Loan Enables Purchase of New Equipment to Realize Higher Standards and
Listing: TSX Venture Exchange
LINCOLN, England, April 16, 2014 /CNW/ - Dynex Power Inc., a leading
specialist high power semiconductor company, today announced that it
had borrowed C$5.1 million from CSR Times Electric. The loan was taken
to purchase new production equipment that will improve wafer process
control and quality management and achieve higher product standards. It
will also increase capacity for new products in the IGBT wafer fab in
Lincoln, UK. The loan is denominated in Chinese Yuan. It is repayable
in 5 years and carries interest at 5%.
Dr. Paul Taylor, President and Chief Executive Officer said, "In rapidly
overcoming the production yield issues reported January 22nd, we identified the need to improve certain production processes in
order to consistently realize the new product selection standards. We
determined that the next step was to install some new equipment that
would give us better control of key production processes. The new
equipment will also increase capacity for certain new processes and
help us respond to a growing demand from China."
Bob Lockwood, Chief Financial Officer commented, "We could not fund this
new equipment out of our existing facilities and CSR Times Electric
offered to lend us the money at a good price with staged repayments
from end of the third year until the end of the fifth year. It is
extremely useful for us to be able to buy this equipment without using
the banking facilities we use to run the business day to day."
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 Power Inc are
available at www.dynexpower.com.
Information about Dynex Semiconductor Ltd and its products can be found
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