Synex International Inc. third quarter of fiscal 2009

    TSE: SXI

    VANCOUVER, May 11 /CNW/ - For the nine months ended March 31, 2009,
revenue decreased to $1,894,371 from $1,903,290 in the corresponding period in
the previous year. The primary revenue sources were the Mears Creek
hydroelectric plant (the "Mears Plant"), the Kyuquot Utility and the
Engineering Division. Revenue for the nine months ended March 31, 2009 was
higher for the Mears Plant and lower for the Engineering Division and the
Kyuquot Utility as compared to that for the corresponding period in the
previous year.
    For the nine months ended March 31, 2009, there was a net loss of
$110,862 as compared to net income of $295,396 for the corresponding period in
the previous year. Net income before other items for the nine months ended
March 31, 2009 was $28,184 as compared to $69,343 for the corresponding period
in the previous year. Earnings per share for the nine months ended March 31,
2009 was $0.00 as compared to $0.01 for the corresponding period in the
previous year.
    The new 2.8MW Cypress Creek hydroelectric plant (the "Cypress Plant") was
considered by the Company to be available for operations at December 31, 2008.
Net income was negatively impacted by the delays in achieving commercial
operations under an electricity purchase agreement with BC Hydro as a part of
their Standing Offer Program (the "EPA"). An EPA was executed by the Company
and BC Hydro on January 21, 2009 with the remaining condition prior to
commercial operation being acceptance of the EPA by the BC Utilities
Commission. The BC Utilities Commission is now reviewing the EPA. The Cypress
Plant is expected to be the first independent power producer to achieve
commercial operation under the BC Hydro Standing Offer Program.
    During the third quarter of fiscal 2009, the Company received a third
payment in the amount of $263,680 from the Ka:'yu:'k't'h'/Che:k:tles7et'h'
First Nation (the "KCFN"). The total payments in the nine months ended March
31, 2009 by the KCFN was $1,263,680 as compared to $1,000,000 in the same
period in fiscal 2008. The KCFN has committed to advancing a further $736,320
over the next year (the fourth and final payment). The KCFN receive a
reduction in electricity rates from the Company 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 Hydro Project, the 4.4MW Barr Creek Hydro 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. The McKelvie
Creek and Barr Creek projects are both in advanced regulatory stages. The
Company has also been reviewing opportunities to participate with other
hydroelectric proponents.

    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.

    "Greg Sunell"

    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:, Web Site:

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