Listing: TSX Venture Exchange
Symbol: DNX
Dynex Announces Equity Cancellation
Cancellation of 1.2
million shares held in Escrow
Lincoln, England, September 23, 2005 -- Dynex Power Inc., a leading high
power semiconductor company, today announced that 1,184,810 of its
common shares are being cancelled.
Under a Performance Escrow
Agreement dated 5th August, 1999 some 3,554,432 authorised and issued
shares were placed in escrow and could only be released on the
achievement of certain performance targets and with approval from the
Stock Exchange. To date, some 2,369,622 shares have been released.
However, the targets have not been met to allow the remaining 1,184,810
shares to be released and under the terms of the Agreement these shares
are now being cancelled, thereby reducing the number of shares
outstanding.
About the Company
Dynex is one of
the world’s leading designers and manufacturers of high power
semiconductor products. Their capabilities permit the manufacture of
high power bipolar discrete semiconductors, high power modules,
including insulated-gate bipolar transistors (IGBTs) and high power
electronic assemblies. These products are used to improve the
reliability and quality of electric power generation, transmission and
distribution systems, marine and rail electric drives, aero-technology
electric systems, induction heating, industrial motor drives and
controls and the next generation electric vehicle drive technologies.
The Company also manufactures high reliability integrated circuits for
use in specialist applications. Dynex is headquartered in Lincoln,
England, which houses the manufacturing, silicon fabrication, marketing
and sales, design and research & development operations. Sales staff
operate worldwide.
Press announcements and other information
about Dynex are available on the World Wide Web at
http://www.dynexsemi.com.
All monetary values expressed in this
release are in Canadian dollars unless stated otherwise.
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
or
Bob
Lockwood
Finance Director and Chief Financial Officer
Dynex
Power Inc.
Tel: +44 1522 500 500
Email: Paul_Taylor@Dynexsemi.com
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