Synex International Inc. Third Quarter Of Fiscal 2012
May 05 2012 - 3:15PM
PR Newswire (Canada)
TSX : SXI VANCOUVER, May 8, 2012 /CNW/ - Synex International Inc.
(the "Company") announces that for the nine month period ended
March 31, 2012, revenue from energy sales and consulting increased
to $3,187,494 as compared to $2,292,454 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, the Barr
Plant and the Kyuquot Utility. Net income for the nine month period
ended March 31, 2012, was $90,774 as compared to net income of
$1,646 in the corresponding period in fiscal 2011. On February 2,
2012, the 4.4MW Barr Creek Plant (the "Barr Plant") commenced
commercial operations. The Barr Plant is located near
Zeballos on Vancouver Island, British Columbia and was developed by
the Barr Creek Limited Partnership ("BCLP") and its general partner
Barr Creek Hydro Ltd. ("BCHL"). The Company holds an 80%
interest in BCLP and BCHL with the Ehattesaht Tribe holding the
remaining 20%. During the months of February 2012 and March
2012, the average generation of the Barr Plant was about 1.7MW
which equaled the forecast generation. 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. In March 2012, the
Company received a payment of $625,872 from the
Ka:'yu:'k't'h'/Che:k:tles7et'h' First Nation as a contribution in
aid of construction with respect to the Kyuquot powerline.
The Company applied the proceeds to fully repay the revolving
$500,000 credit line of the Power Division as well as for general
corporate purposes. 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 or for disposition. "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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