Update on Filing Annual Financial Statements
Update on the Delay in Filing Annual Financial Statements For 2015
Lincoln, England, May 16th 2016 – In accordance with National Policy 12-203, Dynex Power Inc., a leading, high power semiconductor company, today issued the following Default Status Report on the late filing of its financial statements, related management’s discussion and Certificates of Filing (collectively, the “Annual Filings”) for the year ended December 31, 2015.
On May 2, 2016, the Company announced (the "Default Announcement") that it was not able to file the Annual Filings by April 29, 2016, the deadline prescribed by the securities laws of the provinces in which Dynex is a reporting issuer.
The Company has continued to work diligently with its auditors to complete the audit of its 2015 results and expects to complete its Annual Filings for the year ended December 31, 2015 on or before the May 20, 2016.
On May 5, 2016 the Ontario Securities Commission, as principal regulator of the Company, issued a management cease trade order restricting all trading in securities of Dynex, whether direct or indirect, by certain management of Dynex. The management cease trade order will remain in place until after the Annual Filings have been completed. The management cease trade order does not affect the ability of shareholders who are not management of the Company to trade in shares of the Company.
About the Company
Dynex designs and manufactures high power bipolar semiconductors, high power insulated gate bipolar transistor (IGBT) modules and high power electronic assemblies. 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. 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. Dynex is majority owned by 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 componentsincluding 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
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
This news release contains certain "forward-looking information" as such term is defined under applicable Canadian securities laws. All disclosure herein, other than information regarding historical fact, regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions or courses of action is forward looking information. Statements about the anticipated timing of release of the Annual Filings or the Company’s intention or ability to apply for and obtain an MCTO are forward looking statements. All forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations. The completion of the Company’s audit may take longer than currently anticipated and the OSC may not issue an MCTO pursuant to the Company’s application. Except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information.