Richard Wu and George Guo Join the Board
Listing: TSX Venture Exchange
LINCOLN, England, April 11, 2012 /CNW/ - Dynex Power Inc. (TSXV: DNX), a leading specialist high power semiconductor company, today announced that Shu Lihui and Peter Tan had resigned from the Board following a board meeting held yesterday and that Richard Wu and George Guo had been appointed to replace them. The new appointments are made subject to the approval of the TSX Ventures Exchange.
Shu Lihui had served on the Board for three and a half years since the acquisition by Zhuzhou CSR Times Electric Co., Ltd ("CSR Times Electric") of a majority of the shares of Dynex in October 2008. At the time of her appointment, she was the General Manager of the Power Electronics Business Unit of CSR Times Electric. She subsequently retired from that role and was appointed as a Consultant and Assistant to the General Manager of CSR Times Electric. Richard Wu, who replaces Shu Lihui on the Board, is already well known to Dynex. Richard is currently General Manager of the Power Electronics Business Unit of CSR Times Electric and so brings valuable experience of managing another power semiconductor business to the Board.
Peter Tan also joined the Board of Dynex in October 2008 and for the last three and a half years has held the position of Sales and Marketing Director of Dynex Semiconductor Ltd based in Lincoln, England. Peter is returning to China to undertake a new role within CSR Times Electric. George Guo, who replaces Peter Tan, is currently Vice General Manager of the Power Electronics Business Unit of CSR Times Electric, is also well known to Dynex. In addition to joining the Board, George will be moving to Lincoln to take over from Peter Tan as the new Sales and Marketing Director of Dynex Semiconductor Ltd.
Li Donglin, General Manager of CSR Times Electric and Chairman of Dynex thanked Shu Lihui and Peter Tan for their valuable contributions to the Dynex Board and especially the roles both have played in ensuring the smooth integration of Dynex into the CSR Times Electric group.
Dr. Paul Taylor, President and Chief Executive Officer of Dynex, commented on how pleased he was to have had the services of Shu Lihui and Peter Tan. Shu Lihui brought the insights of an experienced and successful leader who had run a semiconductor manufacturing business in China. Peter Tan had been involved with Dynex at the start of CSR Times Electric's interest in acquiring Dynex. Dr. Taylor added that the Company would miss their involvement and wise counsel and he wished them both great success in the future. Dr. Taylor also welcomed the new Directors.
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. Its 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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