Mr. Awsare
was director of engineering for Information Storage Devices, where
he was part of the team that developed the first single-chip analog
voice playback and record product based on embedded flash
technology.
Mr. Awsare holds a B.S. from Stevens Institute
of Technology and an M.S. from Santa Clara University. He has
several patents and has written for multiple publications.
About Sigma Designs, Inc.
Sigma Designs, Inc.® (NASDAQ:SIGM) is a world
leader in enabling smart home convergence. The company designs and
builds semiconductor technologies for Internet of Things (IoT)
smart home devices. For more information about Sigma Designs,
please visit: www.sigmadesigns.com.
Forward-Looking Statements
This press release contains forward-looking
statements (including within the meaning of Section 21E of the
United States Securities Exchange Act of 1934, as amended, and
Section 27A of the United States Securities Act of 1933, as
amended) concerning Mr. Awsare’s anticipated contribution to Sigma
Designs and Sigma Designs’ plans to continue the process of
divesting its assets and completing its previously announced
liquidation plan. These forward-looking statements, which may be
identified by words such as “will,” “continue” and “plan,” and
similar words, phrases or expressions indicating belief or
prospective events, are based on current expectations and beliefs
of the management of Sigma Designs, as well as assumptions made by,
and information currently available to, such management, and
involve risks and uncertainties, many of which are beyond Sigma
Designs’ and its management’s control, and which may cause actual
results to differ materially from those contained in the
forward-looking statements. Accordingly, you should not place undue
reliance on such statements.
Particular risks and uncertainties that could
materially affect future results and which may cause actual results
to differ materially from those contained in the forward-looking
statements include any risks associated with Sigma Designs’
continued process to divest its remaining assets and its plan to
complete its previously announced liquidation plan, such as: (1)
the risk that Sigma Designs’ liquidation plan and planned
divestitures of assets, including the timing of such planned
events, is affected or delayed by external events beyond the
control of Sigma Designs or by third parties involved in such
transactions, (2) the risk that any conditions to the closing of
any transactions required to complete the planned divestitures
and/or planned liquidation are not satisfied; (3) uncertainties as
to the timing of the consummation of such transactions and the
ability of each party involved to consummate such transactions; (4)
risks that the planned divestitures and/or planned liquidation
disrupts the current plans and operations of Sigma Designs; (5)
unexpected costs, charges or expenses, or unexpected tax
consequences, resulting from the planned divestitures and/or
planned liquidation; (6) potential adverse reactions or changes to
business relationships resulting from Sigma Designs’ continued
process towards completing the planned divestitures and/or planned
liquidation; and (7) the ability of Sigma Designs to continue to
explore ways to increase the available cash for distribution to
shareholders through the planned divestitures and planned
liquidation.
The foregoing review of important factors that
could cause actual events to differ from expectations should not be
construed as exhaustive and should be read in conjunction with
Sigma Designs’ filings with the Securities and Exchange Commission
(“SEC”), including the risks set forth in the “Risk Factors”
section of Sigma Designs’ public reports filed with the SEC,
including its Form 10-K for the fiscal year ended January 28, 2017,
which you may obtain for free at the SEC’s website at
http://www.sec.gov, and which discuss additional important risk
factors that may affect Sigma Designs’ business, results of
operations and financial conditions. Readers are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. In addition, Sigma Designs may be
subject to currently unforeseen risks that may have a materially
adverse impact on it. Accordingly, no assurances can be given that
the actual events and results will not be materially different than
the anticipated results described in the forward-looking
statements. Sigma Designs undertakes no intent or obligation to
publicly update or revise any of these forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Investor Relations Contacts: Jim
FanucchiDarrow Associates, Inc.(408)
404-5400IR@sigmadesigns.com
Synaptics (NASDAQ:SYNA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Synaptics (NASDAQ:SYNA)
Historical Stock Chart
From Sep 2023 to Sep 2024