Completion of R&D Centre Allows Final Drawdown to be Made
Listing: TSX Venture Exchange
LINCOLN, England, Sept. 4, 2012 /CNW/ - Dynex Power Inc., a leading,
high power semiconductor company, today announced that it made a final
drawing of C$1.25 million under its mortgage backed facility.
At the start of construction of its new R&D facility, Dynex announced
that it had purchased the Doddington Road site in Lincoln, England.
Part of the financing of the purchase was provided by the first drawing
on a loan facility secured by the property. A second drawing under the
facility was available following completion of the new building.
Following the opening of the new R&D Centre, Dynex has drawn a further
C$1.2 million under that facility. The loan is repayable in quarterly
instalments over the next five years and carries interest at LIBOR plus
Bob Lockwood, Chief Financial Officer commented, "The mortgage backed
facility was established to provide the major part of the funding to
purchase the Doddington Road site and pay for the new building. The
purchase of the freehold and construction of the R&D facility has added
value to the business and that the two drawings under this facility
represented an efficient source of funding for the 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 mainly engaged in the research,
development, manufacture and sales of locomotive train power
converters, control systems and other train-borne electrical systems,
as well as the development, manufacturing and sales of urban railway
train electrical systems. In addition, CSR Times Electric is also
engaged in the design, manufacturing and sales of electric components
including power semiconductor devices for the railway industry, urban
railway industry and non-railway purposes.
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
All monetary values expressed in this release are in Canadian Dollars
unless stated otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the
information in this press release.
SOURCE: DYNEX POWER INC.
For further information:
Dr. Paul Taylor
President and Chief Executive Officer
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: +44 1522 500 500