Listing: TSX Venture Exchange
Symbol: DNX
TORONTO, Canada (October 1, 2008). Dynex Power Inc. (TSX VENTURE: DNX)
("Dynex"), one of the world’s leading independent suppliers of
specialist, high power semiconductor products, today announced an update
with respect to the proposed acquisition of control of Dynex by Zhuzhou
CSR Times Electric Co., Ltd. (“Times Electric”) pursuant to a definitive
arrangement agreement signed by both parties and announced on August 29,
2008.
On September 19, 2008 the Ontario Superior Court issued an
interim order relating to the proposed plan of arrangement instructing
Dynex as to the process to be followed for the special meeting of
shareholders of Dynex which is scheduled for 10:00 a.m. (Toronto time)
on October 23, 2008 at the Fairmont Royal York Hotel, 100 Front Street
West, Toronto. Formal notice of the special meeting along with related
materials will be mailed to all registered shareholders of Dynex this
week and will also be made available on www.SEDAR.com.
The terms
of the proposed plan of arrangement provide that a holder of Dynex
common shares may elect to tender the Dynex common shares they hold to
Times Electric. An election notice is included with the shareholder
meeting materials to be mailed to all registered shareholders and will
also be available on www.SEDAR.com. Any Dynex shareholder that wishes to
tender Dynex shares to the transaction must complete and return the
election notice as soon as possible and prior to 5:00 p.m. (Toronto
time) on the later of (i) October 30, 2008 or (ii) the seventh day after
the later of the date of the special meeting or any adjournment thereof.
The form of election notice and the shareholder meeting materials set
out further details of the transaction, the voting process and the
tendering of shares.
The transaction is subject to certain other
customary conditions, including receipt of regulatory approvals which
includes maintaining Dynex’s status as a publicly-listed company on the
TSX-V. The proposed transaction is expected to close at the end of
October, shortly after the receipt of shareholder and court approvals.
There can be no assurance that the proposed transaction will be
consummated and as a result investors are cautioned against trading in
Dynex common shares based on the foregoing.
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.
Forward
Looking Statements
This news release contains forward-looking
information. These statements relate to future events or future
performance and reflect management's current expectations and
assumptions. A number of factors could cause actual events, performance
or results to differ materially from the events, performance and results
discussed in the forward-looking statements. There are a number of
factors beyond the control of Dynex that could result in the termination
of the proposed transaction.
The TSX-Venture Exchange does
not accept responsibility for the adequacy or accuracy of this release.
Press
announcements and other information about Dynex are available on the
World Wide Web at http://www.dynexsemi.com.
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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