TSX : SXI
VANCOUVER, Feb. 8 /CNW/ - The net loss for the first six months of
fiscal 2011 ended December 31, 2010 was $47,068 as compared to a net
loss of $270,148 for the corresponding period in fiscal 2010. The
decrease in net loss is primarily due to the proceeds of $300,000 for
an option to a third party for the purchase of some water licences of
the Company in the first quarter of fiscal 2011. The loss per share for
the six months ended December 31, 2010 was $0.00 as compared to a loss
per share of $0.01 for the corresponding period in fiscal 2010.
For the six months ended December 31, 2010, energy sales and consulting
revenue increased to $1,390,817 as compared to $1,162,544 for the
corresponding period in fiscal 2010. The increase in revenue is due
mainly to an increase in consulting revenue as well as increases in
electricity sales from each of the Mears Plant, Cypress Plant and
On August 19, 2010, the Company announced that the Engineering Division
had entered 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 held by the Engineering Division as well as other
related rights. The Option Agreement has a latest exercise date of
December 2011. The Option Payment was $300,000 and has been included as
other income in the financial statements of the Company.
During the first six months of fiscal 2011, the Barr Creek Limited
Partnership ("BCLP") and its general partner Barr Creek Hydro Ltd.
("BCHL") continued to advance the Barr Creek Hydro Project. Site works
included the construction of access roads and excavation of the
powerhouse. Work has been halted until the late spring of 2011 due to
snow conditions. On October 4, 2010, the Company announced that the
Power Division and the Ehattesaht Tribe (the "EFN") had subscribed for
partnership units of BCLP and shares of BCHL. Subsequent to December
31, 2010, the EFN has exercised its option to purchase additional units
and shares from the Power Division. The Power Division now holds 80% of
the units and shares of BCLP and BCHL and the EFN holds 20% of the
units and shares.
At December 31, 2010, the Company had a cash balance, excluding BCLP and
BCHL, of $412,245. In addition the Company had available $140,000 of
its $500,000 revolving credit line with the Canadian Western Bank.
The Company currently has over 70 water license and land tenure
applications, mostly on Vancouver Island and in the Prince
Rupert/Terrace area in British Columbia.
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
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: firstname.lastname@example.org Web Site: www.synex.com/