Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Inc. Director Vindicated by OSC
Decision
Validates Dynex’s High Regard for Debbie Weinstein
LINCOLN, England (February 1st, 2008) Dynex Power Inc. (“Dynex”)
Dynex released the following statement in relation to the recent
unanimous decision of the Ontario Securities Commission in favour of one
of its directors, Deborah Weinstein.
Ms. Weinstein was charged in
February 2007 as a board member of AiT Advanced Information Technologies
Corporation with failing to disclose merger negotiations which were
ongoing between AiT and 3M Corporation during the period April 25, 2002
and May 9, 2002 as such negotiations constituted a “material change” and
therefore a discloseable event. The proposed transaction was announced
by the parties on May 23, 2002 after both companies approval process
were complete and a definitive agreement was executed. In a recent
decision, the Commission unanimously concluded that a “material change”
of AiT did not occur during the period in question, and accordingly AiT
was not required to disclose the merger negotiations during the period.
As a result the action against Ms Weinstein was dismissed.
A
spokesman for Dynex commented, “This clear and decisive victory removes
any suggestion that Ms Weinstein may have had to resign as a director of
Dynex. This is excellent news for Dynex and its shareholders. Ms
Weinstein is our longest serving director, and this outcome demonstrates
in another arena the integrity and quality of advice she has provided
over the years to Dynex on good governance and on commercial matters. We
are very pleased she has been completely vindicated.”
The
TSX Venture Exchange has not reviewed this announcement in advance of
its release.
About the Company
Dynex is one of the world’s leading independent suppliers of specialist,
high power semiconductor products. Dynex Semiconductor Ltd is its
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: investorrelations@dynexsemi.com
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