SmartKem (NASDAQ:SMTK)
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Simtek Corporation (NASDAQ: SMTK), the inventor, pioneer, and world’s
leading supplier of nonvolatile static random access memory (nvSRAM)
integrated circuits, today announced that it has made changes to its
Board of Directors to enable higher focus on its newly formed
subsidiary, AgigA Tech, Inc., and to separate the roles of Chairman of
the Board and Chief Executive Officer of the Company.
As previously announced, Ron Sartore resigned effective February 13,
2008 as a Director of Simtek to spearhead AgigA Tech and will serve as
its president and on its board of directors. He will not be immediately
replaced on the Simtek board. Sartore will be joined on the AgigA Tech
board of directors by Harold A. Blomquist, Simtek's CEO, as executive
chairman, and Brian Alleman, Simtek’s CFO as
Secretary/Treasurer.
The Simtek Board of Directors has chosen to separate the positions of
Chairman of the Board of Simtek and Chief Executive Officer of the
Company. Effective February 13, 2008, Harold Blomquist will be replaced
as Chairman of the Board. Mr. Robert Pearson, who has served as a
Director of the Company since June 2002, will become non-executive
Chairman of the Board. Mr. Pearson is Senior Vice President of Renn
Group, Inc., an investment advisory firm. Harold Blomquist will remain
as Chief Executive Officer and Director.
“These changes will accomplish two important
things,” said Pearson. “First,
we will enhance our focus on the successful launch of AgigA Tech and on
the day-to day-running of our business and second, we will bring the
structure of our Board of Directors in line with best governance
practices where the roles of the independent directors and management
are more clearly separated.”
“Simtek has been developing and strengthening
its board consistently over the last several years,”
stated Blomquist. “As we added new experienced
and independent directors, John Hillyard and Philip Black, this is a
natural step in the continuous improvement of all aspects of Simtek and
will help the Company as it strives for improved shareholder value.”
“I look forward to the help of Mr. Pearson
and the other independent directors as we launch AgigA Tech and as we
pursue the opportunities related to the continued growth of Simtek,”
Blomquist concluded.
About Simtek Corporation
Simtek Corporation designs and markets "NV + fast SRAM" nonvolatile
semiconductor memory products for use in a variety of systems including
RAID servers, storage arrays, GPS navigational systems, industrial
controllers, robotics, copiers, avionics, metering, consumer, UPS, and
networking and broadcast equipment. Information on Simtek products can
be obtained from its web site: www.simtek.com;
email: information@simtek.com.
The company is headquartered in Colorado Springs, Colorado.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
including statements predicting Simtek's future growth. These
forward-looking statements are inherently difficult to predict and
involve risks and uncertainties that could cause actual results to
differ materially, including, but not limited to, projections of future
performance including predictions of future profitability and
expectations of the business environment in which Simtek operates. For a
detailed discussion of these and other risk factors, please refer to
Simtek's filings with the Securities and Exchange Commission (SEC),
including its Annual Report on Form 10-K and subsequent Form 10-Q and
Form 8-K filings.