After the tragic and untimely death of its leader, Tony Stelliga, the vision lives on at Spectra7 Microsystems (TSXV:SEV), says Cantor Fitzgerald Canada analyst Ralph Garcea.
On May 27, Spectra7 Micrsystems announced that Stelliga had died suddenly.
“We are greatly saddened by Tony’s passing, ” said chairman Ronald Pasek. “The board and the company are indebted to Tony for his strong leadership, boundless energy and dedication, and significant contribution to Spectra7 during his tenure. The board’s thoughts are with Tony’s family at this very difficult time.” The company announced that CFO Dave Mier and VP general counsel and corporate development Cynthia Cole had been appointed to oversee the company on an interim basis until a new CEO can be found.”
Spectra7 this week held its AGM, where Garcea says there was an emphasis on the decades of experience the company’s current management team possesses.
“After the normal course of business, Cynthia Cole, VP General Counsel and Corporate Development, and Dave Mier, CFO, provided a business update,” notes Garcea.”Emphasis was placed on the decades of experience the current management team has. Concern surrounding the Company’s patents was put to rest. The core business will continue to be managed by Dr. Andrew Kim (CTO), John Mitchell (CMO), Charito Alcantara (VP, Ops), and Ebrahim Abunasrah (VP, Data Center). The process of finding a new CEO is ongoing, and the Board is confident in finding the right candidate. We would expect an announcement on the new CEO within the next 60 to 90 days.”
In a research update to clients today, Garcea maintained his “Buy” rating and one-year price target of $1.25, implying a return of 123 per cent at the time of publication.