Loan Enables Purchase of New Plasma Etcher in Lincoln
TSX Venture Exchange
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
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: +44 1522 500 500