Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Announces Large Order
New Order
for Bipolar Products Reinforces the Company’s Strong Order Book
Lincoln, England, May 8th, 2008 - Dynex Power Inc., a leading,
independent high power semiconductor company, today announced that it
has received a series of new orders from a major European industrial
group for the supply of a range of bipolar parts for delivery in 2008
and 2009. Firm orders for Euros 4.4 million have been received already
this year and the Company expects the total order value to be in excess
of Euros 6.5 million. The customer has indicated that it expects to have
a continuing requirement for similar bipolar parts after 2009. These
orders come at a time when the forward order book for the Company is
already at record levels.
The Company also announced that it had
agreed a £750,000 unsecured subordinated loan facility from two of its
directors, Mr. Daniel Owen and Mr. David Banks. There are no fees
arising from the arrangement of this facility. Interest on any amounts
drawn will be at 8.5% and any drawings are repayable at any time without
penalty.
Dr. Paul Taylor, President and Chief Executive Officer
commented, “in response to the growing demand for our products, we were
already planning for significant capital expenditure over the next few
years in order to increase our capacity and extend our capability. The
receipt of these orders means we now have to accelerate £800,000 of that
investment. The equipment required has already been identified and
orders are in the process of being placed”.
Mr. Bob
Lockwood, Chief Financial Officer said “we have already started the
process of looking at financing arrangements for our capital expenditure
plans and we will continue with that work. But the provision of this
facility by two of our directors does mean that we can accelerate this
part of our investment and order the equipment straight away”.
The
Chairman, Mr David Banks, indicated that this order, and the
relationship being developed with the customer, was good for Dynex
irrespective of whether the Company remained independent or not. Mr
Banks then took the opportunity to provide the following update on the
progress of the strategic transaction under the non-binding letter of
intent with the Zhuzhou CSR Times Electric Company announced on March
31, 2008. “Whilst there is still no assurance that the transaction will
be completed, the due diligence is currently being conducted and the
preparation of the definitive documentation is progressing on schedule. ”
About
Dynex
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.
The TSX-Venture Exchange does not accept
responsibility for the adequacy or accuracy of this 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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