Synex International Inc third quarter of fiscal 2013


VANCOUVER, May 7, 2013 /CNW/ - Revenue for the nine months ended March 31, 2013 increased to $3,708,113 as compared to $3,361,623 in the corresponding period in the previous fiscal year.  Most of the increase was due to the Barr Plant which commenced operation in February 2012.  Revenue during the nine month period decreased from each of the Mears and Cypress Plants.

The net loss for the nine months ended March 31, 2013 was $397,298 as compared to net income of $90,774 in the corresponding period in the previous fiscal year.  The increase in net loss is primarily due to the loss of $237,070 incurred by the Barr Plant.  Generation at each of the Barr, Mears and Cypress Plants has been less than forecast due to dry weather conditions from late July 2012 to January 30, 2013.  The generation for the nine months ended March 31, 2013 was the lowest on record for comparative periods for both the Mears and Cypress Plants, which commenced operating in 2004 and 2009 respectively.  The loss per share for the nine months ended March 31, 2013 was $0.01 as compared to income of $0.00 per share in the corresponding period in the previous fiscal year.

Project development during the nine months ended March 31, 2013, was funded from internal sources.  During the period the Company's Power Division had capital expenditures of $315,905 in respect of proposed hydroelectric projects in British Columbia.  The three most advanced projects are the 5MW McKelvie Creek Project, the 4MW Newcastle Creek Project and the 9.9MW Victoria Lake Project.  The Victoria Lake Project has an electricity purchase agreement dated August 2006 whereas the Company expects to make application for electricity purchase agreements under the BC Hydro Standing Offer Program for the other two projects.

Synex International Inc. is an experienced run-of-river hydroelectric developer and consultant in British Columbia with over 15 professionals located in its Vancouver office.  The Company wholly owns or has interests in 12MW of operating facilities and has applications for water licences and land tenure on over 55 potential hydroelectric sites which are either in various stages of development or are being held for disposition.

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
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