Dynex Announces Receipt of Interim Court Order for Proposed Plan of Arrangement - Special meeting of shareholders scheduled for October 23, 2008



    
    Listing:  TSX Venture Exchange
    Symbol:   DNX
    

    TORONTO, Oct. 1 /CNW Telbec/ - Dynex Power Inc. (TSX VENTURE: DNX)
("Dynex"), one of the world's leading independent suppliers of specialist,
high power semiconductor products, today announced an update with respect to
the proposed acquisition of control of Dynex by Zhuzhou CSR Times Electric
Co., Ltd. ("Times Electric") pursuant to a definitive arrangement agreement
signed by both parties and announced on August 29, 2008.
    On September 19, 2008 the Ontario Superior Court issued an interim order
relating to the proposed plan of arrangement instructing Dynex as to the
process to be followed for the special meeting of shareholders of Dynex which
is scheduled for 10:00 a.m. (Toronto time) on October 23, 2008 at the Fairmont
Royal York Hotel, 100 Front Street West, Toronto. Formal notice of the special
meeting along with related materials will be mailed to all registered
shareholders of Dynex this week and will also be made available on
www.SEDAR.com.
    The terms of the proposed plan of arrangement provide that a holder of
Dynex common shares may elect to tender the Dynex common shares they hold to
Times Electric. An election notice is included with the shareholder meeting
materials to be mailed to all registered shareholders and will also be
available on www.SEDAR.com. Any Dynex shareholder that wishes to tender Dynex
shares to the transaction must complete and return the election notice as soon
as possible and prior to 5:00 p.m. (Toronto time) on the later of
(i) October 30, 2008 or (ii) the seventh day after the later of the date of
the special meeting or any adjournment thereof. The form of election notice
and the shareholder meeting materials set out further details of the
transaction, the voting process and the tendering of shares.
    The transaction is subject to certain other customary conditions,
including receipt of regulatory approvals which includes maintaining Dynex's
status as a publicly-listed company on the TSX-V. The proposed transaction is
expected to close at the end of October, shortly after the receipt of
shareholder and court approvals. There can be no assurance that the proposed
transaction will be consummated and as a result investors are cautioned
against trading in Dynex common shares based on the foregoing.

    About Dynex

    Dynex is one of the world's leading independent suppliers of specialist,
high power semiconductor products. Dynex Semiconductor Ltd is its operating
business and is based in Lincoln, England in a facility housing the fully
integrated silicon wafer fabrication, assembly and test, sales, design and
development operations. Dynex designs and manufactures high power bipolar
discrete semiconductors, power modules, including insulated-gate bipolar
transistors (IGBTs), and high power electronic assemblies. Dynex products are
used world wide in power electronic applications including electric power
generation, transmission and distribution, marine and rail traction drives,
aircraft, electric vehicles, industrial automation and controls. The company
continues to produce and sell certain high reliability integrated circuits
(ICs) for use in specialist applications led by its proven radiation hard
Silicon-on-Sapphire products for space and nuclear applications.

    Forward Looking Statements

    This news release contains forward-looking information. These statements
relate to future events or future performance and reflect management's current
expectations and assumptions. A number of factors could cause actual events,
performance or results to differ materially from the events, performance and
results discussed in the forward-looking statements. There are a number of
factors beyond the control of Dynex that could result in the termination of
the proposed transaction.

    The TSX-Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    Press announcements and other information about Dynex are available on
the World Wide Web at http://www.dynexsemi.com.
    %SEDAR: 00010667E




For further information:

For further information: Dr. Paul Taylor, President and Chief Executive
Officer; Bob Lockwood, Finance Director and Chief Financial Officer, Dynex
Power Inc., +44 1522 500 500, investorrelations@dynexsemi.com


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