Spectra7 Microsystems Inc (SEV)

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Spectra7 Update to Previously Announced Term Sheet and Debenture Interest Payment

SAN JOSE, Calif.
(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for broadband connectivity markets, today announced that the previously announced facility on June 17th, 2019, has been withdrawn.

As part of the convertible debenture indenture agreement the Company entered into on January 9, 2018, an interest payment was due to the noteholders on December 31, 2019. As of today, the Company has not yet made such payment. The Company is in communication with the debenture trustee and working to remediate the matter as soon as possible.

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