SYNEX INTERNATIONAL INC - ANNUAL REPORT FOR FISCAL 2010
September 20 2010 - 1:45PM
PR Newswire (Canada)
VANCOUVER, Sept. 20 /CNW/ -- TSX : SXI VANCOUVER, Sept. 20 /CNW/ -
Revenue increased to $2,924,901 in fiscal 2010 from $2,688,811 in
fiscal 2009. The increase in revenue is primarily a result of
increased revenue from the 2.8 MW Cypress Creek Hydro Plant, being
its first full year of operation, offset by a decrease in revenue
from the Engineering Division and a decrease in revenue from the
Ka:'yu:'k't'h'/Che:k:tles7et'h' First Nation (the "KCFN") in
respect of the Kyuquot powerline. For fiscal 2010 there was a net
loss of $764,967 as compared to a net loss of $102,870 in fiscal
2009. The higher net loss in fiscal 2010 relates mostly to the
write off of an account receivable from a client of the Engineering
Division, Hawkeye Energy Corporation, in the amount of $477,585.
Loss per share in fiscal 2010 was $0.03 per share as compared to
$0.00 per share in fiscal 2009. The balance of cash at June 30,
2010 was $1,389,701. As at June 30, 2010, the Company had loan
agreements with Canadian Western Bank with total indebtedness of
$10,731,448 of which $3,326,517 was primarily secured by the Mears
Plant, $6,910,640 was primarily secured by the Cypress Plant and
$494,291 was primarily secured by the Kyuquot Utility. At June 30,
2010, the Amended and Restated Credit Agreement with the Canadian
Western Bank was fully drawn. At June 30, 2010, the Company has
additional funding of $500,000 available under a Revolving Credit
Line with the Canadian Western Bank. In May 2010, initial
construction was commenced on the 4.4 MW Barr Creek Hydro Project
located on Vancouver Island, British Columbia. The target
Commercial Operation Date for the Barr Creek Hydro Project is
November 2011. Effective May 28, 2010, the Company purchased a 10%
interest in Robson Valley Power Corporation ("RVPC") and has an
option to purchase a further 10% interest on or before June 15,
2012. RVPC owns and operates the 3.4 MW Ptarmigan Creek Hydro Plant
(the "Ptarmigan Plant") located near McBride, British Columbia. The
Company owns and operates two hydroelectric plants totaling 6.6 MW,
an electrical utility and has a 12.5% interest in the 6.5 MW China
Creek hydroelectric plant, all located on Vancouver Island. The
provincial government in British Columbia has endorsed the
development by private industry of environmentally sound
hydroelectric plants and in July 2010, BC Hydro announced new terms
and pricing under the Standing Offer Program. The McKelvie Creek
Hydro Project (the "McKelvie Project") is being developed for
submission under the Standing Offer Program and, in addition, the
Company has over 25 water licence applications in various stages of
development for various projects located on Vancouver Island and
the Prince Rupert/Terrace area in British Columbia. The Company is
also pursuing other acquisition opportunities in respect of power
developments. 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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