Dynex Power Announces New Loan Agreement with CSR Times Electric 2012
Lincoln, England, September 13th, 2012 - Dynex Power Inc., a leading, high power semiconductor company, today announced that its subsidiary, Dynex semiconductor Ltd, had borrowed C$1.0 million from CSR Times Electric (Hong Kong) Co., Ltd, a fellow subsidiary of CSR Times Electric. The loan was taken to purchase new plasma etch equipment needed in the company’s Lincoln, UK facility. The loan is denominated in Hong Kong dollars. It is repayable in three years and carries interest at 3.25%.
Dr. Paul Taylor, President and Chief Executive Officer commented, “The new equipment was essential for the development of new products that are central to the future success of the business. We would not have been able to realize this investment without the support of CSR Times Electric and this, therefore, demonstrates, once again, the advantages of being part of the CSR group.
Bob Lockwood, Chief Financial Officer commented, “The loan facility provided by CSR Times Electric (Hong Kong) Co., Ltd provides us with secure funding at a good price for three years, without impinging on the facilities we use day to day to run the business. It, therefore, provides a useful addition to our funding strategy. ”
For more information:
Dr. Paul Taylor
President and Chief Executive Officer
Chief Financial Officer
Dynex Power Inc.
Tel: UK +44 1522 500500