Alan Lyons to
join on September 11, 2017
Listing: TSX Venture Exchange
Symbol: DNX
LINCOLN, England, July 18, 2017 /CNW/ - Dynex Power Inc. (TSXV:
DNX), a leading, high power semiconductor company, today announces
the appointment of Alan Lyons to the
position of Chief Financial Officer and Director of the Company,
effective September 11, 2017.
Alan Lyons joins the company from
the specialist fleet vehicle sector, where he held the position of
Finance Director. Previously, he was CFO of Helius Energy, a
London AIM-listed biomass energy company. Prior to that, Alan
had an 18-year career in finance positions of increasing
responsibility with Siemens' (formerly Alstom and GEC) Industrial
Gas Turbine businesses. He is a Chartered Management
Accountant.
Commenting on the appointment, Clive
Vacher, President and CEO of Dynex, said, "I am delighted to
welcome Alan to the Dynex team. He has an excellent track
record of financial leadership and discipline. In addition,
he has demonstrated that he will be a leading contributor to the
ongoing turnaround activities at Dynex."
The Chairman of Dynex, Liu Ke'an,
added, "This appointment is an important milestone in the
improvement journey for Dynex. We have been impressed by
Alan's background and believe that he is a key addition to the
leadership team."
As previously communicated, the former CFO, Bob Lockwood, left Dynex on June 30, 2017. Since then
Clive Vacher, Dynex President and
CEO, has been performing the duties of the CFO in addition to his
other responsibilities. He will continue to do so until
Alan Lyons joins on September 11.
Forward-looking Statements
In commenting on its
expectations, the Company cautioned existing and potential
shareholders about relying on the Company's expectations in that
the Company's expectations contain forward looking statements and
assumptions which are subject to the risks and uncertainties of the
markets and the future, which could cause actual results to differ
materially from expectations, and which are each difficult and
subjective to forecast. Certain of those risks and uncertainties
are discussed in the Management's Discussion and Analysis for the
quarter ended March 31st , 2016 and
include, among other things, risks and uncertainties relating to:
the level of worldwide demand for power semiconductors and power
semiconductor assemblies; the level of investment in power
electronic equipment, electrification of transport systems,
alternative power generation and high quality power transmission
and distribution; and fluctuations in exchange rates between
Canadian Dollars, Sterling, US dollars and Euros. As a consequence
of these and other risks and uncertainties, shareholders and
potential investors must make their own independent judgments about
the accuracy and reliability of the Company's expectations. Dynex
disclaims any intention or obligation to update or revise any
forward looking statement whether as a result of new information,
future events or otherwise.
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.