Dynex Announces Advance Payment from CSR Times Electric
Lincoln, England, February 6th, 2009 – Dynex Power Inc., a leading specialist high power semiconductor company, today announced that its UK subsidiary, Dynex Semiconductor Ltd., has agreed new distributor arrangements with CSR Times Electric. Following the acquisition of a 75% shareholding in Dynex by CSR Times Electric, Dynex has appointed CSR Times Electric to be its main distributor for high power semiconductors in The People’s Republic of China. CSR Times Electric has placed an order on Dynex for deliveries in 2009 amounting to US$2,047,850. In order to secure this capacity, CSR Times Electric has paid in advance for the full amount of the order. In recognition of this, Dynex has agreed to credit CSR Times Electric with interest on the outstanding balance each quarter at US Prime rate plus 2%.
At the same time, CSR Times Electric has appointed Dynex to be its main distributor for high power semiconductors in Europe. Under both agreements, the parts will be sold to the distributor at the market price less a discount to cover the cost of the work carried out by the party handling the distribution.