Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Expects to File Annual Financial Statements
and Related
Information for 2004 in Mid-May
OTTAWA, CANADA, May 9th, 2005. Dynex Power Inc., a leading power
semiconductor company, today announced that it has missed the deadline
for filing its financial statements, related management’s discussion and
analysis, and annual information form (collectively, the “Annual
Filings”) for the year ended December 31, 2004. Under the securities
laws of the provinces in which Dynex is a reporting issuer, these
materials were required to be filed by April 30, 2005. Based on its
current expectations, Dynex anticipates that the Annual Filings will be
filed on or prior to May 20, 2005.
Having come through a
difficult restructuring period, followed by a lengthy delay in the
arrangement of working capital finance, the Company has been unable to
complete its audit prior to the April 30, 2005 deadline and is therefore
late in releasing its annual financial statements. Management expects
the results to be in line with current expectations for 2004 results.
The Company has received, from the Ontario Securities Commission, on May 6,
2005, a temporary management cease trade order, and the Company has
requested a final management cease trade order, related to the Company’s
securities, which has been imposed against all persons who are directors
and senior officers of the Company. The temporary cease trade order
prohibits such persons from trading in Dynex’s securities for a period
of 15 days from the date of that order. The temporary management cease
trade order does not, and the management cease trade order will not,
affect the ability of persons who have not been directors or officers of
the Company to trade in the Company’s securities. Under the terms of the
temporary management cease trade order, the Company must file its Annual
Filings on or before May 21, 2005. The Company currently intends to make
all such filings prior to May 20, 2005.
Pending the filing of the
Annual Filings, the Company will satisfy the alternative information
guidelines recommended by the Ontario Securities Commission Policy
57-603 and the Canadian Securities Administrators Staff Notice 57-301
and issue a Default Status Report on a bi-weekly basis during the
default period. These reports will disclose any material change in the
information contained in this news release and the related material
change report. The reports will also disclose, among other things, any
failure by Dynex to fulfill its stated intentions during the default
period and any other material information concerning the Company’s
affairs that has not been generally disclosed.
About
the Company
Dynex is one of the world's leading suppliers of specialist high power semiconductor products, and is based in Lincoln, England in a facility housing the fully integrated silicon fabrication, assembly and test, sales, design and development operations. Dynex designs and manufactures high power bipolar discrete semiconductors, power modules, including insulated-gate bipolar transistors (IGBTs), and high power electronic assemblies. Dynex products are used world wide in power electronic applications including electric power generation, transmission and distribution, marine and rail traction drives, aircraft, electric vehicles, industrial automation and controls.
Press announcements and other information about Dynex are available on the World Wide Web at http://www.dynexsemi.com.
The TSX Venture Exchange has neither approved nor disapproved of the information in this press release.
For more information:
Dr. Paul Taylor
President and Chief Executive Officer
Dynex Power
Inc.
Tel: UK 44 (0) 1522 500 500
Email: Paul_Taylor@Dynexsemi.com
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