Synex International Inc. second quarter of fiscal 2009



    TSE : SXI

    VANCOUVER, Feb. 10 /CNW/ - For the six months ended December 31, 2008,
revenue increased by 14% to $1,400,176 from $1,233,627 in the corresponding
period in the previous year. The primary revenue sources were the Mears Creek
Hydro Plant (the "Mears Plant"), the Kyuquot Utility and the Engineering
Division. Revenue for the six months ended December 31, 2008 was slightly
higher at the Mears Plant and Engineering Division and slightly lower at the
Kyuquot Utility as compared to that for the corresponding period in the
previous year.
    Net income for the six months ended December 31, 2008 decreased to
$202,582 from $319,768 for the corresponding period in the previous year. Net
income before other items for the six months ended December 31, 2008 increased
to $239,231 from $73,957 for the corresponding period in the previous year.
Earnings per share for the six months ended December 31, 2008 was $0.01,
unchanged from the corresponding period in the previous year.
    The 2.8MW Cypress Creek Hydro Plant was considered by the Company to be
available for operations at December 31, 2008. The Company had previously
applied for an electricity purchase agreement under the BC Hydro Standing
Offer Program (the "EPA") and on January 28, 2008, the Company announced that
the Power Division had executed the EPA, but that the EPA still requires
acceptance of the British Columbia Utilities Commission. The Company
anticipates that the Cypress Creek Hydro plant will be the first applicant
under the Standing Offer Program to reach commercial operation. On October 22,
2007, the Company announced that the Power Division had entered into a loan
agreement with the Canadian Western Bank for the Cypress Creek Plant. The
amount advanced under the loan as at December 31, 2008 was $2,950,000 with a
maximum lending of $3,529,945 available.
    During the second quarter of fiscal 2009, the Company received a second
payment of $1 million from the Ka:'yu:'k't'h'/Che:k:tles7et'h' First Nation
(the "KCFN"). The $1 million has been allocated as $850,000 being a
contribution towards the capital cost of the Kyuquot powerline and $150,000
being revenue to the Company. The KCFN has committed to advancing a further $1
million over the next year (the third payment). The KCFN receive a reduction
in electricity rates for the capital contributions.
    The Company has over 25 water licence applications, mostly on Vancouver
Island and Prince Rupert/Terrace area in British Columbia. The Company is
actively advancing three other hydro opportunities on Vancouver Island, being
the 5MW McKelvie Creek Project, the 4.4MW Barr Creek Project and the 10MW
Victoria Lake Project. The Barr Creek and Victoria Lake projects have existing
electricity purchase agreements in place from the BC Hydro 2006 Call for
Proposals and it is expected that the McKelvie Project will apply for an
electricity purchase agreement under the Standing Offer Program. Construction
of some of the early components of the McKelvie Creek project has been
initiated and construction of part of the Barr Creek project may be initiated
late in Fiscal 2009, subject to an early issuance of the land tenure and
conditional water licence.

    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.

    "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.





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:
gsunell@synex.com, Web Site: www.synex.com

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Synex International Inc.

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