Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Announces the Arrangement of New Banking Facilities
Lincoln, England, September 6th, 2006 – Dynex Power Inc.,
a leading, independent power semiconductor company, today announced that
its wholly-owned UK subsidiary, Dynex Semiconductor Limited has
completed the transfer of its principal financial arrangements from its
previous lender to Landsbanki Commercial Finance of the UK.
The
new £2.5 million two-year secured facility provides Dynex Semiconductor
with working capital by the discount of its accounts receivable.
Management and the Board of Dynex Semiconductor believe that the
interest rate, advance rate and other terms and conditions are on-market
and represent an improvement when compared to the previous facility.
Bob
Lockwood, Chief Financial Officer of Dynex Power and Dynex
Semiconductor, stated that “We selected this arrangement after
discussions with a number of financial institutions. We believe it
provides a better fit to our future needs. We are pleased to have
completed this arrangement with the right sized financier with whom we
expect to grow and prosper.”
Dr Paul Taylor, President and
Chief Executive Officer of Dynex Power and Dynex Semiconductor commented
that, “We expect that the improved liquidity will enhance our business.
The effects will not be immediate. It will take time to build our
receivables portfolio, and therefore take advantage of the increased
availability. However, we expect the new facility will permit us to
finance more of the business opportunities we are presented.”
About
the Company
Dynex Power is one of the world’s leading
suppliers of specialist, high power semiconductor products. Dynex
Semiconductor Limited is its main operating business and is based in
Lincoln, England in a facility housing the fully integrated silicon
wafer fabrication, assembly and test, sales, design and development
operations. Dynex Semiconductor 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. The company continues to produce and sell certain high
reliability integrated circuits (ICs) for use in specialist applications
led by its proven radiation hard Silicon-on-Sapphire products for space
and nuclear applications.
Press announcements and other
information about Dynex Power 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.
The press release may
contain words such as “expects”, “may”, “believes” and other similar
language that are considered forward-looking statements or information
under applicable securities legislation. These statements are based on
Dynex Power’s current expectations, estimates, forecasts and projections
about the operating environment, economies and markets in which Dynex
Power and its subsidiary, Dynex Semiconductor operate. These statements
are subject to the uncertainties and vagaries of the markets and the
future, which could cause actual results to differ materially from Dynex
Power’s expectations, and which are each difficult and subjective to
forecast and as a consequence, recipients must make their own
independent judgments about the accuracy and reliability of the
information presented and the forward looking statements. For additional
information with respect to certain of these and other factors, see
Dynex Power’s Annual Report, Quarterly Reports and other securities
filings. Unless otherwise required by applicable securities laws, Dynex
Power disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
For more information:
Dr.
Paul Taylor
President and Chief Executive Officer
or
Bob
Lockwood
Finance Director and Chief Financial Officer
Dynex
Power Inc.
Tel: UK +44 1522 500500
Email: paul_taylor@dynexsemi.com
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