Listing: TSX Venture Exchange
LINCOLN, ENGLAND, April 21 /CNW Telbec/ - Dynex Power Inc., a leading, high power semiconductor company, is pleased to announce that its wholly owned subsidiary, Dynex Semiconductor Ltd's outstanding contribution to international trade has been recognised in the announcement today by Her Majesty The Queen that Dynex has received the Queen's Award for Enterprise in the International Trade Category.
The Queen's Awards for Enterprise are the UK's most prestigious awards for business performance and are announced on the Queen's official birthday every year. The International Trade Award recognises substantial growth in overseas earnings and commercial success, sustained over a 3 year period. In being awarded this accolade, Dynex has demonstrated outstanding achievement in growing its overseas sales by nearly 90% over the three years to December 2008, that it has a wide spread of markets and sales worldwide, and an impressive performance in creating new jobs in the East Midlands region.
Dynex recently announced that it is investing (pnds stlg)12 million to enhance and expand its fabrication capacity for silicon chips and indicated that this project remains on time and on budget. The Company expects the project to be completed by the end of calendar 2010. The largest portion of the project output is expected to be sold to Dynex's majority shareholder, Zhuzhou CSR Times Electric Co., Ltd., to take advantage of the dynamic growth in China's rail infrastructure and field testing of the first product is proceeding well.
Dr Paul Taylor, President and Chief Executive Officer commented that "It is a great honour to receive this award and recognition of the hard work and commitment of Dynex employees and suppliers, and the support of our customers. The fact that our robust overseas growth was based on a broad range of market sectors including industrial, marine and railway, and that the business was won against competition from large multinational businesses, is testimony to the strength of the Dynex business.
Bob Lockwood, Chief Financial Officer stated that "In recent years, Dynex has grown in stature as a business and employer in the East Midlands region and I am delighted to see our strengths recognised at a UK national level. Despite a difficult economic environment, Dynex has continued to grow both its overseas and its UK revenue. Looking ahead, we are expanding our power semiconductor production facilities in order to service an increased demand from China and, with the excellent support from our major shareholder, Zhzuhou CSR Times Electric Co. Ltd., we remain optimistic about sustaining our success in overseas markets."
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: 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: firstname.lastname@example.org