Spectra7 Engages Ocean Tomo to Lead Patent Based Financing
January 15 2020 - 9:05AM
Business Wire
Announces Receipt of Multi-Million (USD) Term
Sheet
(TSX:SEV) Spectra7 Microsystems Inc. (“Spectra7” or the
“Company”), a leading provider of high-performance analog
semiconductor products for broadband connectivity markets, today
announced that it has engaged Ocean Tomo, the Intellectual Capital
Merchant BancTM firm with a rich history of providing technology
rich companies with financial services and financing needs. Ocean
Tomo professionals have completed over 1000 engagements involving
IP worth in excess of $10 billion including over 300 valuation and
500 financial damages expert testimony engagements.
"Ocean Tomo is very impressed with Spectra7’s broad and deep
patent portfolio," said Ryan Zurek, Managing Director at Ocean
Tomo. "We are already seeing strong interest from prospective
investors."
Term Sheet
Spectra7 announced that it has received a multi-million USD non
binding term sheet, which was brokered by Ocean Tomo. Closing of
this transaction is subject to various conditions precedent
including entering into legally binding documentation and
satisfactory due diligence, and is expected to close this
quarter.
Additionally, Ocean Tomo is engaging with a number of asset
based lenders (ABL) to complete the recapitalization of
Spectra7.
ABOUT OCEAN TOMO
Established in 2003, Ocean Tomo, LLC, is the Intellectual
Capital Merchant Banc™ firm providing Opinion, Management and
Advisory services centered on intellectual property assets.
Practice offerings address financial expert testimony, valuation,
strategy, risk management, venture development, investments and
transaction brokerage. Ocean Tomo assists clients – corporations,
law firms, governments and institutional investors – in realizing
Intellectual Capital Equity® value broadly defined. For more
information visit: http://www.oceantomo.com/.
ABOUT SPECTRA7 MICROSYSTEMS INC.
Spectra7 Microsystems Inc. is a high performance analog
semiconductor company delivering unprecedented bandwidth, speed and
resolution to enable disruptive industrial design for leading
electronics manufacturers in virtual reality, augmented reality,
mixed reality, data centers and other connectivity markets.
Spectra7 is based in San Jose, California with design centers in
Cork, Ireland and Little Rock, Arkansas. 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 anticipated monetization of
the Company’s patent portfolio and patent financing strategies, and
the Company’s strategy, 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, 2018 and the Company’s
short form prospectus dated August 9, 2019. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200115005264/en/
For more information, please contact: Spectra7 Microsystems Inc.
James Bergeron Investor Relations 289-512-0541 ir@spectra7.com
Spectra7 Microsystems Inc. Darren Ma Chief Financial Officer
669-284-3170 pr@spectra7.com