Synex International Inc. - Second Quarter of Fiscal 2012
February 06 2012 - 5:02PM
PR Newswire (Canada)
TSX : SXI VANCOUVER, Feb. 7, 2012 /CNW/ - Synex International Inc.
(the "Company") announces that for the six month period ended
December 31, 2011, revenue from energy sales and consulting
increased to $1,866,285 as compared to $1,390,817 in the
corresponding period in fiscal 2011. This increase in revenue
is due to an increase in consulting revenue as well as increases in
electricity sales from each of the Mears Plant, the Cypress Plant
and the Kyuquot Utility. Net income for the six month period ended
December 31, 2011, was $2,648 as compared to a net loss of $47,455
in the corresponding period in fiscal 2011. The significant
improvement in operating results of the first half of fiscal 2012
as compared to fiscal 2011 fully offset the receipt in fiscal 2011
of $300,000 for an option with an unrelated third party regarding
the purchase of some water licences and related rights of the
Engineering Division (the "Option"). The Option expired
unexercised at December 31, 2011. The Company has entered
discussions with the unrelated third party regarding a new option.
During the first six months of fiscal 2012, the Barr Creek Limited
Partnership ("BCLP") and its general partner Barr Creek Hydro Ltd.
("BCHL") continued to advance the Barr Creek Hydro Project (the
"Barr Project"). The Company holds an 80% interest in BCLP
and BCHL with the Ehattesaht Tribe holding the remaining 20%.
As of December 31, 2011, construction of the Barr Project was over
90% complete. Subsequent to the end of the second quarter, on
February 3, 2012, the Company announced that the Barr Project
commenced delivering electricity commercially to BC Hydro and Power
Authority. During the spring of 2010, the Company was the highest
bidder for the purchase of applications for water licences and land
tenure of Hawkeye Energy Corporation (the "HEC assets") from the
Receiver. During the Court process to approve the sale of the
HEC assets to the Company, Hawkeye Power Corporation ("HPC")
opposed the sale on the basis of an unregistered prior right to the
assets. On November 21, 2011, a court decision declared that
HPC did not have a prior right to the assets. On
December 20, 2011, HPC filed a Notice of Appeal and Notice of Stay
in regards to the court decision. The appeal process is
advancing. The Company commenced reporting financial results under
IFRS as of the first quarter of fiscal 2012. The financial
results under IFRS are not significantly different than the
financial results would have been under GAAP, although there has
been a minor reduction in assets of the Company due primarily to
differences in amortization treatment between IFRS and GAAP.
Synex International Inc is an experienced run of river
hydroelectric developer and consultant in British Columbia with
over 15 professionals located in the Vancouver office. The
Company wholly owns or has interests in 12 MW (net) of operating
facilities and has applications for water licences and land tenure
on over 70 potential hydroelectric sites which are in various
stages of development. "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. Synex International Inc. CONTACT: 400 -
1444 Alberni Street, Vancouver B C V6G 2Z4Phone (604) 688 8271 Ext.
309 Fax (604) 688 1286E-mail: gsunell@synex.com Web Site:
www.synex.com/
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