Dynex Announces New Loan Agreement 2008
Lincoln, England, December 12th, 2008 – Dynex Power Inc., a leading specialist high power semiconductor company, today announced that its UK subsidiary, Dynex Semiconductor Ltd., has arranged a new term loan for £1.6 million. The loan has been taken from Zhuzhou CSR Times Electric Co., Ltd. as part of the arrangements under which they purchased 75% of the equity of Dynex Power. The loan has been used to repay £1.4 million of convertible loans which had been provided by Mr. David Banks and Mr. Daniel Owen. The new loan is unsecured, has a term of 3 years and carries an 8% interest coupon.