Listing: TSX Venture Exchange
Symbol: DNX
New Financing Replaces Convertible Loans
Lincoln, England, December 12th, 2008 – Dynex Power Inc., a
leading specialist high power semiconductor company, today announced
that its UK subsidiary, Dynex Semiconductor Ltd., has arranged a new
term loan for £1.6 million. The loan has been taken from Zhuzhou CSR
Times Electric Co., Ltd. as part of the arrangements under which they
purchased 75% of the equity of Dynex Power. The loan has been used to
repay £1.4 million of convertible loans which had been provided by Mr.
David Banks and Mr. Daniel Owen. The new loan is unsecured, has a term
of 3 years and carries an 8% interest coupon.
About the
Company
Dynex designs and manufactures high power bipolar
semiconductors, high power insulated gate bipolar transistor (IGBT)
modules, high power electronic assemblies and radiation hard
silicon-on-sapphire integrated circuits (SOS IC’s). The company’s power
products are used worldwide in power electronic applications including
electric power transmission and distribution, renewable and distributed
energy, marine and rail traction motor drives, aerospace, electric
vehicles, industrial automation and controls and power supplies. Our IC
products are used in demanding applications in the aerospace industry.
Dynex Semiconductor Ltd is its only operating business and is based in
Lincoln, England in a facility housing the fully integrated silicon
fabrication, assembly and test, sales, design and development
operations. Dynex is majority owned by Zhuzhou CSR Times Electric Co.,
Ltd.
Zhuzhou CSR Times Electric Co., Ltd. is based in Hunan
Province in the People's Republic of China. It is listed on the Hong
Kong stock exchange. CSR Times Electric is the leading train-borne
electrical system provider and integrator for the railway industry in
China. It is engaged in developing, manufacturing and selling train
power converters, auxiliary power supply equipment and control systems
for trains for urban rail systems. In addition, CSR Times Electric
designs, manufactures and sells electrical components including power
semiconductor devices.
Press announcements and other information
about Dynex are available at www.dynexsemi.com.
Further
information on CSR Times Electric can be found at www.timeselectric.cn/en
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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