Dynex Power Announces Appointment of New Chief Financial Officer
Alan Lyons to join on September 11, 2017
Lincoln, England, July 18, 2017 - 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.
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.
Information about Dynex Semiconductor Ltd and its products can be found at www.dynexsemi.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.