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Listing: TSX Venture Exchange
Symbol: DNX
TORONTO, March 14, 2019 /CNW/ - Dynex Power Inc.
("Dynex" or the "Company") (TSXV: DNX) today
announces that the Ontario Superior Court of Justice (Commercial
List) has issued a final order approving the previously announced
Plan of Arrangement under the Canada Business Corporations
Act pursuant to which Zhuzhou CRRC Times Electric Co., Ltd.
will acquire all of the issued and outstanding common shares of
Dynex it does not already own for $0.65 in cash per common share.
The Arrangement was previously approved at a special meeting of
shareholders of Dynex held on March 11,
2019.
Dynex expects that the Arrangement will be completed on
March 15, 2019 following the
fulfillment of certain closing conditions, not otherwise waived,
which are customary in transactions of this nature.
About Dynex Power Inc.
Dynex designs and manufactures high power semiconductors,
transistor modules and other electronic assemblies and components.
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 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.
About 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.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often,
but not always, forward-looking statements can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements include statements with respect to the
completion of the Arrangement. The forward-looking statements
included in this news release are made as of the date of this news
release and neither Dynex nor TEC undertakes any obligation to
publicly update such forward-looking statements to reflect new
information, subsequent events or otherwise unless required by
applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Dynex Power Inc.