Listing: TSX Venture Exchange
Symbol: DNX
Payment Forms Part of New Distributor Arrangements
Lincoln, England, February 6th, 2009 – Dynex Power Inc., a
leading specialist high power semiconductor company, today announced
that its UK subsidiary, Dynex Semiconductor Ltd., has agreed new
distributor arrangements with CSR Times Electric. Following the
acquisition of a 75% shareholding in Dynex by CSR Times Electric, Dynex
has appointed CSR Times Electric to be its main distributor for high
power semiconductors in The People’s Republic of China. CSR Times
Electric has placed an order on Dynex for deliveries in 2009 amounting
to US$2,047,850. In order to secure this capacity, CSR Times Electric
has paid in advance for the full amount of the order. In recognition of
this, Dynex has agreed to credit CSR Times Electric with interest on the
outstanding balance each quarter at US Prime rate plus 2%.
At the
same time, CSR Times Electric has appointed Dynex to be its main
distributor for high power semiconductors in Europe. Under both
agreements, the parts will be sold to the distributor at the market
price less a discount to cover the cost of the work carried out by the
party handling the distribution.
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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