Dynex Power Welcomes Chinese Visitors to Lincoln

Top Flight Visit by Executives from CSR Group Celebrates Expansion News

Listing: TSX Venture Exchange
Symbol:   DNX

LINCOLN, England, June 16, 2011 /CNW/ - Dynex Power Inc's subsidiary, Dynex Semiconductor Limited, today released details of a recent visit to its Lincoln site by senior executives from CSR Corporation of China.

Dynex Semiconductor hosted a high-profile Chinese delegation - marking an exciting move to create more high-tech jobs and the successful completion of its new £12 million production line.

The company welcomed Zheng Changhong, President of CSR Corporation, along with leaders of the major CSR railway rolling stock business, to celebrate the growth of the business. During the visit on June 14th the party heard how the firm's multi-million pound IGBT fabrication facility is now in full production. Mr Zheng also performed a groundbreaking ceremony, kick-starting work on the foundations of a new office block to house Dynex's expanding Research & Development Centre.

Guests, including Lincoln Mayor Kathleen Brothwell, Mayor's Consort Jeff Boyall, Ruth Carver, Operations Manager-Enterprise from Lincolnshire County Council's Economic Regeneration team and UK Trade and Investment officials, who joined Dynex management and workers for the occasion, were told how the R&D Centre, first announced in May 2010, has consolidated the power semiconductor R&D activities of Dynex and CSR Times Electric into a single centre of excellence.

Dynex currently employs 295 people in Lincoln but its growth paves the way for another 30 new jobs over the next three years and it has been decided to build the new office block next to its existing factory. This will house about 60 people, mainly high technology engineers in the R&D Centre, but it will also include a new visitors' reception area, new offices for finance and management and state-of-the-art meeting and conference rooms. Dynex's latest investment could also create a superb opportunity for a local construction company, because the building contract has still to be awarded.

Mr Zheng said the R&D centre will focus on developing new technologies and products to expand the high power semiconductor product portfolio of both Dynex and CSR Times Electric. The company's products are key to a wide range of industries, including rail transportation, electric vehicles, wind power generation, solar power, electric power grids and high voltage power conversion. These products will be made in Lincoln and also in China.  It is expected that CSR Corporation will be a major user of these components for domestic applications in China.

"I last visited Lincoln in November 2008, just after we completed the acquisition of CSR Times Electric's 75 per cent share of the Dynex Business," said Mr Zheng. "Since then, I have seen many improvements: the new IGBT wafer fabrication facility is now in full production; the Dynex business remains profitable; revenue has grown by 20 per cent; and the engineering teams have developed the IGBT products to match international railway standards. I am very pleased to confirm the construction of this new R&D Centre building for Dynex as tangible evidence of CSR's confidence in a prosperous future for the semiconductor business in Lincoln."

Dynex President and Chief Executive Officer Dr Paul Taylor said: "It was an honour to welcome Mr Zheng and the distinguished guests to Dynex Semiconductor. Their visit marked a key milestone in the development of our semiconductor business towards realising our joint ambition of becoming a leading global high power semiconductor business. The collaboration between Dynex and the CSR's semiconductor business in Zhuzhou is a great example of building on our strengths:  those of the UK in research, innovation and high-value manufacturing and China's strengths in large-scale manufacturing, coupled with the country's huge demand for power electronic components. I fully agree with Mr Zheng's confidence in a bright future for our semiconductor business," added Dr Taylor.

UKTI Director Asia John Saville said: "This morning I was preparing the 2011 Summit between the two countries' Premiers at the end of this month, under the headline "Partners for Growth". This is a perfect example of the partnership between China and the UK. We believe this is one of the first cases where a Chinese company has transformed an acquisition into an R&D operation. This will position the operation at the top of the value chain for their business and, with continued investment, will create an increasing number of high quality jobs in the UK," said Mr Saville. "We hope that this investment will inspire further Chinese investment in the UK."

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.

CSR was established at the end of December 2007 and has 16 subsidiary companies and more than 80,000 workers, based in 10 provinces and cities around China. The Corporation is approved by the State-owned Assets Supervision and Administration Commission of the State Council. It is listed on the Shanghai and Hong Kong stock exchanges and co-funded by China South Locomotive and Rolling Stock Industry Group Corporation and Beijing Railway Industry Economic and Trade Company.

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

Further information on CSR Times Electric can be found at www.csrgc.com.cn/ens/

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.


For further information:

Dr. Paul Taylor     
President and Chief Executive Officer
Bob Lockwood
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: +44 1522 500 500
Email: investorrelations@dynexsemi.com

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