Listing: TSX Venture Exchange
Symbol: DNX
OSC Proceedings Against Dynex Director
Lincoln, England, May 14, 2007 - Dynex Power Inc., a leading,
independent power semiconductor company, today announced that, in a
matter unrelated to the Company, the Ontario Securities Commission has
initiated proceedings against Dynex’s longest standing director Deborah
Weinstein. The OSC alleges that Ms. Weinstein, a former director of AiT
Advanced Information Technologies Corporation, failed to disclose to the
public in a timely manner the 2002 acquisition of AiT by 3M Corporation.
The transaction was announced immediately after the requisite Board
approval and execution of the definitive agreement on May 23, 2002. Ms.
Weinstein believes the board of AiT acted in accordance with
well-established merger and acquisition practice at the time to ensure
that premature disclosure of an uncertain transaction did not create
unrealistic expectations in the marketplace.
The OSC also
initiated proceedings against the one management director of AiT and AiT
(now 3M) itself who have both settled with the OSC.
There are no
allegations of any impropriety, such as insider trading or of any
personal gain. Ms Weinstein has advised Dynex that she is unaware of the
existence of any facts known to her regarding a possible merger
transaction that were unknown to other Board members. Ms Weinstein
intends to defend vigorously her judgement and reputation. The hearing
is scheduled to commence July 9, 2007.
David Banks, Chairman of
Dynex Power Inc., commented “In acknowledging our understanding of the
OSC proceedings, we would be remiss if we didn’t also acknowledge
Deborah Weinstein as our longest serving and one of our strongest
Directors. In addition to the excellent legal advice she has given
Dynex, Debbie has provided wisdom about good governance and common sense
about commercial matters. We have relied heavily on her good counsel in
the process of successfully turning around the financial fortunes of
Dynex in the past few years. We are delighted Ms Weinstein is remaining
on our board.
About the Company
Dynex is
one of the world’s leading suppliers of specialist, high power
semiconductor products. Dynex Semiconductor Ltd 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 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 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: UK +44 1522 500
500
Email: paul_taylor@dynexsemi.com
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