AUSTIN, Texas, Oct. 28, 2022 (GLOBE NEWSWIRE) -- Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“InspireSemi”), a chip design company that has built a technology foundation to deliver revolutionary performance, announces the tapeout of a 5-nanometer (“nm”) accelerator chip, marking another significant milestone for the company.

“Our new 5nm accelerator chip tapeout highlights InspireSemi’s ability to deliver new standards of speed and energy efficiency for our innovative and strongly differentiated accelerated computing designs,” said Trevor Smith, Senior Director Engineering at InspireSemi. “Importantly, this now enables us to compete globally with larger companies known for their use of advanced 5nm chips.”

“The tapeout of this new 5nm accelerator chip marks an exciting time for InspireSemi,” said Thomas Fedorko, Vice President Operations at InspireSemi. ”We were able to work collaboratively with our key design and manufacturing partners to achieve our first 5nm tapeout on time, further positioning the Company for long term success. This milestone accomplishment paves the way for InspireSemi to utilize the most advanced process technologies for our advanced designs.”

On October 4, 2022, the Company paid a deposit of US$2 million, which is in addition to the US$1 million previously paid on July 7, 2022, to the world's largest semiconductor foundry supplier for access to advanced nodes for products under development that are expected to go to production over the next twelve months. The Company is excited that our key supply chain partner recognizes our vision and team experience and has given us foundry and capacity access in such a competitive market.

These deposits are key to securing capacity necessary to allow the Company to meet its business objectives. As a result, the Company is undertaking a comprehensive process which includes prudently managing its cash position, reviewing its planned use of funds as previously disclosed, and evaluating various short- and long-term financing solutions to support both its go-forward strategy and general working capital.

As was reported on September 20, 2022, InspireSemi completed its previously announced transaction, constituting a Qualifying Transaction (as defined by Policy 2.4 of the TSX Venture Exchange).

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About InspireSemi
InspireSemi is an Austin-based chip design company that has built a technology foundation that delivers revolutionary performance, energy efficiency, versatility, and a thriving open software ecosystem. This enables us to address multiple diversified, uncorrelated markets of High-Performance Computing (HPC), AI, and blockchain. Led by an accomplished team with a proven track record, it has a unique and strongly differentiated accelerated computing solution compared to existing approaches for these markets

For more information, visit https://inspiresemi.com/
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Cautionary Statement Regarding Forward-Looking Information

This news release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of InspireSemi with respect to future business activities and operating performance.

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 and development of its products; and (ii) expectations for other economic, business, and/or competitive factors. 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 news release, 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 InspireSemi, 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 InspireSemi’s 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 InspireSemi’s current beliefs and is based on information currently available to it and on assumptions it believes 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: the Company’s ability to continue to secure capacity with third party foundries, allocate resources to its milestones and objectives in the timelines anticipated ,and its ability to raise necessary financing to support those activities, as well as external macro factors such as the impact of the COVID-19 pandemic on the Company; the ongoing conflict between Russia and Ukraine and any actions taken by other countries in response thereto, such as sanctions or export controls; and anticipated and unanticipated costs and other factors referenced in this news release and the Company’s filing statement dated August 14, 2022 (the “Filing Statement”) , including, but not limited to, those set forth in the Filing Statement under the caption “Risk Factors”. 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.

Media Contact                                         
Katie Olivier
Shelton Group
+1-214-272-7200
kolivier@sheltongroup.com

Investor Relations Contact
Phil Carlson/Scott Eckstein
KCSA Strategic Communication
inspiresemi@kcsa.com