|By Marketwired .||
|February 11, 2014 08:30 AM EST||
TORONTO, ONTARIO and STORRS, CONNECTICUT -- (Marketwired) -- 02/11/14 -- POET Technologies Inc. (TSX VENTURE: PTK)(OTCQX: POETF) ("POET") or (the "Company") today announced, changes to the Executive team and Board:
-- Peter Copetti has been named Executive Chairman and interim CEO. Mr. Copetti previously served as Executive Director and Chair of the Special Strategic Committee (SSC), which was dissolved, as previously reported, following its final report to POET's Board of Directors. -- Leon M. Pierhal has stepped aside as CEO and will continue his role as President and member of the Board. -- Mark Benadiba has stepped down as Executive Chairman of the Board and will remain a member of the Board, as Vice Chairman.
The changes to the Executive leadership team and Board are effective immediately.
Mr. Peter Copetti, incoming Executive Chairman and interim CEO commented: "I am delighted to assume leadership of the Company's operational responsibility and strategic vision. I take the fiduciary duties associated with these appointments seriously, and intend to continue to provide superior returns and value to shareholders. On behalf of the Board, I would like thank Mark and Leon for their commitment and contributions, and will continue to work with both of them in progressing POET's story to the next phase, which is expected to culminate in the monetization of POET's proprietary platform and processes."
Mr. Copetti added: "Currently, POET is at an advanced stage in its 16-year development history. We are determined to be first to market with a practical compound semiconductor solution in the industry's race to sustain Moore's Law beyond the constraints of traditional silicon."
"POET intends to go to market with the world's first completely integrated optical and electrical device operating on a single die, and to fulfill its promise of vastly superior processing speed and energy utilization in a patented production process that can ultimately be retrofitted to conventional fabs," concluded Mr. Copetti.
Mr. Leon M. Pierhal, President commented, "Semiconductors, computer technology and telecommunications were all, at one time, emerging industries in my forty-plus years in the technology industry. As a co-founder of POET, I'm immensely proud of my participation throughout the organization's development life cycle. In this time, I steered the Company through infancy, and shepherded POET safely through turbulent change. POET has since evolved from its origins as pure R&D, to a publicly-traded going concern trading on two markets in Canada and the U.S., to where it stands today - at an inflection point, where monetization of the POET platform is on the horizon, with fully-integrated optical-electronic chips leading the way for the semiconductor industry's next generation chip technology."
Mr. Pierhal continued, "Our position firm, I've decided to step aside as CEO and stay on as President and a member of the Board. This change in role allows me to spend time with family, and tend to overdue personal commitments that had been put aside, due to the arduous demands needed to bring POET to where it is today. Having worked closely with Mr. Peter Copetti over the past eighteen months, I am confident in Peter's ability to serve as CEO, and look forward to continuing to work together. I firmly believe Peter will deliver significant value on behalf of all stakeholders, and play a pivotal role in bringing the Company's technology to market."
Mark Benadiba, Vice Chairman, noted: "I want to personally express my gratitude to our Board and shareholders for the support they have given me through my tenure as Chairman. Of special note is that, without Peter and his tremendous efforts, we would not have accomplished the objectives that we have to date. I am certain that his leadership will serve our shareholders well going forward. Thank you, all."
The Company also wishes to announce that it has entered into a term sheet with the University of Connecticut ("the University") to restructure its license agreement of April 8, 2003 (the "License Agreement"). The parties confirmed that the licenses granted pursuant to the License Agreement are in full force and are irrevocable.
While the maintenance fee provisions of the License Agreement remain unchained, the parties agreed to restructure the payment provisions by reducing the royalty payment to three percent (3%) of amounts received from unaffiliated third parties in respect of the exploitation of the Intellectual Property defined in the License Agreement.
In consideration for the favorable restructuring of the royalty terms, the Company will provide the University 2,000,000 common shares, subject to approval by the TSX Venture Exchange; trading of these shares is restricted until May 31, 2016. The restructuring is subject to the final execution of the formal amendment to the License Agreement.
Mr. Copetti stated: "I am extremely pleased with the University of Connecticut's vote of confidence in POET, exhibited by their taking an equity stake in the Company as an alternative to a higher potential royalty revenue stream. At the same time, their decision will greatly enhance the Company's ability to monetize the POET technology and create shareholder value."
The Company remains on track with its technology roadmap, and will shortly be providing updates to all stakeholders on progress and achieved milestones to date.
About POET Technologies Inc.
POET Technologies is the developer of the POET platform for monolithic fabrication of integrated circuit devices containing both electronic and optical elements on a single semiconductor wafer. With head office in Toronto, Ontario, Canada, and operations in Storrs, CT, the Company, through ODIS Inc., a U.S. company, designs III-V semiconductor devices for military, industrial and commercial applications, including infrared sensor arrays and ultra-low-power random access memory. The Company has 30 patents issued and 9 patents pending for the POET process, with potential high speed and power-efficient applications in devices such as servers, tablet computers and smartphones. The Company's common shares trade on the TSX Venture Exchange under the symbol "PTK" and on the OTCQX under the symbol "POETF". For more information please visit our website at www.poet-technologies.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated operational plans and activities including the statements by Messrs. Copetti, Pierhal and Benadiba about the future of the POET Technology.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by the Company's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's anticipated projects, delays or changes in plans with respect to the development of the Company's anticipated projects by the Company's third party relationships, risks affecting the Company's ability to execute projects, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
Nov. 30, 2015 11:45 AM EST
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 30, 2015 11:00 AM EST Reads: 215
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Nov. 30, 2015 10:45 AM EST Reads: 462
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 30, 2015 10:30 AM EST Reads: 353
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Nov. 30, 2015 10:00 AM EST Reads: 290
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 30, 2015 09:00 AM EST Reads: 506
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Nov. 30, 2015 08:00 AM EST Reads: 564
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Nov. 30, 2015 07:00 AM EST Reads: 468
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 30, 2015 07:00 AM EST Reads: 382
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Nov. 30, 2015 06:00 AM EST Reads: 388
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Nov. 30, 2015 05:30 AM EST Reads: 494
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Nov. 30, 2015 05:15 AM EST Reads: 253
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Nov. 30, 2015 04:00 AM EST Reads: 349
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Nov. 30, 2015 04:00 AM EST Reads: 608
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
Nov. 30, 2015 03:45 AM EST Reads: 440