Odyssey Semiconductor Technologies Announces CEO Transition

Rick Brown, Co-founder, CTO and Board Member, appointed as CEO to replace Mark Davidson

ITHACA, NY / ACCESSWIRE / December 5, 2023 / Odyssey Semiconductor Technologies, Inc. (OTCQB:ODII), a semiconductor device company developing innovative high-voltage power switching components based on proprietary Gallium Nitride ("GaN") processing technology, today announced that Rick Brown, co-founder, CTO, and Board member, has been appointed as CEO of Odyssey effective December 1^st, 2023, replacing Mark Davidson. Mark Davidson is stepping down as CEO and Board Member, and is no longer employed at Odyssey.

Due to cost reduction actions, both Mark Davidson and Laura Krauss, the Company's Chief Accounting Officer, have moved to consulting roles for the company going forward. As we stated previously, we are currently looking for longer term financing and exploring strategic alternatives and continue to be financially constrained.

We have continued to make progress with scaling our Vertical GaN technology and developing the manufacturing process to build a larger device that can handle higher current (power is equal to current times voltage). This larger device will enable us to more widely sample to customers to demonstrate the technology operating at a level which is more likely to be used by customers. With industry-leading innovation, Odyssey's approach to vertical GaN will offer even greater commercial advantages over silicon, silicon carbide or lateral GaN. Vertical GaN offers a 10x advantage over silicon carbide (SiC) at performance enabling smaller and lighter power systems and cost levels we believe are unattainable by the competing technologies. We are also making progress with foundry services projects. Our pipeline has grown with initial work being completed providing revenue in Q4 with good potential volume, recurring revenue clients for 2024 and beyond. This has also led to some rebalancing of resource deployment between internal product development and externally focused foundry service projects. We are also continuing to review strategic opportunities to address longer term financing needs.

About Odyssey Semiconductor Technologies, Inc.

Odyssey Semiconductor Technologies, Inc. has developed a proprietary technology that is designed to allow for GaN to replace SiC as the emerging high-voltage power switching semiconductor material. Based in Ithaca, NY, the Company owns and operates a 10,000 sq. ft. semiconductor wafer manufacturing facility complete with a mix of class 1,000 and class 10,000 clean space as well as tools for advanced semiconductor development and production. Odyssey Semiconductor also offers a world-class semiconductor device development and foundry service.