Dynex Power Announces Share Purchase by CEO
| Listing: |
TSX Venture Exchange |
| Symbol: |
DNX |
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.
Clive Vacher, President and Chief Executive Officer or Bob Lockwood, Chief Financial Officer, Dynex Power Inc., Tel: +44 1522 500 500, Email: [email protected]
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