Synex International Inc update on Engineering Division
August 19 2010 - 3:44PM
PR Newswire (Canada)
VANCOUVER, Aug. 19 /CNW/ -- TSX : SXI VANCOUVER, Aug. 19 /CNW/ -
Synex International Inc. reports that it will provide on its
financial statements at June 30, 2010 for a write down in the
amount of $477,585 of a receivable from Hawkeye Energy Corporation
("HEC") for unpaid consulting services to its wholly owned
subsidiary, Sigma Engineering Ltd. (the "Engineering Division").
HEC has gone into receivership and its assets have been
conditionally sold by the Receiver on behalf of the creditors to
the Engineering Division under the bidding process. The Engineering
Division believes that the limited proceeds from the sale of assets
of HEC will result in its receivable from HEC being largely or
totally not recovered. The insight gained by the Engineering
Division during the collection process for the HEC receivable has
led to the Engineering Division, in a separate transaction,
entering into an Option Agreement dated July 23, 2010 with an
unrelated third party. The Option Agreement provides the third
party with the right to purchase a number of applications for water
licences and land tenures now held by the Engineering Division as
well as other related rights. The Option Agreement has a latest
exercise date of December 2011. The price of the Option was
$300,000 and is treated as income in the accounts of the
Engineering Division, being effective in the first quarter of
fiscal 2011. Synex International Inc. is a public company, trading
on the TSX since 1987, with business interests that cover the
development, ownership and operation of electrical generation
facilities and the provision of consulting engineering services in
water resources, particularly hydroelectric facilities. "signed"
------------------------------------------- Greg Sunell, President
400 - 1444 Alberni Street, Vancouver, BC, V6G 2Z4, Phone: (604) 688
8271 Ext. 309, Fax: (604) 688 1286, E-mail: gsunell@synex.com, Web
Site: www.synex.com/
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