Listing: TSX Venture Exchange
Symbol: DNX
LINCOLN, England, May 16, 2016 /CNW/ - In accordance with National
Policy 12-203, Dynex Power Inc., a leading, high power
semiconductor company, today issued the following Default Status
Report on the late filing of its financial statements, related
management's discussion and Certificates of Filing (collectively,
the "Annual Filings") for the year ended December 31, 2015.
On May 2, 2016, the Company announced (the "Default
Announcement") that it was not able to file the Annual Filings
by April 29, 2016, the deadline prescribed by the securities
laws of the provinces in which Dynex is a reporting issuer.
The Company has continued to work diligently with its auditors
to complete the audit of its 2015 results and expects to complete
its Annual Filings for the year ended December 31, 2015 on or before the May 20, 2016.
On May 5, 2016 the Ontario
Securities Commission, as principal regulator of the Company,
issued a management cease trade order restricting all trading in
securities of Dynex, whether direct or indirect, by certain
management of Dynex. The management cease trade order will remain
in place until after the Annual Filings have been
completed. The management cease trade order does not affect
the ability of shareholders who are not management of the Company
to trade in shares of the Company.
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.