Synex International Inc update on Engineering Division

TSX : SXI

VANCOUVER, Aug. 19 /CNW/ - Synex International Inc. reports that it will provide on its financial statements at June 30, 2010 for a write down in the amount of $477,585 of a receivable from Hawkeye Energy Corporation ("HEC") for unpaid consulting services to its wholly owned subsidiary, Sigma Engineering Ltd. (the "Engineering Division"). HEC has gone into receivership and its assets have been conditionally sold by the Receiver on behalf of the creditors to the Engineering Division under the bidding process. The Engineering Division believes that the limited proceeds from the sale of assets of HEC will result in its receivable from HEC being largely or totally not recovered.

The insight gained by the Engineering Division during the collection process for the HEC receivable has led to the Engineering Division, in a separate transaction, entering 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 now held by the Engineering Division as well as other related rights. The Option Agreement has a latest exercise date of December 2011. The price of the Option was $300,000 and is treated as income in the accounts of the Engineering Division, being effective in the first quarter of fiscal 2011.

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
    

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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890