Semtek Announces Senior Executive Hires

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Payment Security Firm Readies for Major Growth with the Hiring of Three New Senior Executives.

These executives represent our commitment to meeting worldwide customer demand with thoughtful and experienced professionals.

Semtek Innovative Solutions Corporation announced today the hiring of three new senior executives who will be based at the Company's San Diego, CA headquarters. Nashina Asaria, Daniel Carter, and Michael Struttmann will each report to Semtek's Chief Executive, Patrick Hazel.

Ms. Asaria was most recently the Director of Business Development for Qualcomm (NASDAQ:QCOM) where she was responsible for developing and executing business strategy related to Qualcomm's Mobile Commerce Platform. Prior, she was a Senior Project Manager at Cubic Corp (AMEX:CUB). After graduation from the London School of Economics (BS, 1996), Ms. Asaria became a Senior Business Consultant for Price Waterhouse Coopers in the UK, Kenya, and Canada. Ms. Asaria has been appointed Vice President and Director of Program Management.

Mr. Carter was most recently the Chief Financial Officer of Charlotte Russe Holding, Inc (NASDAQ:CHIC). Prior, he was the Chief Financial Officer of Price Enterprises and was VP-Finance for the "Price Club" prior to its merger with Costco Wholesale (NASDAQ:COST ). Mr. Carter is a Certified Public Accountant who began his financial management career at Ernst & Young in 1979. He graduated from the University of Oklahoma (BBA, 1979). Mr. Carter has been appointed Chief Financial Officer of Semtek.

Mr. Struttmann was most recently the Vice President and Senior Sales Officer for National Accounts for Bank of America Merchant Services (NYSE:BAC). Prior, he was the Vice President of Sales and Marketing for EWI and a Vice President for Miller Zell, one of the world's leading retail consulting agencies with clients including Exxon Mobil, Blockbuster, and 7-Eleven stores. Mr. Struttmann is a 1992 graduate (BA) of the University of Texas. Mr. Struttmann has been appointed Vice President and Director, Global Business Development.

"Each of these executives brings to our team the ability to manage high growth and the high expectations of the electronic payments sector as our technologies begin their commercial adoption phase", commented Chief Executive Patrick Hazel. "These executives represent our commitment to meeting worldwide customer demand with thoughtful and experienced professionals."

Semtek has recently introduced a major new technology called Hidden Triple DES™ that effectively eliminates the need for retailers to store and manage credit or debit card information, thereby solving one of the payment industry's toughest security challenges worldwide.

About Semtek Innovative Solutions Corporation (http://www.semtek.com)
Semtek Innovative Technologies Corporation has been a leader in magnetics technology since 1999, serving large public and private sector customers who require secure data capture components for their fixed-base and wireless devices. Specializing in highly secure data capture solutions for magnetic stripe, smart-card, RFID, and biometrics, Semtek is a key OEM and network services partner for point of sale hardware providers, wireless provider, retail merchants and payment processors worldwide. Semtek is headquartered in San Diego, California.

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KEVIN DOEL

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