Dynex Power Announces New Loan Agreement with CSR Times Electric

Loan Enables Purchase of New Plasma Etcher in Lincoln

Listing: TSX Venture Exchange
Symbol: DNX

 

LINCOLN, England, Sept. 13, 2012 /CNW/ - Dynex Power Inc., a leading, high power semiconductor company, today announced that its subsidiary, Dynex semiconductor Ltd, had borrowed C$1.0 million from CSR Times Electric (Hong Kong) Co., Ltd, a fellow subsidiary of CSR Times Electric. The loan was taken to purchase new plasma etch equipment needed in the company's Lincoln, UK facility. The loan is denominated in Hong Kong dollars. It is repayable in three years and carries interest at 3.25%.

Dr. Paul Taylor, President and Chief Executive Officer commented, "The new equipment was essential for the development of new products that are central to the future success of the business. We would not have been able to realize this investment without the support of CSR Times Electric and this, therefore, demonstrates, once again, the advantages of being part of the CSR group.

Bob Lockwood, Chief Financial Officer commented, "The loan facility provided by CSR Times Electric (Hong Kong) Co., Ltd provides us with secure funding at a good price for three years, without impinging on the facilities we use day to day to run the business. It therefore provides a useful addition to our funding strategy. "

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
or
Bob Lockwood
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: +44 1522 500 500
Email: investorrelations@dynexsemi.com

Profil de l'entreprise

DYNEX POWER INC.

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