Listing: TSX Venture Exchange
Symbol: DNX
LINCOLN, England, May 2, 2016 /CNW/ - Dynex Power Inc., a
leading, high power semiconductor company, today announced that it
has missed the deadline for filing its financial statements,
related management's discussion and Certificates of Filing
(collectively, the "Annual Filings") for the year ended
December 31, 2015. Under the
securities laws of the provinces in which Dynex is a reporting
issuer, these materials were required to be filed by April 29, 2016.
The audit of its annual financial statements is not yet
complete. The Company faced increased demands for information and
documentation at a time when it was preparing to implement a new
ERP system. There is also on-going discussion with its auditor on
the valuation of certain assets. The Company has not been able to
meet these documentation demands and finalise the discussions with
its auditor on asset values in the time available. The Company is
working diligently with its auditor to complete the audit.
Based on its current expectations, Dynex anticipates that the
Annual Filings will be filed by the middle of May 2016.
Pending the filing of the Annual Filings, the Company intends to
satisfy the alternative information guidelines required by National
Policy 12-203 and will issue a Default Status Report on a bi-weekly
basis during the default period. These reports will disclose any
material change in the information contained in this news release
as well as any other information required by the above mentioned
National Policy.
The Company intends to make an application to the Ontario
Securities Commission ("OSC") for a management cease trade order
("MCTO"), which would restrict all trading in securities of the
Company, whether direct or indirect, by certain management of the
Company. The MCTO would not affect the ability of shareholders who
are not management of the Company to trade in shares of the
Company. There is no certainty that the MCTO will be granted. If
the MCTO is not issued by the OSC, the applicable Canadian
securities regulatory authorities could issue a general cease trade
order against the Company for failure to file the Annual Filings
within the prescribed time period.
About the Company
Dynex designs and
manufactures high power bipolar semiconductors, high power
insulated gate bipolar transistor (IGBT) modules and high power
electronic assemblies. 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.
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 CRRC Times Electric Co., Ltd.
Zhuzhou CRRC 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.
CRRC 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, CRRC 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 at www.dynexsemi.com
Further information on CRRC Times Electric can be found at
www.timeselectric.cn/en
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking
Information
This news release contains certain "forward-looking information"
as such term is defined under applicable Canadian securities
laws. All disclosure herein, other than information regarding
historical fact, regarding possible events, conditions or financial
performance that is based on assumptions about future economic
conditions or courses of action is forward looking information.
Statements about the anticipated timing of release of the Annual
Filings or the Company's intention or ability to apply for and
obtain an MCTO are forward looking statements. All
forward-looking information is subject to a number of risks and
uncertainties that may cause actual results or events to differ
materially from current expectations. The completion of the
Company's audit may take longer than currently anticipated and the
OSC may not issue an MCTO pursuant to the Company's
application. Except as may be required by applicable law, the
Company disclaims any obligation to update or modify such
forward-looking information.
SOURCE Dynex Power Inc.