TSE : SXI
VANCOUVER, May 10 /CNW/ - For the three months ended March 31, 2010, energy sales and consulting revenue increased to $939,274 as compared to $494,195 in the corresponding period in fiscal 2009. For the nine months ended March 31, 2010, energy sales and consulting revenue increased to $2,101,818 as compared to $1,894,371 for the corresponding period in fiscal 2009. For the nine months ended March 31, 2010, increased sales of electricity from the new Cypress Plant and the Mears Plant more than offset the higher engineering revenue for the corresponding period in fiscal 2009.
Net Income for the three months ended March 31, 2010 was $159,482 as compared to a net loss of $313,264 in the corresponding period in fiscal 2009. For the nine months ended March 31, 2010, the net loss was $110,666 as compared to a net loss of $110,682 in the corresponding period in fiscal 2009. For the nine month period ended March 31, 2010, there was additional income from the new Cypress Plant and from the Mears Plant. However, the Engineering Division had a net loss of $10,118 during the nine months ended March 31, 2010 compared to net income of $272,509 in the corresponding period.
On July 21, 2009, the Company announced that the Power Division had entered into an Amended and Restated Credit Agreement with the Canadian Western Bank (the "Agreement"). The Agreement provides for additional lending of $3,770,055, secured primarily by the Cypress Plant. As of March 31, 2010, a total of $1,500,000 had been advanced and $2,270,055 of additional lending remained available.
The Company is advancing the 4.4MW Barr Creek Project and the 5MW McKelvie Project as well as early studies on a number of different sites. Subsequent to the end of the third quarter, the Company announced that the conditional water licence and necessary land tenure had been received for the Barr Creek Project and that construction should commence in the next few months.
The Company has over 25 water licence applications for potential hydro power projects, mostly on Vancouver Island and in the Prince Rupert/Terrace area in British Columbia.
Synex International Inc. is a public company trading on the Toronto Stock Exchange (TSX) with businesses involved with the development, ownership and operation of electrical generation facilities, as well as the provision of consulting engineering services in water resources, particularly for hydroelectric and other power facilities.
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: For further information: 400 - 1444 Alberni Street, Vancouver, BC, V6G 2Z4, Phone (604) 688-8271 Ext. 372, Fax (604) 688-1286, E-mail: firstname.lastname@example.org, Web Site: www.synex.com