VANCOUVER, May 28 /CNW/ - Synex International Inc. announces that its wholly owned subsidiary, Synex Energy Resources Ltd. (the "Company"), has purchased 10% of the issued and outstanding shares of Robson Valley Power Corporation ("RVPC"). RVPC owns and operates a 3.6 MW hydroelectric plant located about 140 kilometers southeast of Prince George, British Columbia, on Ptarmigan Creek, a tributary of the Fraser River (the "Project"). The Project has an electricity purchase agreement with BC Hydro and has operated continuously since being commissioned in 1992.
The shares of RVPC were acquired from existing shareholders through a cash payment of $1 million and the Company has an option to acquire up to a further 10% of the issued and outstanding shares of RVPC for a further cash payment of up to $1 million on or before June 15, 2012.
Synex International Inc. is a public company trading on the TSX with businesses that cover the development, ownership and operation of electrical generation facilities and the provision of consulting engineering services in water resources, particularly hydroelectric facilities.
Greg Sunell, President
SOURCE Synex International Inc.
For further information: For further information: 400 - 1444 Alberni Street, Vancouver, BC, V6G 2Z4, Phone (604) 688-8271 Ext. 309, Fax (604) 688-1286, E-mail: firstname.lastname@example.org, Web Site: www.synex.com