TSX : SXI
VANCOUVER, May 10 /CNW/ - Net income for the nine months ended March 31,
2011 was $2,227 as compared to a net loss of $110,666 for the
corresponding period in fiscal 2010. The increase in net income is
primarily due to the proceeds of $300,000 for an option by a third
party for the purchase of some water licences of the Company in the
first quarter of fiscal 2011, offset by a provision for recovery of
income taxes of $180,000 in the first nine months of fiscal 2010. The
income per share for the nine months ended March 31, 2011 was $0.00 as
compared to a loss per share of $0.00 for the corresponding period in
For the nine months ended March 31, 2011, energy sales and consulting
revenue increased to $2,292,454 as compared to $2,101,808 for the
corresponding period in fiscal 2010. The increase in revenue is mainly
from an increase in consulting revenue partly offset by decreases in
electricity sales from the Mears and Cypress Plants.
During the first nine months of fiscal 2011, the Barr Creek Limited
Partnership ("BCLP") and its general partner Barr Creek Hydro Ltd.
("BCHL") continued to advance the 4.4MW Barr Creek Hydro Project.
Construction of site works including the access roads and the
powerhouse substructure is progressing, although work is being delayed
by snowfalls in the spring of 2011. During March 2011, BCLP entered
into contracts for the supply and installation of the penstock, steel
building and high voltage switchgear.
BCLP is owned 80% by the Company and 20% by the Ehattesaht First Nation.
As at March 31, 2011, the total subscribed units of BCLP was $4.4
million. Subsequent to the end of the third quarter, the Company
announced the execution of a Credit Agreement with Canadian Western
Bank in the maximum amount of $9.1 million for the Barr Creek Hydro
Project. The Target Completion date of the Barr Creek Hydro Project is
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.
The Company wholly owns and operates two hydroelectric plants totaling
6.6MW, has a minority interest in two operating hydroelectric plants
totally 10MW, has under construction the 4.4MW Barr Creek Hydroelectric
Project and has over 70 water licence and land tenure applications,
mostly on Vancouver Island and in the Prince Rupert/Terrace area in
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
SOURCE Synex International Inc.
For further information:
400 - 1444 Alberni Street, Vancouver BC V6G 2Z4
Phone (604) 688 8271 Ext. 309 Fax (604) 688 1286
E-mail: firstname.lastname@example.org Web Site: www.synex.com/