Listing: TSX Venture Exchange
Symbol: DNX
Dynex Announces Equity Transactions
Management Shows
Confidence in Dynex’s Direction and Future
Lincoln, England, September 23, 2005 -- Dynex Power Inc., a leading high
power semiconductor company, today announced that it has agreed to
$80,000 in new financing.
Pursuant to agreements between the
Company and each of Paul Taylor, the Company’s President and Chief
Executive Officer, Bob Lockwood, the Company’s Finance Director and
Chief Financial Officer, Bill McGhie, the Company’s Business Manager for
Power Electronic Assemblies and Mark Kempton, the Company’s Business
Manager for Bi Polar Discretes, the Company has agreed to issue and sell
to each of these senior managers on a private placement basis 250,000
common shares at $0.08 per share for aggregate proceeds of $80,000.
Dynex intends to use the funds from this private placement for general
corporate and working capital purposes.
Mr. Taylor and Mr.
Lockwood are also members of the Company’s Board of Directors and,
because of their participation in this private placement, they abstained
from voting as board members upon the resolutions to approve this
private placement, which resolutions have otherwise been unanimously
approved by Dynex’s Board of Directors.
The completion
of this private placement is subject to the approval of the TSX Venture
Exchange and all other necessary regulatory approval.
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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