SYNEX INTERNATIONAL INC - SECOND QUARTER REPORT FOR FISCAL 2011
February 08 2011 - 11:07AM
PR Newswire (Canada)
VANCOUVER, Feb. 8 /CNW/ -- TSX : SXI VANCOUVER, Feb. 8 /CNW/ - The
net loss for the first six months of fiscal 2011 ended December 31,
2010 was $47,068 as compared to a net loss of $270,148 for the
corresponding period in fiscal 2010. The decrease in net loss is
primarily due to the proceeds of $300,000 for an option to a third
party for the purchase of some water licences of the Company in the
first quarter of fiscal 2011. The loss per share for the six months
ended December 31, 2010 was $0.00 as compared to a loss per share
of $0.01 for the corresponding period in fiscal 2010. For the six
months ended December 31, 2010, energy sales and consulting revenue
increased to $1,390,817 as compared to $1,162,544 for the
corresponding period in fiscal 2010. The increase in revenue is due
mainly to an increase in consulting revenue as well as increases in
electricity sales from each of the Mears Plant, Cypress Plant and
Kyuquot Utility. On August 19, 2010, the Company announced that the
Engineering Division had entered 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 held by the
Engineering Division as well as other related rights. The Option
Agreement has a latest exercise date of December 2011. The Option
Payment was $300,000 and has been included as other income in the
financial statements of the Company. During the first six months of
fiscal 2011, the Barr Creek Limited Partnership ("BCLP") and its
general partner Barr Creek Hydro Ltd. ("BCHL") continued to advance
the Barr Creek Hydro Project. Site works included the construction
of access roads and excavation of the powerhouse. Work has been
halted until the late spring of 2011 due to snow conditions. On
October 4, 2010, the Company announced that the Power Division and
the Ehattesaht Tribe (the "EFN") had subscribed for partnership
units of BCLP and shares of BCHL. Subsequent to December 31, 2010,
the EFN has exercised its option to purchase additional units and
shares from the Power Division. The Power Division now holds 80% of
the units and shares of BCLP and BCHL and the EFN holds 20% of the
units and shares. At December 31, 2010, the Company had a cash
balance, excluding BCLP and BCHL, of $412,245. In addition the
Company had available $140,000 of its $500,000 revolving credit
line with the Canadian Western Bank. The Company currently has over
70 water license and land tenure applications, mostly on Vancouver
Island and in the Prince Rupert/Terrace area in British Columbia.
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 This
press release contains forward-looking statements that involve
risks and uncertainties. These statements reflect our current
expectations and are subject to change. They are subject to a
number of risks and uncertainties including, but not limited to,
changes in economic conditions, risks associated with the
construction and operation of hydroelectric facilities and changes
in government policies. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/08/c8895.html
p400 - 1444 Alberni Street, Vancouver B C V6G 2Z4br/ Phone (604)
688 8271 Ext. 309 Fax (604) 688 1286br/ E-mail: a
href="mailto:gsunell@synex.com"gsunell@synex.com/a Web Site: a
href="http://www.synex.com/"www.synex.com//a/p
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