Dynex Power Announces the Arrangement of New Banking Facilities
Lincoln, England, September 6th, 2006 – Dynex Power Inc., a leading, independent power semiconductor company, today announced that its wholly-owned UK subsidiary, Dynex Semiconductor Limited has completed the transfer of its principal financial arrangements from its previous lender to Landsbanki Commercial Finance of the UK.
The new £2.5 million two-year secured facility provides Dynex Semiconductor with working capital by the discount of its accounts receivable. Management and the Board of Dynex Semiconductor believe that the interest rate, advance rate and other terms and conditions are on-market and represent an improvement when compared to the previous facility.
Bob Lockwood, Chief Financial Officer of Dynex Power and Dynex Semiconductor, stated that “We selected this arrangement after discussions with a number of financial institutions. We believe it provides a better fit to our future needs. We are pleased to have completed this arrangement with the right sized financier with whom we expect to grow and prosper.”
Dr Paul Taylor, President and Chief Executive Officer of Dynex Power and Dynex Semiconductor commented that, “We expect that the improved liquidity will enhance our business. The effects will not be immediate. It will take time to build our receivables portfolio, and therefore take advantage of the increased availability. However, we expect the new facility will permit us to finance more of the business opportunities we are presented.”
For more information:
Dr. Paul Taylor
President and Chief Executive Officer
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: UK +44 1522 500500