/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISTRIBUTION IN THE UNITED
STATES/
Listing: TSX Venture
Exchange
Symbol: DNX
TORONTO, March 15, 2019 /CNW/ - Dynex Power Inc.
("Dynex" or the "Company") (TSXV: DNX) today
announces the completion of the previously announced Plan of
Arrangement under the Canada Business Corporations Act
pursuant to which Zhuzhou CRRC Times Electric Co., Ltd. acquired
all of the issued and outstanding common shares of Dynex it did not
already own for $0.65 in cash per
common share.
Consideration for the purchased common shares has been paid to
Computershare Trust Company of Canada, as depositary under the Plan
Arrangement. Under the Plan of Arrangement, Dynex shareholders who
hold their common shares in registered form will receive payment of
$0.65 in cash per common share
following the delivery and surrender with the Depositary of their
original certificates representing their Dynex common shares
together with a letter of transmittal properly completed and
executed, in accordance with the instructions contained in the
letter of transmittal previously sent to registered shareholders
(and any additional documents as the Depositary may reasonably
require). Shareholders of Dynex who hold their common shares
through a broker, dealer, bank, trust company or other intermediary
should follow the instructions provided by such intermediary in
order to receive payment of the consideration for their common
shares.
It is expected that the Dynex common shares will be delisted
from the TSX Venture Exchange shortly hereafter. Dynex also intends
to apply to cease to be a reporting issuer in the applicable
provinces of Canada.
About Dynex Power Inc.
Dynex designs and manufactures high power semiconductors,
transistor modules and other electronic assemblies and components.
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 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.
About 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.
Notice Regarding Forward Looking
Statements
This news release contains forward-looking
statements. Often, but not always, forward-looking statements can
be identified by the use of words such as "plans", "expects" or
"does not expect", "is expected", "estimates", "intends",
"anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved. Forward-looking statements include
statements with respect to the delisting of the Dynex common shares
from the TSX Venture Exchange and the application to cease to be a
reporting issuer in the applicable provinces of Canada. The
forward-looking statements included in this news release are made
as of the date of this news release and neither Dynex nor TEC
undertakes any obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities
legislation.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Dynex Power Inc.