Listing: TSX Venture Exchange
Symbol: DNX
Lincoln, England, June 1st, 2009 – Dynex Power Inc., a leading
specialist high power semiconductor company, today announced that its UK
subsidiary, Dynex Semiconductor Ltd, has received approval for a £12
million expansion of its IGBT fabrication facility and has arranged a
£7.3 million loan facility from ICBC (London) Limited to help pay for
the expansion.
Paul Taylor, President and CEO of Dynex, commented
“The installation of two 6 inch IGBT wafer fabrication lines to replace
our existing 4 inch line will enable us to increase output dramatically.
We need to do this to service the demand from our new parent company,
CSR Times Electric, for silicon wafers so that they can meet the power
module needs of the Chinese rail operators. In addition to supplying the
Chinese market, this expansion will make us more competitive with power
semiconductor module supplies to the rest of the world”.
Bob
Lockwood, Chief Financial Officer, said “ICBC (London) Limited has
provided us with a £7.3m revolving credit facility for the next twelve
months. The facility has been guaranteed by CSR Times Electric. All
drawings under the facility will incur interest at the appropriate LIBOR
rate plus a margin of 1.35%. The facility is not intended to provide the
long term financing structure for the expansion, but it does allows us
to place orders and so get the project under way as quickly as possible.
At the same time, we will take steps to put in place a longer term
financing structure for this expansion project”.
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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