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Listing:
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TSX Venture
Exchange
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Symbol:
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DNX
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LINCOLN, England, June 1, 2017 /CNW/ - Dynex Power Inc. (TSXV:
DNX), a leading, high power semiconductor company, today announced
that Clive Vacher, the Chief
Executive Officer, had recently completed the purchase of 1,195,000
shares in the Company.
When Clive Vacher was appointed
Chief Executive Officer of the Company in January 2017, he indicated that he intended to
purchase a significant shareholding in the Company as soon as the
Company's blackout rules permitted. The purchase of the shares,
which represents approximately 1.5% of the issued share capital of
the Company (and approximately 6% of the shares not held by Zhuzhou
CRRC Times Electric), was completed yesterday.
Clive Vacher commented "I wanted
to align my interests with those of the shareholders, and I believe
this investment demonstrates my commitment to lead those changes
and to realise the full potential of Dynex as an industry-leading
power electronics company. As well, I wanted to take advantage of
what I regard as the substantial upside potential in Dynex's market
value."
About the Company
Dynex designs and
manufactures high power bipolar semiconductors, high power
insulated gate bipolar transistor (IGBT) modules and die, 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.
The Company's 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. In 2008, a majority of the shares of Dynex were
acquired by Zhuzhou CSR Times Electric Co., Ltd. In April 2016 this company changed its name to
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 are
available at www.dynexpower.com.
Further information on CRRC 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.