TSX : SXI
VANCOUVER, Feb. 4, 2014 /CNW/ - For the six months ended December 31,
2013, revenue was $1,133,587 as compared to $1,067,562 for the six
months ended December 31, 2012. The increase in revenue is due to
increases in sales from the Mears Plant, Barr Plant, Kyuquot Utility
and the Engineering Division partly offset by decreases in the
electricity sales from the Cypress Plant.
The net loss for the six months ended December 31, 2013 decreased to
$389,084 as compared to $491,960 for the six months ended December 31,
2012. The decrease in net loss is primarily due to higher revenues
from the engineering and energy divisions. A net loss in the six month
period ending in December is expected as the generation from hydro
plants represents less than 35% of annual forecast generation. In
addition, the weather conditions were dry during both the six months
ended December 31, 2013 and December 31, 2012. The loss per share for
the six months ended December 31, 2013 was $0.01 as compared to a net
loss per share of $0.02 for the six months ended December 31, 2012.
Capital expenditures in respect of the development of run-of-river hydro
projects in British Columbia for the six months ended December 31, 2013
totaled $243,424. The Power Division was most active on the proposed
5MW McKelvie Creek Project, 4MW Newcastle Creek Project and 10MW
Victoria Lake Project. The Victoria Lake Project has an electricity
purchase agreement dated August 2006 whereas the two other projects are
expected to qualify for electricity purchase agreements under the
current BC Hydro Standing Offer Program.
At December 31, 2013, the Company had a cash balance of $919,850 as
compared to $1,145,655 at June 30, 2013. The total loan principal
outstanding to the Canadian Western Bank was $18,465,316 at December
31, 2013 as compared to $18,461,818 at June 30, 2013. During July
2013, the Company increased the loan principal of the Kyuquot Loan by
about $321,000 to $700,000 and converted the loan from a floating rate
to a 3-year fixed rate. In addition, in August 2013, the Company
received gross proceeds of $153,500 from issuance of 340,000 common
shares from the exercise of options by directors and officers.
The Company is a successful hydroelectric developer and consultant in
British Columbia. The Company wholly owns or has beneficial interests
in a total of 12 MW of operating facilities. In addition, the Company
has applications for water licences and land tenure on over 55
potential hydroelectric sites which are in various stages of
development or intended for disposition. Mostly, the water licence
applications are for projects with individual capacities of less than
10 MW. BC Hydro under the current Standing Offer Program accepts
applications for electricity purchase agreements for up to forty years
with a maximum size of 15 MW.
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: email@example.com Web Site: www.synex.com/