VANCOUVER, British Columbia and AUSTIN, Texas, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“Inspire” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads, is pleased to announce that today it is providing a general business update by live webinar at 1:00 p.m. (Eastern Time)
Key topics the business update covers include:
Recent key accomplishments and progress on product development
Company plans going forward
The recently closed C$10M convertible loan financing. See press release dated September 23, 2024 for further details
The proposed delisting of the Company’s shares from the TSX Venture Exchange (the “Delist”)
Change of the CFO as discussed below
The Company cautions that the Delist is subject to the approval of the shareholders of the Company and all relevant regulatory approvals including the approval of the TSX Venture Exchange.
To join the Business Update please use the following Zoom link:
A recording of the business update will be made available in the Investors section of the Company’s website at https://inspiresemi.com/investors/.
CFO transitioning to the Board of Directors, interim CFO appointed
The Company further announces that John B. Kennedy will be stepping down from his role as CFO and joining the Board of Directors, effective September 30, 2024.
While John will remain with the company as a member of the Board, he is starting a new chapter in his life to take over a non-profit organization, and the Company wishes him the very best in this new endeavor.
Jack Cartwright, who has been working with the Company in a senior finance role over the last 3 months, will assume the role of interim CFO effective immediately while the Company conducts a search for a permanent CFO.
Jack Cartwright is a successful financial and operational leader with over 20 years of corporate finance experience ranging from high growth early-stage tech firms to highly technical complex global businesses. His depth of experiences includes SaaS, B2C marketplaces, AdTech, telecommunications, carbon and clean energy, and logistics.
Based in Austin, Texas, Jack was previously CFO at two other technology firms and has held a variety of positions in finance. He has led several M&A transactions on both the sell side and buy side, and he has also led several fundraising efforts with large, institutional investors.
Jack has also led many post-closing integration projects involving advanced reporting optimization, including the financial integration of two public software companies. He led the acquisition and concurrent integration of 4 Fintech companies with audit and IPO filings.
Jack holds an MBA (The University of Texas at Austin) with a concentration in finance, accounting & strategy, and a Master of Science degree in Accounting (University of Miami). He was formerly an officer in the United States Army.
The appointment of Jack Cartwright as interim CFO is subject to the approval of the TSX Venture Exchange.
The Company’s Chairman, James J. Hickman, wrote, “This company is at a tremendous inflection point: we finally have Thunderbird in production, combined with ample funding which should carry us to profitability. John was instrumental in helping us achieve this. Now that the Company is transitioning to its next phase, we wish John the absolute best as he transitions to his next phase. And we’re grateful that he is remaining with the business as a Board member.”
“I am incredibly proud of the achievements the Inspire team has made in the nearly five years since I came on board,” said Kennedy, “I am equally as excited about the future potential and opportunities as the Company moves towards the production and sales phase with its first product, Thunderbird I. However, it is time for me to take on a completely new challenge, in the nonprofit sector, while still staying involved with Inspire as a member of the Board of Directors.”
About InspireSemi
InspireSemi (TSXV: INSP) provides revolutionary high-performance, energy-efficient accelerated computing solutions for High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads. The Thunderbird I ‘supercomputer-cluster-on-a-chip’ is a disruptive, next-generation datacenter accelerator designed to address multiple underserved and diversified industries, including financial services, computer-aided engineering, energy, climate modeling, cybersecurity, and life sciences & drug discovery. Based on the open standard RISC-V instruction set architecture, InspireSemi’s solutions set new standards of performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.
Cautionary Statement on Forward-Looking Information
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning InspireSemi’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of InspireSemi are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.
Forward-looking information includes, but is not limited to, information regarding: (i) the business plans and expectations of the Company including expectations with respect to production of Thunderbird I and development of future projects and; (ii) expectations for other economic, business, and/or competitive factors; and (iii) expectations regarding the Delist. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this presentation, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of InspireSemi, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company including information obtained from third-party industry analysts and other third-party sources and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: (i) statements relating to the expected performance of Thunderbird I (ii) business and future activities of, and developments related to, the Company after the date of this press release; (iii) expected completion of or satisfaction of all conditions to complete the Delist, including receipt of all relevant approvals from shareholders, securities commissions and the stock exchanges involved; (iv) expectations for other economic, business, regulatory and/or competitive factors related to the Company or the technology industry generally; (v) the risk factors referenced in this news release and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca; and (vi) other events or conditions that may occur in the future. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
