SYNEX INTERNATIONAL INC - SECOND QUARTER REPORT FOR FISCAL 2011

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.

SOURCE Synex International Inc.

For further information:

400 - 1444 Alberni Street, Vancouver B C V6G 2Z4
Phone (604) 688 8271 Ext. 309 Fax (604) 688 1286
E-mail: gsunell@synex.com Web Site: www.synex.com/

Profil de l'entreprise

Synex International Inc.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.